Scotiabank launches an "Account for Foreigners"

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Space Cat
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Scotiabank launches an "Account for Foreigners"

Post by Space Cat » Tue Apr 02, 2019 10:52 pm

Cuenta Corriente para Extranjeros

It looks like their older "Cuenta Digital" offer rebranded for foreigners who still have only temporary visas. Also, they call it "cuenta corriente" but technically it's a "cuenta vista" because there are no credit lines and only debit cards are available. Still, Puntos Cencosud are accumulated when paying with the card (1 Punto Cencosud for every CL$250).

The account has much better limits than CuentaRUT but the work contract requirement and the possible monthly costs are not for everybody.

Requirements:
  • RUT (and probably a non-expired Chilean ID)
  • Job contract active for at least 3 months
  • Salary must be at least CL$301,000
Daily limits:
  • CL$200,000 for ATM withdrawals
  • CL$2,000,000 for purchases
  • CL$5,000,000 for transfers
Monthly fees:
  • 0,32 UF (CL$8,640) basic
  • 0,1 UF (CL$2,700) if a) the account topped CL$200,000 or b) the card used 10 times or c) the card used 6 times and 1 automatic payment (PAC) sent
  • Zero if the account topped CL$200,000 and the card used 10 times

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Re: Scotiabank launches an "Account for Foreigners"

Post by thisisreallycomplicated » Tue Apr 02, 2019 11:50 pm

Banco Estado has a new one too:
https://www.bancoestado.cl/imagenes/_pe ... ronica.asp

At least I think it's new. My accountant recommended it, but I haven't researched it much myself. It's a cuenta vista, without the cuenta RUT limits. I think you can attach a line of credit to it too.
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Re: Scotiabank launches an "Account for Foreigners"

Post by Space Cat » Wed Apr 03, 2019 12:29 am

I’ve seen it more than a year ago but it’s available only for permanent residents and requires a year of paid taxes. BCI Nova has a similar “vista” account (again, for permanent residents only) without any income requirements.

By the way, I was checking the options for Cuenta Corriente and Scotia Clásico looks like the cheapest one after Falabella (which is too consumption-focused): if you can top 400k monthly and use your card 10 times then it’s zero in account costs. The only payment is 0.1 UF for the card.

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Re: Scotiabank launches an "Account for Foreigners"

Post by admin » Wed Apr 03, 2019 6:50 am

yea just another version of the cuenta rut. it appears you still can not for instance wire a $100,000 u.s. to buy a house or property, and you still need residency.

still waiting for someone to do a standard account for a tourist, with a real limit you can do something with.
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Re: Scotiabank launches an "Account for Foreigners"

Post by Britkid » Wed Apr 03, 2019 11:53 am

Not clear to me at this point whether Scotiabank's account would work for me, with my foreign sourced income paid from abroad.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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Re: Scotiabank launches an "Account for Foreigners"

Post by Space Cat » Wed Apr 03, 2019 3:06 pm

Britkid wrote:
Wed Apr 03, 2019 11:53 am
Not clear to me at this point whether Scotiabank's account would work for me, with my foreign sourced income paid from abroad.
Probably not, go for BCI Nova if you have PD. The same "cuenta vista" but you only need to confirm your address. Also, you can open a savings account in BancoEstado and stash money there.

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Re: Scotiabank launches an "Account for Foreigners"

Post by Britkid » Tue Apr 09, 2019 8:56 pm

Yes, I have PD.

I was in Scotiabank today and asked about whether I could get the foreigner account with external offshore income and they said no. They didn't seem very familiar with the product, of course there's always a chance that they were wrong so someone else might see a different result in a different branch.

Given that I already have a Banco Estado Cuenta RUT, is there any real benefit to adding BCI Nova. Can you send and receive more than 1 million in a single transaction, for instance? I had a quick look on the website: https://www.bci.cl/personas/cuenta-vista Is this the product you mean? Can't seem to see one there with "Nova" in the title.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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Re: Scotiabank launches an "Account for Foreigners"

Post by Space Cat » Tue Apr 09, 2019 9:35 pm

Britkid wrote:
Tue Apr 09, 2019 8:56 pm
Yes, I have PD.

I was in Scotiabank today and asked about whether I could get the foreigner account with external offshore income and they said no. They didn't seem very familiar with the product, of course there's always a chance that they were wrong so someone else might see a different result in a different branch.

Given that I already have a Banco Estado Cuenta RUT, is there any real benefit to adding BCI Nova. Can you send and receive more than 1 million in a single transaction, for instance? I had a quick look on the website: https://www.bci.cl/personas/cuenta-vista Is this the product you mean? Can't seem to see one there with "Nova" in the title.
Ha, they killed the whole branch, BCI Nova was a separate bank for low-income clients. Not sure if their "cuenta vista" is the same thing. The benefit was not being capped by 3mln on the account.

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Re: Scotiabank launches an "Account for Foreigners"

Post by Britkid » Wed Apr 10, 2019 3:32 pm

OK, got it.
In 2014/2015 I blogged about my life in Chile. http://web.archive.org/web/201601121940 ... age_id=268

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