Opening A Bank Account

[Space Cat]

I got problems with 3rd party transfers 2 times (Webpay) – the site said I need to verify my data (it's verified and everything was working before). So I called to the suggested number and confirmed all my data to a support person.

[eeuunikkeiexpat]

I usually encounter problems like this with the Safari browser, when I do a quick switch try on Firefox, it works like a charm. If it also fails in Firefox, then they really are working on issues at that moment.

[Space Cat]

Hah, thanks for the tip! I'm using Safari.

[Space Cat]

Any recommendation for an investment account for the Chilean stock? I hope it's easier to get than corriente.

[RuneTheChookcha]

Only 24 brokers are currently listed on the Santiago Exchange site, namely: http://www.bolsadesantiago.com/actores/ ... dores.aspx

Financial statements for each of them are available: http://www.bolsadesantiago.com/actores/ ... /EEFF.aspx

Speaking of their terms and commissions, anyone used to the US brokerages, would be just speechless.

This one looks funny, however: http://www.mbitrading.cl/estudios/

Claims affiliation with Saxo (so they allow trading worldwide markets through Saxo Trader, web, PC or mobile).

[Space Cat]

Thanks! I wonder if it will be easier and cheaper to invest via something international instead.

[Britkid]

TIme to update this thread about my failed attempts to get a bank account.

Keep in mind I earn foreign currency to a foreign bank account from a foreign company with no Chile connection, and that is the real issue.

I did originally get a Cuenta RUT at Banco Estado in 2014 but was rejected for a current account by BCI and Santander in 2014/2015 (page 1-2 of this thread).

More recently (throughout this year) I've approached all the other banks close to where I live for a current account. I was rejected by Scotiabank. When I walked in to enquire, I was told "no te la va a dar" "ningun banco te va a acceptar" - an unusually firm rejection compared to the more usual which is to engage, requests info/documents, and later stop bothering to reply to you.

Itau said something about my payslips. I didn't follow that up. I decided against Itau because I want a branch within a reasonable distance of my house.

BBVA said that I should get the paysips validados por "embajada o consulado, del pais de origin de los ingresos, establecido en Chile, y luego validadas por el Ministerio de Relaciones Exteriores en Chile." However I wasn't able to do that (see below).

Banco de Chile originally said that there is a 90% chance they will give me a bank account if I agree to deposit 2 million pesos to cover a credit limit of 1 million pesos, and that they might review allowing me to have the deposit back after 6 months, and might even consider giving me a mortgage after 1- 2 years if I wanted one. However by the time I got 2 million pesos cash in hand a few weeks later and went back to the bank the person who had said all that had moved to a different branch and the new person disagreed with the deposit of 2 million idea and instead told me to get my salary validated at the British consulate/embassy instead. However it turns out the British consulate/embassy doesn't do that (they told me directly), and they suggested a letter from my company or some notary process. I went back to the bank with this suggestion, and they said to send my bank statements showing my salary coming in, which I did (in English) and since then she didn't reply.

I notice (see page 2 of this thread) that Banco de Chile was some years ago the one bank where some forumites had some success, and I have been possibly closer to getting an account there than elsewhere, so maybe they are more open in general. That may be one to try first for people in a similar situation.

I did a few years ago meet a couple of contacts who worked at banks who were in my social circle, and was going to try and use the contacts to get an account later on, but I was busy on other things, and eventually lost touch with them. Now I can't even remember who they were and have no contacts at present in banks.

I also think I could get an account if I was willing to take a very careful planned approach to every time I walk into a bank, invest a lot of time, try and persuade, and jump through endless hoops. If I really needed an account I reckon I could get one with months and months of effort, but I can just about get along with only Cuenta RUT.

So I am getting pretty close to giving up (for now).

This may also mean that I give up on the idea of getting a mortgage also, since if I can't get a current account, a mortgage ought to be even harder. I have actually been asking for a mortgage alongside a current account, and the response was even more lukewarm (I don't really want one right now, but I am testing the waters incase I need it later).

The admin made a comment on this thread (March 6th, 2016) that "All Checking accounts in Chile, are a complete credit facility". That is true to my experience, and it's part of the problem. I just want slick internet banking and the ability to store and send larger amounts than a Cuenta RUT. However, when I ask if it is possible an account without the credit card or overdraft to increase my approval chance, it never is. They always go together.

[thisisreallycomplicated]

TIme to update this thread about my failed attempts to get a bank account.

Did you try getting a cuenta vista, or just a cuenta corriente? I think the cuenta RUT is a cuenta vista, and other banks have similar accounts without the 3 million limit. But I could be wrong.

