If you're moving to Chile, here's how to manage your money
Before you move to Chile, understanding the local banking system can save you weeks of frustration and unexpected fees.
Banking Overview in Chile
| Feature | Details |
|---|---|
| Currency | Chilean peso (CLP) $ |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Chile
Foreigners can open bank accounts in Chile. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
Considering Chile? Our decision engine scores your profile against real visa rules, salary data, and cost of living. Get Your Free Verdict →
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Chile. While you may be able to send money to Chile, full local account features may not be available. Check their website for the latest on Chile-specific services.
N26
N26 is not currently available in Chile. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Chile, consider these factors:
- Exchange rate: The currency is CLP. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Chile is approximately €777 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Understand tax reporting: Bank interest may be taxable. Ask your bank about withholding tax and whether they report to foreign tax authorities.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
Compare Chile with:
Frequently Asked Questions
Can I open a bank account in Chile as a foreigner?
Yes, foreigners can open bank accounts in Chile. The difficulty level is rated as medium. RUN needed. Banco Estado and BCI accept foreigners. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
Is cryptocurrency banking available in Chile?
Cryptocurrency regulation in Chile varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Chile.
Can I receive my salary in a foreign bank account in Chile?
Technically yes, but most employers in Chile prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
Do I need a residence permit to open a bank account in Chile?
Many banks in Chile require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
How do ATM withdrawals work in Chile?
ATMs are widely available in Chile. Your bank's ATM network is usually free; out-of-network ATMs may charge $1-5 per withdrawal. International cards may incur additional fees.
Planning to move to Chile?
Get your personalised emigration verdict covering visa eligibility, cost of living, and career prospects across 200+ countries.
Get Your Free Verdict