From what I've seen, Chilean banks only have corresponding relations with US and EU banks, hence they only operate with those two currencies for in- and outgoing transfers. It might be worth asking Afex.cl if they can help with a CLP conversion to GBP and direct transfer to your UK bank. Otherwise, I'd use them to convert CLP to USD or Euro and then I'd use an independent forex broker to buy GBP and deposit to your UK account. Find out exactly how much that 'small fee' is at your UK bank before deciding how to proceed. In my experience, those 'small fees' always turn out to be quite heavy in the end. Don't do the whole amount at once - first make one or two small 'trial' transfers to see how things turn out. For example, a 500 USD first trial transfer to get an idea of your actual all-in cost. Then a 10K transfer to see if it triggers any additional bureaucratic requirements to prove the source of funds, etc.Markyboy wrote: ↑Fri Sep 27, 2019 8:30 amHi All, we have recently sold a property in Chile and want to transfer the money to the UK. Its currently in a bank account as CLP but the bank says it has to be transferred as euros or dollars which could work out expensive since it will be then have to be converted to uk £. . Our bank in the UK has said they can receive it as CLP and for a small fee convert it to uk £, this being the most economical method. I am sure that the Chilean bank is capable of sending it as CLP but as usual it's really difficult to break through that thick crust of misinformation and beaurocracy. Can anyone shed some light on this?
- Rank: Chile Forum Citizen
- Posts: 107
- Joined: Sun Feb 17, 2013 1:04 pm
- Location: Upstate New York
They will disclose the exchange rate and commission if you insist strongly. They're just giving you the run around to see if your heart is strong enough to receive the truth without going into a cardiac arrest
Another way of doing it would be to open a fondos mutuos account, eg. at Banco de Chile Inversiones, and use that for your transfers. The exchange rate there is about 6 pesos higher than xe.com and the fee for an outgoing transfer is 20 bucks or 16 Euros regardless of the amount. The only snag is that it takes about a week to two weeks to get it open.