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How to bring $ to Chile from USA? Open Bank acct. *self employed in USA but living in Chile- anyone else?

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claudiaoli
  2/12/2017 08:38 EST

Hello,
I have a RUT as I am Chilean, but have been living in the USA since I was a child.

I had no idea how complex it is to get a bank account here in Chile, much less how complex it seems to be to transfer a large amount of money.

The money is from a loan, so no trouble in proving it's not laundered .... but how to bring it to Chile in time - and with the least amount of fees- to close on the departamento I found?

I went to Scotia bank in Providencia, but they were not only clueless, but rude.

At Banco de Chile, they suggested I bring it via a "bolsero" -- like a stock market individual who can then place it in a mutual fund for me until I need it....

I was also told that since I will still be working/receiving pay from the USA (self employed), I need to prove it at the USA consulate-- (anyone know what I may need? Tax paperwork from the last year?)

Anyone else self-employed in USA-paying taxes there, but, living in Chile?

Ayayaiiii.... so very different than in the USA. Any advice is welcome!

Thanks,
Claudia

liewald
  2/12/2017 11:11 EST

Hi Claudia,
So you got a Loan in USD to buy an apartment in Chile that will be valued in CLP? May not be the best investment based on how this market has evolved and how it is expected to develop.

I'm in a similar position, returned to Chile 4 years ago after being my entire life abroad.
Your best option for an initial account is Banco Estado they will open a RUT account for you, but it is limited to 3 million pesos per month, if you deposit that amount (I use XOOM.com to transfer from my BoA to any Chilean Bank) and make yourself an independent professional at the SII (Inicio de Actividades) they will be willing to open a "Cuenta corriente" for you next month.
Another option is to create a company at escritorio empresa.cl and then open a bank account for your company.
To transfer a large amount of money in one step, A wire transfer will be the most transparent, directly to the current owner's account, however, the exchange rate may not be the best.
You can also spread the risk using bitcoins and peer to peer transactions, but some could think you are laundering the money.
Most banks could also open a USD account for you so you don't initially loose that much on the first transaction.
Best
Walter

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cesarolga48
  2/12/2017 16:49 EST

I have the same situation, I purchase a working Farm in Pencahue on 2013 and have to open an account in Chile. Try BCI, talk to Jeannette and maybe she can help you. [email protected]

claudiaoli
  2/13/2017 06:33 EST

Thank you Walter!
I appreciate your time and advice!
Claudia

claudiaoli
  2/13/2017 06:34 EST

Gracias Cesar!

BrainInAJar
  2/20/2017 12:15 EST

Claudia:
Going through the same pains.
Fortunately, the person i am buying the house from has lived in the US and has a us dollar account in Chile. I was able to do a wire transfer for about $200.
I got a RUT number but think it will be easier to open an account in Argentina and since i will have to go over every three months to renew my residence for the first years, i can pick up the cash there. I can use my credit card also and make sure the card is one of those that does not charge foreign transaction fees.

alan.

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liewald
  2/20/2017 12:51 EST

Hey Alan
"i will have to go over every three months to renew my residence for the first years"
Why?
Tax reasons?
Best
Walter

claudiaoli
  2/20/2017 18:18 EST

I hope I get lucky as you Alan!
Only after visiting 3 banks did someone explain to me that a "cuenta corriente" is VERY different than a "regular checking account" ... and I am considering getting a RUT cuenta ... ??
Any thoughts welcome!

Claudia

liewald
  2/21/2017 06:31 EST

Cuenta RUT only exist in BancoEstado, and is limited to 3 million pesos per month (I think I wrote that before).
You are entitled to one if you have a RUT, the account number will be your RUT.
When I moved back to Chile my first "Cuenta corriente" was also with Banco Estado but at the "microempresas" section since I'm a freelancer.
First you will need to "Iniciar Actividades" at the SII you should also register at Previred to Pay Medical and Work related accidents insurance.
BTW!
Have you read the manual for returning Chileans? I guess not:
You should be able to download it from the following link:
(it is 74 pages long)

http://chile.gob.cl/files/2013/04/MANUAL-DEL-REGRESO.pdf

BrainInAJar
  2/23/2017 09:09 EST

As you arrive in Chile they will stamp your passport and give you a maximum 3 month stay, after which you must leave chile and re-enter to get it stamped for another 90 days. You can request permanent residence but to do this you must prove that you have respected the 90 day stay times for about two years before they will grant permanent residence. This is in my case as I am retiring there and enter on a visitors visa. very different if you intend to work there.

liewald
  2/23/2017 10:03 EST

Hey Alan,
I think you have been seriously misinformed.
You can just ask for a Retirement visa, it is very simple.
But the most important thing is that you get back to square one after each 90 days...

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