Chile is an attractive destination with its reasonable cost of living and existing culture. But the financial system of Chile is comparatively difficult because of its complicated banking system. The banks in Chile are only accessible between 9 A.M to 2 P.M and foreigners cannot have access to Chile’s banks.
Most of the banks in Chile only allows emigrants to open a local account if they have a Chilean residency for at least two years.
It is essential to take some step ahead of improving this poor banking system.
Here are the number of steps that every emigrant need to know before opening a bank account in Chile:
You must have a Rol Unico Tributario
RUT the national identification number for opening a bank account in Chile. This is also called as Rut account because this number is required to set up Direct to Local Bank transfers in Chile.
You can visit here:https://cuentarut.tarjetas-bancarias.com/ to know more about the Rut account.
A Chilean ID card
Before opening a Chilean bank account you must have an identity proof of Chilean residency.
A Proof Of Chilean Income
An individual must show valid income source in front of a bank official. A bank official will inquire about it and after verification the Chilean bank allows you to open an account.
A Minimum Deposit
Non-resident foreigners face a hard time while opening a Chilean bank account. Authorities have set some criterias for foreigners in terms of minimum deposit.
Credit cards and ATMs
You can check “account balance rut” (also known as “saldo cuenta rut” in Spanish language) using ATMs because of the availability of ATMs and credit cards in Chile and even in its small towns.
It is possible for emigrants to open a Mutual Funds account at a Chilean bank using their RUT number. Account holders will earn interest on their money, but they will not be allowed immediate access to it – and they will sacrifice the interest earned and get penalty fees if requesting a withdrawal before the investment term is up.
Emigrant who have temporary residency can also try to set up a Cuenta Vista account through a number of banks. This very simple savings account comes with an ATM card, but can be used for domestic transactions only.
Expats can have their salaries given in their overseas bank accounts or in cash that they can then send home themselves and access their money using foreign debit or credit cards using Rut number.
Click here to know more about Chile’s leading banks and their opening hours.