Opening A Bank Account

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Tue Sep 10, 2019 12:07 pm

I pushed further with the "Unidos" account and got a reply, it turns out that it can be only opened if you have a regular "cuenta corriente" in Scotia and want to add your spouse to it.

So, getting Scotia for now but in half a year I want to try switching to Banco Falabella's "cuenta corriente". It's much easier to achieve zero monthly cost there (deposit $500k/mo or pay 8 times with a card) but they require 2 years of work history for independents, so I think we'll need another yearly tax declaration.

I've heard that Falabella has better overall discounts, CMR points, etc. Also, their branches work until 7-8pm!

dmwbmw2
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Re: Opening A Bank Account

Post by dmwbmw2 » Tue Sep 10, 2019 12:19 pm

I switched to Falabella 5 years ago from Scotiabank and the service has been very good, zero cost, good point system. Account executives that actually help you and dont change every two weeks.
My only fear is that I was planning to take a very big (to me...) chunk of money from an apt sale back to Canada and for various reasons, one being a poor exchange at the moment, i have left it at Falabella in CDs.

So my fear is whether Banco Falabella is a real bank or if it could fail. I know that the amount of deposit insurance is a joke.

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Tue Sep 10, 2019 12:54 pm

Thanks, sounds good enough!
dmwbmw2 wrote:
Tue Sep 10, 2019 12:19 pm
So my fear is whether Banco Falabella is a real bank or if it could fail.
I just checked the monthly bank report from CMF and Falabella's "Cartera con morosidad de 90 días o más" and "Cartera deteriorada" are 7.28% from the total assets, same as in BancoEstado:
  • 2.17% — BICE
  • 2.99% — Banco de Chile
  • 4.13% — Bci
  • 4.49% — Scotiabank
  • 4.73% — Security
  • 5.53% — Itaú
  • 5.73% — Santander
  • 6.70% — Internacional
  • 7.38% — BancoEstado
  • 14.57% — Ripley (and it is still alive!)
dmwbmw2 wrote:
Tue Sep 10, 2019 12:19 pm
I know that the amount of deposit insurance is a joke.
In this bank or in Chilean banks in general?

Britkid
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Re: Opening A Bank Account

Post by Britkid » Sat Nov 30, 2019 4:13 pm

My wife and I managed to get a current account at Banco de Chile (one account each). Hers has lower limits and is going to have a monthly fee after 2 years, while mine has no fees. I did it by getting a notary in the UK to validate my payslips from the UK and then have this stamped by the FCO office in the UK and posted to Chile - for a total cost of about 400CLP or US$500. Since this process took 3 months, meaning the payslips were from June-August by the time I got them to the bank now in November, I also took the more recent, but un-verified payslips to the bank.
Now they we have a current account, they say we might be able to get a mortgage also, but they won't give a definite approval until we tell them a specific house and the current account has had some usage for a while.

Even with these new payslips, I was still rejected again for current account by Scotiabank, because of the lack of credit history associated with my RUT.

Banco Estado (where I already have Cuenta RUT) said that they couldn't help me at my local office and suggested I, as a foreigner, go to Alameda 1111 (Metro U de Chile) to see about getting a current account and a mortgage. I probably won't bother. I want to deal with only very local banks so it's not very time consuming when you go back and forth into the bank multiple times.

We've also applied for current account and mortgage to Santander, who also asked to see my University certificate and also asked for extra proof of income by showing my Cuenta RUT statements (which demonstrate I pass 1-2 million pesos a month through that account) as well as the print offs (not translated) of my UK bank account where I receive my salary. There's no decision from them yet. It's ongoing.

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tiagoabner
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Re: Opening A Bank Account

Post by tiagoabner » Sat Nov 30, 2019 7:07 pm

Britkid wrote:
Sat Nov 30, 2019 4:13 pm
My wife and I managed to get a current account at Banco de Chile (one account each). Hers has lower limits and is going to have a monthly fee after 2 years, while mine has no fees. I did it by getting a notary in the UK to validate my payslips from the UK and then have this stamped by the FCO office in the UK and posted to Chile - for a total cost of about 400CLP or US$500. Since this process took 3 months, meaning the payslips were from June-August by the time I got them to the bank now in November, I also took the more recent, but un-verified payslips to the bank.
Now they we have a current account, they say we might be able to get a mortgage also, but they won't give a definite approval until we tell them a specific house and the current account has had some usage for a while.

Even with these new payslips, I was still rejected again for current account by Scotiabank, because of the lack of credit history associated with my RUT.

Banco Estado (where I already have Cuenta RUT) said that they couldn't help me at my local office and suggested I, as a foreigner, go to Alameda 1111 (Metro U de Chile) to see about getting a current account and a mortgage. I probably won't bother. I want to deal with only very local banks so it's not very time consuming when you go back and forth into the bank multiple times.

