Remote Banking in Chile

## Comprehensive Banking Guide for Expats in Chile

Chile is an attractive destination for expatriates due to its stable economy, beautiful landscapes, and vibrant culture. When relocating or travelling to Chile, setting up a bank account is essential for managing finances and facilitating daily transactions. This comprehensive guide will provide valuable insights into banking in Chile, including information on banks accepting foreigners, KYC requirements, digital banking options such as Wise and Revolut, ATM fees, multi-currency options, the account opening process, currency exchange tips, and clarification on tax residency.

### Banks Accepting Foreigners

Several major banks in Chile cater to the needs of expatriates and provide services in multiple languages. Popular banks that accept foreigners include Banco de Chile, Banco Estado, Santander Chile, and BCI. These banks offer a range of services tailored to the needs of international clients, including savings accounts, current accounts, and investment products.

### KYC Requirements

When opening a bank account in Chile, you will need to comply with Know Your Customer (KYC) requirements. This involves providing the following documents:

1. Passport or national identity card 2. Proof of address (utility bill or rental agreement) 3. Proof of income (pay slips or employment contract) 4. Tax identification number (RUT for residents, passport for non-residents)

Additionally, some banks may request a reference letter from your current bank or employer to verify your financial standing and credibility.

### Wise/Revolut Availability

Digital banking options such as Wise and Revolut are increasingly popular among expatriates for their low-cost international transfers and multi-currency capabilities. Both Wise and Revolut are available in Chile, allowing users to send and receive money in different currencies at competitive exchange rates. However, it is advisable to check the specific services and fees associated with using these platforms in Chile.

### ATM Fees

When using ATMs in Chile, you may encounter fees for cash withdrawals, especially if you are using an ATM from a bank other than your own. To avoid excessive fees, it is recommended to withdraw cash from ATMs belonging to your bank or use digital payment methods for day-to-day transactions.

### Multi-Currency Options

Some banks in Chile offer multi-currency accounts that allow you to hold balances in different currencies, facilitating international transactions and hedging against exchange rate fluctuations. Banco Santander Chile, for example, offers a multi-currency account that enables customers to manage funds in USD, EUR, and other major currencies.

### Account Opening Process

To open a bank account in Chile as a foreigner, you will typically need to visit a branch in person and complete an application form. The bank representative will guide you through the process and explain the account options available. Once the account is opened, you will receive a debit card and online banking credentials to manage your account remotely.

### Currency Exchange Tips

When converting currencies in Chile, it is advisable to compare exchange rates offered by banks and foreign exchange bureaus to get the best deal. Avoid exchanging money at airports or tourist areas, as they often have higher fees and less favorable rates. Additionally, consider using online platforms like Wise or Revolut for cost-effective currency exchange.

### Tax Residency Clarification

Understanding your tax residency status is crucial when living or working in Chile. If you spend more than 183 days in Chile within a calendar year, you are considered a tax resident and must pay taxes on your worldwide income. It is recommended to seek advice from a tax professional to ensure compliance with Chilean tax laws and to take advantage of any available exemptions or deductions.

In conclusion, banking in Chile offers a range of options for expatriates, from traditional banking services to digital platforms like Wise and Revolut. By familiarising yourself with the banking landscape, complying with KYC requirements, and understanding currency exchange dynamics and tax implications, you can effectively manage your finances and enjoy your time in Chile with peace of mind.