USD bank account

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thisisreallycomplicated
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USD bank account

Post by thisisreallycomplicated » Fri May 18, 2018 4:25 pm

Is there a USD bank account here, that's easy for a permanent resident to get? I don't need credit of any kind, just a place to keep some USD's. Also, is the exchange rate for converting to CLP at the same bank, usually about the same as the rate on xe.com? Or if there's a recent thread about this, could someone post a link. Thanks.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

thisisreallycomplicated
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Re: USD bank account

Post by thisisreallycomplicated » Fri May 18, 2018 5:13 pm

Also, what's a USD account called here?
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

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Space Cat
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Re: USD bank account

Post by Space Cat » Fri May 18, 2018 5:52 pm

The only bank that advertises their USD and EUR accounts for individuals is BICE. It's available with their "cuenta corriente".

Across the banks, the requirement for "cuenta corriente" is a proof that you have had an income of CL $420-450k/mo for the last year. It could be your work contract or tax declarations if you are independent.

Banco de Chile also has a page for an individual USD account but the requirements are not clear.

thisisreallycomplicated
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Re: USD bank account

Post by thisisreallycomplicated » Fri May 18, 2018 6:39 pm

Space Cat wrote:
Fri May 18, 2018 5:52 pm
The only bank that advertises their USD and EUR accounts for individuals is BICE. It's available with their "cuenta corriente".

Across the banks, the requirement for "cuenta corriente" is a proof that you have had an income of CL $420-250k/mo for the last year. It could be your work contract or tax declarations if you are independent.

Banco de Chile also has a page for an individual USD account but the requirements are not clear.
Thanks. I shouldn't have a problem with the requirements, so one of those could work.

Do you know how the exchange rates typically compare to the rates on xe.com? I'm assuming you can transfer from your USD into your CLP account, whenever you like the exchange rates. I'm trying to find a way to lock in a good exchange rate, other than withdrawing cash at an ATM, or buying something like a copper ETF.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

thisisreallycomplicated
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Re: USD bank account

Post by thisisreallycomplicated » Fri May 18, 2018 6:44 pm

This might be the rates for Banco de Chile:
http://www.bancochile.cl/cgi-bin/cgi_mo ... a/cgi_mone

It looks like about 1.5 %
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

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Space Cat
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Re: USD bank account

Post by Space Cat » Fri May 18, 2018 7:59 pm

thisisreallycomplicated wrote:
Fri May 18, 2018 6:39 pm
Do you know how the exchange rates typically compare to the rates on xe.com? I'm assuming you can transfer from your USD into your CLP account, whenever you like the exchange rates. I'm trying to find a way to lock in a good exchange rate, other than withdrawing cash at an ATM, or buying something like a copper ETF.
I don't know for BICE but they are usually somewhere between 1% and 2.5% (BancoEstado charged around 2% when I was exchanging a USD wire). Transferwise has the best rates but their limits are still low ($2900/mo now).

paladin
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Re: USD bank account

Post by paladin » Fri May 18, 2018 8:27 pm


I have US$ current accounts in both bco de chile and bci. Both were opened with no problem whatsoever.

thisisreallycomplicated
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Re: USD bank account

Post by thisisreallycomplicated » Fri May 18, 2018 8:33 pm

Space Cat wrote:
Fri May 18, 2018 7:59 pm
thisisreallycomplicated wrote:
Fri May 18, 2018 6:39 pm
Do you know how the exchange rates typically compare to the rates on xe.com? I'm assuming you can transfer from your USD into your CLP account, whenever you like the exchange rates. I'm trying to find a way to lock in a good exchange rate, other than withdrawing cash at an ATM, or buying something like a copper ETF.
I don't know for BICE but they are usually somewhere between 1% and 2.5% (BancoEstado charged around 2% when I was exchanging a USD wire). Transferwise has the best rates but their limits are still low ($2900/mo now).
I looked at Transferwise, but then I saw that limit too. So far, it looks like the best option is transferring to a USD account here. Then transferring to a CLP account. Now I need to research some details, and find a good way to do the first transfer. Thanks.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

thisisreallycomplicated
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Re: USD bank account

Post by thisisreallycomplicated » Fri May 18, 2018 8:35 pm

paladin wrote:
Fri May 18, 2018 8:27 pm

I have US$ current accounts in both bco de chile and bci. Both were opened with no problem whatsoever.
Did both require you to have a CLP cuenta corriente account? I think that's the same thing as a current account. I'm not sure it'll make much difference, but I was thinking the cuenta vista looked like the simplest option if it was possible.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

scandinavian
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Re: USD bank account

Post by scandinavian » Fri May 18, 2018 9:41 pm

Santander gives the best rates I have seen so far. Under 1% from Interbank rates. I am a client so they might be preferential, but still.

mem
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Re: USD bank account

Post by mem » Fri May 18, 2018 10:07 pm

paladin wrote:
Fri May 18, 2018 8:27 pm

I have US$ current accounts in both bco de chile and bci. Both were opened with no problem whatsoever.
What documentation did you provide?

mem
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Re: USD bank account

Post by mem » Fri May 18, 2018 10:14 pm

thisisreallycomplicated wrote:
Fri May 18, 2018 4:25 pm
Is there a USD bank account here, that's easy for a permanent resident to get? I don't need credit of any kind, just a place to keep some USD's. Also, is the exchange rate for converting to CLP at the same bank, usually about the same as the rate on xe.com? Or if there's a recent thread about this, could someone post a link. Thanks.
I can vouch for the bice accounts. Had a usd and clp current accounts there since 2015. I call my personal banker to exchange money between the uad and clp and they quote me the rate on the phone for a go no go. No fees.

I have to ask...
Why would you want to actually hold USD in a chilean account? Why not hold it in CLP? Or is it just for the utility of wire transfering usd down and then converting it to clp for holding?

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