We've also applied for current account and mortgage to Santander, who also asked to see my University certificate and also asked for extra proof of income by showing my Cuenta RUT statements (which demonstrate I pass 1-2 million pesos a month through that account) as well as the print offs (not translated) of my UK bank account where I receive my salary. There's no decision from them yet. It's ongoing.
Thanks, this was really useful information. Do you happen to still be at your 3-year tax holiday extension? I'm asking because I assume otherwise you wouldn't have needed to get through this process regarding your pay stubs - in theory, your tax returns and boletas de honorarios would've been enough. At least, that's what I found at the bank websites.
I'm NOT your lawyer, accountant or financial planner. All information at this post should be considered for your entertainment only. Consult a professional before making a decision regarding whatever topic was mentioned in this post.

Britkid
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Re: Opening A Bank Account

Post by Britkid » Sat Nov 30, 2019 10:12 pm

I am still in the tax holiday.

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tiagoabner
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Re: Opening A Bank Account

Post by tiagoabner » Sat Nov 30, 2019 10:55 pm

Britkid wrote:
Sat Nov 30, 2019 10:12 pm
I am still in the tax holiday.
Gotcha. Yeah, that explains why they've asked for this info instead of the tax return and boletas, such as in Spacecat's case.
I'm NOT your lawyer, accountant or financial planner. All information at this post should be considered for your entertainment only. Consult a professional before making a decision regarding whatever topic was mentioned in this post.

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tiagoabner
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Re: Opening A Bank Account

Post by tiagoabner » Sat Nov 30, 2019 10:58 pm

By the way, I'm going to give it a go by April-ish at Scotiabank. They currently advertise having a cuenta vista fue foreigners, and hopefully they seeing me move money through them every month will be useful when I want to open an account down the line.

My tax holiday ends in January, and I'll not for file for an extension. I don't think that the savings are worth the potential delay in financing a home down the line.
I'm NOT your lawyer, accountant or financial planner. All information at this post should be considered for your entertainment only. Consult a professional before making a decision regarding whatever topic was mentioned in this post.

Britkid
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Re: Opening A Bank Account

Post by Britkid » Sun Dec 01, 2019 5:02 pm

From a personal selfish point of view, that looks like the wrong call to me since you'll probably be able to get a mortgage anyway just by trying hard, working all the angles, doing something like what I did, and/or voluntarily declaring a small amount of taxes (and maybe claiming it back later, even), and/or finding a friendly contact at the bank referenced by a friend, and/or getting your salary validated at an embassy, and/or getting store cards and showing a good spend on them, or some other method. I probably could have got a current account and a mortgage within my first year in the country without paying taxes if I'd been really committed to it, and so I don't see why you couldn't either. You're a smart person. Try all these methods at every bank and you'll have a good chance to get it done.

However, from a broader point of view thinking about all society, maybe you and I should be paying taxes to support the less well off. So if that's a factor in your thinking then fair enough.

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tiagoabner
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Re: Opening A Bank Account

Post by tiagoabner » Sun Dec 01, 2019 5:17 pm

Britkid wrote:
Sun Dec 01, 2019 5:02 pm
However, from a broader point of view thinking about all society, maybe you and I should be paying taxes to support the less well off. So if that's a factor in your thinking then fair enough.
You saw the angle I'm going for right away, ha! Also, I've accounted for the taxes I'll need to pay and for the time I would need to chase banks all over the place in my calculations. All Chileans that learned that I am currently enjoying a tax holiday gave me the shifty eye during my recent apartment hunt.
I'm NOT your lawyer, accountant or financial planner. All information at this post should be considered for your entertainment only. Consult a professional before making a decision regarding whatever topic was mentioned in this post.

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Re: Opening A Bank Account

Post by admin » Sun Dec 01, 2019 5:27 pm

dmwbmw2 wrote:
Tue Sep 10, 2019 12:19 pm
I switched to Falabella 5 years ago from Scotiabank and the service has been very good, zero cost, good point system. Account executives that actually help you and dont change every two weeks.
My only fear is that I was planning to take a very big (to me...) chunk of money from an apt sale back to Canada and for various reasons, one being a poor exchange at the moment, i have left it at Falabella in CDs.

So my fear is whether Banco Falabella is a real bank or if it could fail. I know that the amount of deposit insurance is a joke.
It one of the larger companies in south America, besides being a bank.
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Re: Opening A Bank Account

Post by admin » Sun Dec 01, 2019 5:29 pm

tiagoabner wrote:
Sun Dec 01, 2019 5:17 pm
Britkid wrote:
Sun Dec 01, 2019 5:02 pm
However, from a broader point of view thinking about all society, maybe you and I should be paying taxes to support the less well off. So if that's a factor in your thinking then fair enough.
You saw the angle I'm going for right away, ha! Also, I've accounted for the taxes I'll need to pay and for the time I would need to chase banks all over the place in my calculations. All Chileans that learned that I am currently enjoying a tax holiday gave me the shifty eye during my recent apartment hunt.
Yea chileans don't know what is in their constitution. Not knowing what is in that obscure tax law, I have to cut them a little slack on that one.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

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