Opening a bank account in Chile
In order to open a bank account in Chile you will need a valid Chilean ID number, commonly known as “RUN” or “RUT”:
The only way to get a Chilean ID Card is to become a resident (work visa – temporary visa – student visa – permanent residency). So, if you are in Chile under a tourist visa, we are sorry to give you the bad news.
CuentaRUT in Banco Estado
The easiest way is to open a CuentaRUT in Banco Estado. In simple words, it is a checking account without checkbook nor overdraft (a mix between a savings account and a checking account to be fair). There is no maintenance or opening cost.
You can choose to open a CuentaRUT for:
- National Use: Obtain a debit card to withdraw money from ATMs and pay everywhere in Chile; OR,
- International Use: Obtain a VISA debit card with which you will be able withdraw money from ATMs and pay in Chile and abroad.
In both cases, you will also receive a card with coordinates, which you will need to transfer money from your online account.
You can download the official bank app for Android and iOS and use it to transfer money, check your balance, charge your Bip! Card (if you live in the Metropolitan Region), etc.
Note*: If you require a checkbook and/or need an account which allows overdraft, you can apply for a Checking Account in Banco Estado if you comply with the requirements.
How to open a CuentaRUT?
Once you have your Chilean ID Card (physically) head over to any BancoEstado branch, get a number, wait in the line, fill the form, sign the contract, and get your bank card within the same day. If you don’t like queues, you can apply for your bank account online and then sign the contract at any ServiEstado office, getting your card the same day of the signature.
- CuentaRUT has a maximum balance limit of CLP$3,000,000;
- A monthly deposit limit of CLP$2,000,000.
- The limit for withdrawing funds from CajaVecina and ATMs is CLP$200,000.
- The limit for withdrawing funds from ServiEstado is CLP$1,500,000 per day.
- The limit for use of RedCompra, WebPay and international purchases is $200,000 per day.
- The transfer limit (by Internet or App) to other holders in BancoEstado or to other Banks is CLP$1,000,000.
Other banks in Chile
If a CuentaRUT is not enough for you, you have plenty of options in Banco Estado or in any of the following banks:
- Banco de Chile
- Banco Internacional
- Scotiabank Chile
- Banco de Crédito e Inversiones
- Banco Bice
- HSBC Bank (Chile)
- Banco Santander
- Itaú Corpbanca
- Banco Security
- Banco Falabella
- Banco Ripley
- Banco Consorcio
- Banco BTG Pactual Chile
Unlike CuentaRUT, you will have to comply with income requirements and in some cases you will need to hold Permanent Residency (a work visa – temporary visa – student visa won’t be enough).