Opening A Bank Account

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chesswolf
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Re: Opening A Bank Account

Post by chesswolf » Wed Aug 21, 2019 11:02 pm

admin wrote:
Mon Oct 08, 2018 11:08 am
we recomend to all of our clients to start declaring something as soon as they can, even under temp residency, to start building a credit history in the country. the three year tax holiday is nice for new residents, and you can still take advantage of it, just declaring some basic income makes getting a normal financial life up and running easier.
I don't even begin to understand the Chilean tax system. But did you say that, if I declare income (I'm still under that 3 year holiday) and pay taxes each month I'll get it all back at the end of the year? Or would I just get a portion of it back?

Can anyone point me to the web page where I would need to declare my income? Is there a way to calculate how much I'd be paying in taxes on that income?

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Tue Aug 27, 2019 6:44 pm

Space Cat wrote:
Thu May 09, 2019 9:39 pm
After declaring and paying taxes for a year as self-employed (honoraio), we downloaded yearly tax declarations (F22), invoices (boletas) for the last 6 months, and tried our luck with a family "cuente corriente" in Scotia. It ended just as in Banco de Chile 2 years ago: "we'll call you in 3-5 days" and then nothing.

Went to BCI last week with an intention to open a "cuenta vista" because why bother with "corriente" problems if we don't need credits. They said that they are still migrating "cuenta vista" from the closed BCI Nova, so let's try "corriente". The manager logged in into our SII accounts (seem to be normal practice here, they offered me to do during a consultation in SII itself) and got every required document by herself, including a real estate certificate.

Today she wrote me that "cuentas vista" were approved, so no "corriente" for us after all. Well, this was my plan all along: get a "cuenta vista" and accumulate reputation from inside a bank. BancoEstado has already offered us pre-approved credits because we move money through their accounts, so I think it's the most reliable way if you really need a "cuenta corriente". I just didn't want to continue with BE's crappy site and app.

Oh, and I asked about an account at CMR Falabella because I wanted accumulate CMR points but they said I need at least 3 years of "permanencia definitiva" to apply
The story continues. Almost 4 months later BCI still can't open us those approved "cuentas vistas". Apparently they still haven't finished the merge with the BCI Nova branch, at least their promo page hasn't changed in almost a year.

Ok, as per my previous post, the Plan B was to go to BancoEstado for their "chequera electrónica" (technically it's a "cuenta vista"). We went last week, brought a fat heap of boletas along with forms F29 and F22 — everything they needed for "evaluación según la política de Crediticia del Banco". The bank worker said that a "cuenta corriente" would be actually better because the fees are lower while the requirements are absolutely the same, it's also reviewed by the same bank's department.

Today I got a reply:
Junto con saludarlo, le informo que fue rechazada la solicitud de Cuenta Corriente por el comité donde nos indican que los ingreso para evaluarlos deben provenir de clientes nacionales.
Translation: even with all the tax declarations and enough income we can't open neither "cuenta vista", nor "cuenta corriente" in BancoEstado because our income comes from outside Chile. Now I understand why Scotia ghosted us too.

Anybody with income from abroad and a bank account here? No matter "vista" or "corriente", I just need something with higher limits than CuentaRUT has. :/

chesswolf
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Re: Opening A Bank Account

Post by chesswolf » Tue Aug 27, 2019 7:55 pm

Space Cat wrote:
Tue Aug 27, 2019 6:44 pm
Ok, as per my previous post, the Plan B was to go to BancoEstado for their "chequera electrónica" (technically it's a "cuenta vista"). We went last week, brought a fat heap of boletas along with forms F29 and F22 — everything they needed for "evaluación según la política de Crediticia del Banco". The bank worker said that a "cuenta corriente" would be actually better because the fees are lower while the requirements are absolutely the same, it's also reviewed by the same bank's department.

Today I got a reply:
Junto con saludarlo, le informo que fue rechazada la solicitud de Cuenta Corriente por el comité donde nos indican que los ingreso para evaluarlos deben provenir de clientes nacionales.
Translation: even with all the tax declarations and enough income we can't open neither "cuenta vista", nor "cuenta corriente" in BancoEstado because our income comes from outside Chile. Now I understand why Scotia ghosted us too.

Anybody with income from abroad and a bank account here? No matter "vista" or "corriente", I just need something with higher limits than CuentaRUT has. :/
Wow! That's awful. I got very fortunate I guess. I was able to get a cuenta corriente with Banco Estado after I had permanent residency. I got it after living in the country for almost exactly 2 years. All I had for income verification was a letter/contract from my employer in the US and my bank statements showing my paycheck deposited each month. I had the letter notarized in the US, but no apostille or anything to make it official in Chile. I also owned my home here in Chile (I paid cash for it).

