Stock market

Chile Investment, how to invest in Chile, what to watch out for when investing, economic issues, currency exchange in Chile, and more.
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soyena
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Stock market

Post by soyena » Tue Jan 29, 2019 6:32 pm

My mom would like to buy some Chiliean stock, I know that she will first need to open up a bank account. But what is the next step? Is there like a stock exchange broker company? Or is it done through the bank? She has been playing stock back home but we don't know the process here or where to ask.

Any insights as in the company with the lowest rates or which bank is good for such a thing as my mother has no income here.

Thanks

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Space Cat
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Re: Stock market

Post by Space Cat » Tue Jan 29, 2019 8:28 pm

You can top a Renta4 account from CuentaRUT and everything is managed online. Last time I checked, they had the lowest fees and are also quite responsive.

Unless you want to stock pick, the cheapest fund is the IPSA-based ETF by Itaú – CFMITNIPSA.

See the discussion about investing in this thread (it's about both local and international investing despite the thread's title).

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admin
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Re: Stock market

Post by admin » Wed Jan 30, 2019 6:30 am

yea, renta4 is probably the best option if you just want to buy some stocks, etc.

we have not tested them for a none-resident, but their system seems setup to handle it. they have things like wire instructions on their site for sending to and from foreign accounts. you may need a temporary rut for foriegners to open an account.

think this going to be a good year for chilean stocks.
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soyena
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Re: Stock market

Post by soyena » Wed Jan 30, 2019 9:30 pm

Thanks, and yeah she has got her permanence definitiva already. I will let her have a look at renta4, just hope she will be able to get some sleep as currently she plays with the stock market in Asia and with the time difference she is like sleeping just a couple of hours daily waiting for the market to open and quickly does her sales and buys lol

soyena
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Re: Stock market

Post by soyena » Wed Jan 30, 2019 9:38 pm

Oh and now have to find the easiest bank to open up a cuenta corriente without having incomes... That is the basic requirements for renta4 :(

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Space Cat
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Re: Stock market

Post by Space Cat » Thu Jan 31, 2019 2:33 am

soyena wrote:
Wed Jan 30, 2019 9:38 pm
Oh and now have to find the easiest bank to open up a cuenta corriente without having incomes... That is the basic requirements for renta4 :(
There's no requirement of Cuenta Corriente at Renta4. I selected "cuenta vista" during the registration but put CuentaRUT and asked the support if it's fine. They said it was.

Later you just send regular "transferencias a terceros" from your BancoEstado dashboard to one of Renta4's cuentas corrientes in other banks. The only rule is that the transfer must arrive from the account's owner name and RUT.

You can't open a Cuenta Corriente anywhere without at least CL$400-450k monthly income in the last 9 months or a work contract for a similar salary.

I've been using CuentaRUT + Cuenta Ahorros Max combination in BancoEstado: sending money via Transferwise to Cuenta Ahorros and then moving them to CuentaRUT.

You can withdraw up to CL$800,000 daily from Cuenta Ahorros and you can transfer up to CL$2,000,000 monthly to/from CuentaRUT. So you can invest 2 millions every month by using only CuentaRUT. If you don't plan to store more than 3 millions in CLP (the CuentaRUT's total limit), you can even skip opening Cuenta Ahorros.

soyena
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Re: Stock market

Post by soyena » Thu Jan 31, 2019 10:46 am

Oh thanks! Don't know why I just saw the cuenta corriente option, I will definitely get a cuenta rut then as it is much easier. Thanks for letting me know!

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Space Cat
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Re: Stock market

Post by Space Cat » Thu Jan 31, 2019 12:08 pm

As far as I understand, CuentaRUT is technically a "cuenta vista", just very limited:
— 3m total
— 2m monthly transfers
— 1m daily transfers
— 200k withdrawals and payments (both online and physical)

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eeuunikkeiexpat
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Re: Stock market

Post by eeuunikkeiexpat » Thu Jan 31, 2019 5:28 pm

RE: CuentaRUT (which is a Cuenta Vista): the online transfer/payment cap is upwards towards a million I believe. I can transfer my rent, transfer the depto gastos comunes, pay FONASA and the rest of my other monthly bills all on the same day without exceeding the online limit.
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