Posted by on June 1, 2017

Opening a bank account in Santiago can be a lot more cumbersome to do than in some other cities. So you if you intend to, thinking that you can bring wads of money and deposit it once you arrive, you’ve got another thing coming, I can tell you. Using a banking advisor such as TransferGuides – who offer helpful suggestions regarding international currency payment solutions such as TransferWise and CurrencyFair – can go a long way to ensuring your eventual success.

The explanation for this is, that Santiago has never been in vogue for its forward thinking industry; and as a result, it’s nearly not possible at all for foreigners to open an account here if they don’t have already got Santiago residency. Currently, you have to be over the age of 21 to open a bank account, and they ask that you have a stable job with a minimum income. I’m sure you can see the possibility of issues arising.

Well, to be honest, the most important requirement you need – and that which stuffs up the majority of foreigners – is to have a Santiago identification number – in local terms, a RUT.

If you are fortunate to have a RUT, then you will need to fill out a bunch of forms, which is actually great for your Spanish. Additionally, you will need to gather lots of random papers and then get everything legalized in duplicate (or triplicate) before they say you can’t open an account with them. Sounds fun, doesn’t it?

However, if you aren’t a citizen of Santiago but you do want to establish an account in the big bad city, another choice is to approach a stock broker. Most require a large minimum balance for nonresident foreigners; don’t be stunned if they give you conflicting information either – this is no exact science!

Don’t be surprised if they ask for an original copy of your great-grandmother’s birth certificate too; it’s like they want a copy of everything possible. Word is on the street that many companies also have to prove that they have been in existence for the last two years; not very useful if you’re just starting out.

Even after obtaining temporary residency, most banks can be quite standoffish and reluctant to open an account for you as a foreign person, unless you have an established financial presence.

Also, you must leave your dosh in the bank for a certain amount of time before you take money out; unless you want to lose the interest you have gained or get a bank fee imposed. Of course, you also need a RUT for this; though at least it takes the hassle out of all the paperwork for opening an account and they don’t charge you a monthly fee or hit you with a commission.

If you’ve established temporary residency in Santiago already, the thing you’ll be able to do straight off the bat is approaching the bank and apply for a kind of account referred to as a “Cuenta Vista” with one amongst the native Santiago banks.

Once you’ve got permanent residency in Santiago, applying for a gap account becomes far easier; and also the industry normally starts to possess plenty a lot of charm. Through the use of a bank account, you will also begin to receive beautiful interest rates; and as a bonus, someday you may also be eligible for bank funding,

If you can present proof of monthly salary in the region of $4,000-$8,000, you furthermore might have the choice of beginning a premium account at one of the more exclusive departments of the key banks. The client service at these special branches is sometimes completely spectacular, therefore if you meet their wants, it makes plenty of sense to give these a try. Banco Diamond State Santiago and CorpBanca’s are some the most elite establishments available.

If you already own property in Santiago, it’s sometimes doable to require out a loan against the property. Many of the banks offer these services, however, the simplest rates for these varieties of loans is Banco Security.

If you receive a pension within the US and establish residency in Santiago, it’s doable to line up direct deposits for the pension funds at a number of the native banks. If you’re curious about setting this up, you’ll be able to get involved with many local establishments.

If you’re simply trying to create an investment account in Santiago, however, and don’t have residency within the country, your biggest problem isn’t going to be opening a bank account, I assure you! There is an easy-ish way of having a ‘bank account’ through the Banco Estado which is called Cuenta RUT. They don’t ask for so many documents, though as the name states, you still need your RUT and there are restrictions and limitations in amounts. They also deduct a few bucks per transaction.

If you’re aiming to spend a ton of time within Santiago, you’ll probably want the ability the make many daily transactions. Here, there handful of things to continuously keep in mind concerning bank accounts; (1) don’t expect success on your initial visit to the bank, and; (2) and take a look at as several choices before committing. It helps to have an introduction to a bank by a co- worker or friend, to ensure that you are welcomed with open arms.

Good luck out there!

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