Now, 8 months later, I'm having a hard time getting a loan but I guess I am really fortunate to at least have a cuenta corriente. I guess, if you have a contract, try to get it apostilled and whatnot and try again.

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Tue Aug 27, 2019 8:21 pm

So, I'm looking around: Banco Falabella (not CMR) and Santader have some type of no-requirements "cuenta vista" options.

Santander's "Cuenta Life" is opened "completely online". They tried to verify my identity with the infamous piece of shit called Equifax, asking which car I owned and in which commune I lived in 2015. Of course there were no right options and answering "none of these" banned me from trying for 3 days. Trying to do the same for my wife just showed an error.

Falabella's "cuenta vista" needs an address confirmation, hopefully my landlord's electricity bill will work out.

Ripley also has a "Cuenta Vista Cero" but it barely looks like a bank.

chesswolf
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Re: Opening A Bank Account

Post by chesswolf » Wed Aug 28, 2019 8:30 am

Look into the cuenta corriente for extranjeros at Scotiabank. They don't give you any credit but you get a debit card, online banking, and surely higher limits than the cuenta RUT
https://www.scotiabankchile.cl/Personas ... xtranjeros

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Wed Aug 28, 2019 10:40 am

chesswolf wrote:
Wed Aug 28, 2019 8:30 am
Look into the cuenta corriente for extranjeros at Scotiabank. They don't give you any credit but you get a debit card, online banking, and surely higher limits than the cuenta RUT
https://www.scotiabankchile.cl/Personas ... xtranjeros
Thanks! I know about this one but Scotia ghosted us after a family "cuenta corriente" application, so I decided to try opening corriente in a few banks first. Now I'm out of decent banks with good corriente plans (don't want to open one in Banco de Chile, Itaú or Santander, and BICE is not in Valdivia), so time to try various "cuenta vista's" (Scotia's "corriente para extranjeros" is not actually a "corriente" – no credits, no cheques).

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Mon Sep 09, 2019 7:14 pm

We applied again in Scotia for the basic "Cuenta Corriente para Extranjeros" and after seeing our tax declarations they suddenly approved both of us a real "cuenta corriente" of the "Preferente" tier ($1m+ monthly income, a platinum card). Which is a pain in the ass: by default it costs 0.45 UF per month + 0.1 UF for a credit card (though you can get a debit one instead).

In other words, over CL$12,600 monthly for just having an account. Now, it's possible to reduce the fee to 0.23 UF (CL$6,440) by sending a million peso per month to the account but we usually don't spend 2m monthly, so there will be an unnecessary excess of Chilean pesos.

To reduce the cost to zero, one must also set up 2 PACs (automatic payments for water, electricity, etc.) which we don't have because our landlord pays everything or make 15 payments with a card. But even if we stop going to street markets and paying in cash, 30 payments monthly are unachievable because we buy stuff in bulk and try to live relatively frugally.

I'm now trying to request a family account "Cuenta Corriente Unidos Preferente" instead (it has only 10 card payments in requirements, probably for the whole family) but the manager says that the risk department approved only separate ones. 🙄

Maybe I'm being too cheap but I'd rather spend those $6,440 x 2 on a nice menú del día instead of wasting even more on banking fees (I don't even need their credit lines).

at46
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Re: Opening A Bank Account

Post by at46 » Mon Sep 09, 2019 7:57 pm

Now that you have one full fledged cuenta corriente, it should be easy enough to open any number of them at other banks. Look at Banco de Chile - no fees and OK exchange rate for out of country shopping. And then just close down this sucker.

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Space Cat
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Re: Opening A Bank Account

Post by Space Cat » Mon Sep 09, 2019 8:06 pm

at46 wrote:
Mon Sep 09, 2019 7:57 pm
Now that you have one full fledged cuenta corriente, it should be easy enough to open any number of them at other banks. Look at Banco de Chile - no fees and OK exchange rate for out of country shopping. And then just close down this sucker.
Do they register it in some kind of a shared database? BdC scares my inner techy with their crappy site (same for Itaú), I can't even understand their pricing conditions for CC.

at46
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Re: Opening A Bank Account

Post by at46 » Mon Sep 09, 2019 8:08 pm

Yeah, it seems they can look it up using your RUT to see your account balance and stuff. You might need to sign a consent form to allow them to do that.

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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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