Chile – Banking

Local Banks in Chile

Chile has several local banks that provide a wide range of banking services to their customers. These banks include:

International Banks in Chile

Major UK and USA banks have a significant presence in Chile. These banks include:

Accounts and Services for Expats

Several banks in Chile offer accounts and services specifically aimed at expats. These accounts provide many benefits and features to make banking easier for expats. Some of the banks that offer these services include:

Banco de Chile

• The bank offers an Expat Account that includes no-fee international transfers, a dedicated account manager, and a debit card.

Banco Santander Chile

• The bank offers an Expat Package that includes a no-annual-fee account, debit card, and assistance with paperwork.

Typical Bank Opening Hours

The typical bank opening hours in Chile are from 9:00 AM to 2:00 PM, Monday to Friday.

Areas of Concern for Expats

Expats should be aware of the following areas of concern regarding the banking system in Chile:

1. Fees

• Banks in Chile charge fees for many banking services, including ATM withdrawals, wire transfers, and overdrafts. Expats should compare the fees of different banks before choosing a bank.

2. Credit History

• Expats may have difficulty obtaining credit in Chile due to the lack of a credit history in the country.

3. Identification

• When opening a bank account in Chile, expats must provide valid identification documents such as a passport, driver’s license, or residence permit.

4. Taxation

• Expats must also be aware of their tax obligations in Chile. They may be subject to Chilean taxes on their income earned in Chile and must file Chilean tax returns.

Opening a Bank Account

If you are an exp at looking to open a bank account in Chile, follow these steps:

Step 1: Choose a Bank

• Research the different banks in Chile and compare their services and fees. Choose a bank that meets your needs.

Step 2: Gather Required Documents

• You will need to provide identification documents such as a passport, driver’s license, or residence permit. You may also need to provide proof of address such as a utility bill or rental agreement.

Step 3: Apply for an Account

• You can apply for an account online or in person at a branch. Follow the bank’s instructions and provide all required information.

Step 4: Fund Your Account

• Once your account is opened, you can fund it by transferring money from your home country or depositing cash or cheques at a branch.

Step 5: Activate Your Account

• You may need to activate your account by making a deposit or using your debit card for the first time.

In conclusion, Chile has several local and international banks that provide a wide range of banking services. Expats can benefit from accounts and services specifically aimed at them. However, they should be aware of the fees, credit history requirements, identification requirements, and tax obligations when banking in Chile. If you are an expat looking to open a bank account, follow the steps outlined above to make the process easier.