Online Banking in Chile vs the USA. Is it secure?

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DLPurser
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Online Banking in Chile vs the USA. Is it secure?

Post by DLPurser » Sun Apr 12, 2020 10:43 am

My wife and I are thinking about moving back to Chile at some point. We wanted to take advantage of the dollar/peso exchange rate and send some money via TransferWise to her CuentaRut (I am aware of the deposit limits). However, she is now apprehensive about the idea. Someone in her social network has related a story about someone losing money from their account being hacked. The bank apparently doing nothing about it. Seems to me if this happened very often no one would want to have bank accounts in Chile.

Taking the obvious precautions regarding online account security, do you think online banking in Chile is any better or worse than the US? It's

Thanks in advance.

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Re: Online Banking in Chile vs the USA. Is it secure?

Post by admin » Sun Apr 12, 2020 11:19 am

DLPurser wrote:
Sun Apr 12, 2020 10:43 am
My wife and I are thinking about moving back to Chile at some point. We wanted to take advantage of the dollar/peso exchange rate and send some money via TransferWise to her CuentaRut (I am aware of the deposit limits). However, she is now apprehensive about the idea. Someone in her social network has related a story about someone losing money from their account being hacked. The bank apparently doing nothing about it. Seems to me if this happened very often no one would want to have bank accounts in Chile.

Taking the obvious precautions regarding online account security, do you think online banking in Chile is any better or worse than the US? It's

Thanks in advance.
uuuuuhm, no more than the united states. If you think your bank in the united states can not be hacked, and that your bank will do anything, .....LOL

There is an old saying in computer security circles.

There are only those that have been hacked and will not admit it, and those that have been hacked and do not know it yet.

There is only one defense, diversify. multiple accounts, multiple institutions, and firewall accounts (e.g. one account for online purchase, one account for deposits).

99% of all "bank hacks" are done by hacking the customer, not the bank.
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fraggle092
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Re: Online Banking in Chile vs the USA. Is it secure?

Post by fraggle092 » Sun Apr 12, 2020 11:58 am

One of the problems here is that Chileans are quite careless and naive when it comes to online security. It doesn't help that the account number is your RUT; just with that and other online tools, its quite easy to find out a lot about a person in order to target them.

Having said that, I don't think that Banco Estado is any less secure than others, its just that a lot of wannabe scammers are already inside the system as customers since its very easy to get an account. I have had no problems, but I only use it within the banking system, ATMs or POS terminals,not for online purchases or money transfers.

One good thing about BancoEstado is that they notify every time a card is used, which our other two banks don't.
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Re: Online Banking in Chile vs the USA. Is it secure?

Post by Britkid » Sun Apr 12, 2020 1:25 pm

I suspect it's fairly secure, I don't recall many horror stories. Obviously things can happen because they can happen anywhere.

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Re: Online Banking in Chile vs the USA. Is it secure?

Post by penquista_ » Sun Apr 12, 2020 3:36 pm

I'd say bank security in Chile its almost on par with usa banks.

Here's my bank strategy :
Banco Falabella cuenta corriente, cuenta vista and cuenta de ahorro. ($0 per month) Excellent website AND app.

Cmr elite crédit card. (Lots of perks with this card)

Mach account. (For some online bills or payments)

Cuenta rut only for incoming payments. (Such as governments bonos)

I usually pay everything with my credit card in 1 cuota and at the end of the month I pay it in full. (With this I pay $0 maintance fees in everything banco Falabella related, never an issue and I can even use it with Google Pay.

Just my 2 pesos..

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Re: Online Banking in Chile vs the USA. Is it secure?

Post by FrankPintor » Sun Apr 12, 2020 7:28 pm

With Banco Estado I believe you need to go to the bank in person to have the money transferred to your account. I do this every month and that’s how it is.
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Re: Online Banking in Chile vs the USA. Is it secure?