[scandinavian]

BBVA said that I should get the paysips validados por "embajada o consulado, del pais de origin de los ingresos, establecido en Chile, y luego validadas por el Ministerio de Relaciones Exteriores en Chile." However I wasn't able to do that (see below).

the part about getting them validated by Relaciones Exteriores en Chile is possible and not that complicated. I have done it some years ago - I can't remember whether I got them stamped by the embassy first, but I don't think so - It was accepted as valid at the time to get a hipotecario at BBVA in 2013. I already had a checking account.

[admin]

TIme to update this thread about my failed attempts to get a bank account.

Keep in mind I earn foreign currency to a foreign bank account from a foreign company with no Chile connection, and that is the real issue.

I did originally get a Cuenta RUT at Banco Estado in 2014 but was rejected for a current account by BCI and Santander in 2014/2015 (page 1-2 of this thread).

More recently (throughout this year) I've approached all the other banks close to where I live for a current account. I was rejected by Scotiabank. When I walked in to enquire, I was told "no te la va a dar" "ningun banco te va a acceptar" - an unusually firm rejection compared to the more usual which is to engage, requests info/documents, and later stop bothering to reply to you.

Itau said something about my payslips. I didn't follow that up. I decided against Itau because I want a branch within a reasonable distance of my house.

BBVA said that I should get the paysips validados por "embajada o consulado, del pais de origin de los ingresos, establecido en Chile, y luego validadas por el Ministerio de Relaciones Exteriores en Chile." However I wasn't able to do that (see below).

Banco de Chile originally said that there is a 90% chance they will give me a bank account if I agree to deposit 2 million pesos to cover a credit limit of 1 million pesos, and that they might review allowing me to have the deposit back after 6 months, and might even consider giving me a mortgage after 1- 2 years if I wanted one. However by the time I got 2 million pesos cash in hand a few weeks later and went back to the bank the person who had said all that had moved to a different branch and the new person disagreed with the deposit of 2 million idea and instead told me to get my salary validated at the British consulate/embassy instead. However it turns out the British consulate/embassy doesn't do that (they told me directly), and they suggested a letter from my company or some notary process. I went back to the bank with this suggestion, and they said to send my bank statements showing my salary coming in, which I did (in English) and since then she didn't reply.

I notice (see page 2 of this thread) that Banco de Chile was some years ago the one bank where some forumites had some success, and I have been possibly closer to getting an account there than elsewhere, so maybe they are more open in general. That may be one to try first for people in a similar situation.

I did a few years ago meet a couple of contacts who worked at banks who were in my social circle, and was going to try and use the contacts to get an account later on, but I was busy on other things, and eventually lost touch with them. Now I can't even remember who they were and have no contacts at present in banks.

I also think I could get an account if I was willing to take a very careful planned approach to every time I walk into a bank, invest a lot of time, try and persuade, and jump through endless hoops. If I really needed an account I reckon I could get one with months and months of effort, but I can just about get along with only Cuenta RUT.

So I am getting pretty close to giving up (for now).

This may also mean that I give up on the idea of getting a mortgage also, since if I can't get a current account, a mortgage ought to be even harder. I have actually been asking for a mortgage alongside a current account, and the response was even more lukewarm (I don't really want one right now, but I am testing the waters incase I need it later).

The admin made a comment on this thread (March 6th, 2016) that "All Checking accounts in Chile, are a complete credit facility". That is true to my experience, and it's part of the problem. I just want slick internet banking and the ability to store and send larger amounts than a Cuenta RUT. However, when I ask if it is possible an account without the credit card or overdraft to increase my approval chance, it never is. They always go together.

quick question to clarify this info and add some context

are you now a full perment resident?

[at46]

If you've been a permanent resident for some years (around five I think) you don't need a current account to qualify for a mortgage, just the 20% pie (for example, in a fondo mutuo). Some banks will open one for you anyway when they approve the mortgage.

I don't actually see any point in having a current account when you already have cuenta RUT which lets you pay your bills online. If you need a credit card, Falabella will issue one for you in 15 minutes. Falabella also has a larger limit on their cuenta vista, like 3 or 4 mil instead of 2 at Banco Estado.

For international wire transfers I've been using a fondo mutuo account with Banco de Chile and find it cheaper with the same amount of follow up as a cuenta corriente (but all done by email with my executiva versus having to go into the branch with a current account).

Lastly, if you have a lawyer here, ask them to refer you to a bank.

[Britkid]

I am a permanent resident.

I have been trying to get a current account. If another bank other than Banco Estado has a Cuenta RUT/Cuenta Vista type account with higher limits,then it might make sense to get it especially if I can also send and receive higher amounts in transactions (Banco Estado you can only send 1 million from a Cuenta RUT). Let me know the details (which bank) and I'll look into it. I doubt I will go with Falabella since I've had bad experiences with the company in the past (another division) and also they are not near to where I live.

I don't need a Chilean credit card.

I have doubts if I want a mortgage anyway, because I think the prices are too high and I have doubts about how long we will stay in Chile.