Money & Bank

The banking industry in Chile provides the services with which you are familiar in your home country and allows for electronic communications and transfers to and from your home bank. 

Your home bank may be very helpful in setting up your financial needs in Chile. Be sure to confirm the necessary PIN numbers and any other instructions before departure.

Setting up accounts

In order to open a local checking account, you will need several documents as follows: 

• RUT or tax identification number 
• Carnet de Identidad or ID card or passport 
• Evidence of solvency in the form of a permanent job contract, salary slips, a letter from the employer, or a form indicating net worth

A recommendation from a current bank customer may dispense with some of the above requirements. 

The period of time necessary to establish an account ranges from 2 to 10 days.

Those under 2l years of age or unemployed will need authorization from a parent or working spouse to guarantee funds in the account. Overdrawing your account in Chile is illegal. There are no check guarantee arrangements. When paying by check, you are usually asked for your RUT and your telephone number.

A minimum balance in the account may avoid account maintenance charges; however, there is a government tax levied on each checkbook. In addition, there is an annual fee charged to obtain cash with teller cards, although the cards are issued at no cost by most banks and can be utilized nationwide at 24-hour ATMs. 

Be particularly careful with your checkbook. It is used for many transactions, and unauthorized persons can use checks like cash. In case of theft, notify the police and your bank as soon as possible; they will advise you what specific actions to take. 

Savings accounts  

To open a savings account, you will need to present only your personal data and RUT. Minimum deposits vary from bank to bank and may be opened either in Chilean pesos or U.S. dollars. Rates are quoted at a monthly rate for the Chilean peso and at an annual rate for the U.S. dollar.

There are savings institutions that often offer higher interest rates for time deposits, but these institutions are considered slightly less secure than banks.

Automatic electronic fund transfers

Most international banks offer automatic electronic funds transfer between international banks. Funds can be transferred via telex from Chile to another country. Most banks can arrange this service; the transfer typically takes 48 hours. Telex charges and bank commissions are incurred.