Post by tiagoabner » Sun Apr 12, 2020 10:14 pm

FrankPintor wrote:
Sun Apr 12, 2020 7:28 pm
With Banco Estado I believe you need to go to the bank in person to have the money transferred to your account. I do this every month and that’s how it is.
Transferwise can send money to Cuenta Rut in Banco Estado without having to go in person. It has been this way for over two years. Maybe you need to go to clear out swift transfers, but I have never tried that.
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Re: Online Banking in Chile vs the USA. Is it secure?

Post by DLPurser » Sun Apr 12, 2020 11:35 pm

Thanks for all the responses. I wasn't inferring that banks in the USA were never hacked. I was only trying to determine that banks in Chile were not an order of magnitude more susceptible. It's also good to know that you don't need to be present to receive a transfer to a Cuenta Rut. I had not considered that to be an issue.

Thanks

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Re: Online Banking in Chile vs the USA. Is it secure?

Post by Britkid » Mon Apr 13, 2020 12:24 am

tiagoabner wrote:
Sun Apr 12, 2020 10:14 pm
FrankPintor wrote:
Sun Apr 12, 2020 7:28 pm
With Banco Estado I believe you need to go to the bank in person to have the money transferred to your account. I do this every month and that’s how it is.
Transferwise can send money to Cuenta Rut in Banco Estado without having to go in person. It has been this way for over two years. Maybe you need to go to clear out swift transfers, but I have never tried that.
Just wanted to confirm that I also have been able to send money via Transferwise to Banco Estado Cuenta RUT online without having to go to the bank in person, or even call them. I did this quite a lot in 2018 and 2019. Just send a small amount like 10,000 as the first go, and then you have a test case established and once successfully arrived send a larger amount to the same details now recorded in your Transferwise account.

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FrankPintor
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Re: Online Banking in Chile vs the USA. Is it secure?

Post by FrankPintor » Mon Apr 13, 2020 3:34 pm

Britkid wrote:
Mon Apr 13, 2020 12:24 am
tiagoabner wrote:
Sun Apr 12, 2020 10:14 pm
FrankPintor wrote:
Sun Apr 12, 2020 7:28 pm
With Banco Estado I believe you need to go to the bank in person to have the money transferred to your account. I do this every month and that’s how it is.
Transferwise can send money to Cuenta Rut in Banco Estado without having to go in person. It has been this way for over two years. Maybe you need to go to clear out swift transfers, but I have never tried that.
Just wanted to confirm that I also have been able to send money via Transferwise to Banco Estado Cuenta RUT online without having to go to the bank in person, or even call them. I did this quite a lot in 2018 and 2019. Just send a small amount like 10,000 as the first go, and then you have a test case established and once successfully arrived send a larger amount to the same details now recorded in your Transferwise account.
Thanks for the heads-up about Transferwise, I just sent a small amount to see how it works out. I give Transferwise a 0-star review, though, every single transaction I've made costs 3 times as much and takes 3 times longer than they advertise, so an end-to-end transfer from my credit card to someone's bank account will take about a week and costs only a little less than SWIFT (which gets there the same day).
Caracas es Caracas. Lo demás es monte y culebra!

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eeuunikkeiexpat
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Re: Online Banking in Chile vs the USA. Is it secure?

Post by eeuunikkeiexpat » Mon Apr 13, 2020 6:22 pm

Are people being charged different schedule of fees depending on I dunno with Transferwise? I just looked into them after the glowing reviews and how cheap they are and even doing US $1000, I calculate more than 3% (fees + the half a point difference with xe..com on the exchange rate).

A that rate, a regular credit card with 3% is roughly the same to slightly better. And the more than USD $20 might still be better saved by standing in a bank or CajaVecina line if you time it right.
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FrankPintor
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Re: Online Banking in Chile vs the USA. Is it secure?

Post by FrankPintor » Mon Apr 13, 2020 7:08 pm

I don’t have a US credit card, that’s one reason for the increased fees. They do recalculate the amount while you’re setting up the transaction so you can at least see what they’re doing. However, once you initiate the transfer and it’s too late for you to change, they will change the delivery date from “next day” to 3-4 days in the future so they can earn interest on the sequestered money for a few days, ahem I mean for “security reasons”. I’ve only made about 4 transfers with them and both the fee increase and the sequestering of the funds have happened every single time.
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