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A Complete Guide To Chile Banking System

Chile is one of the most enduring and wealthy countries around the world. The country was declared as the fastest growing economy center in the 1990s.

Willingly the chile banking system is free from all irrational politics that may ruin the whole system. Here’s a complete guide to Chile banking systems and laws you must know before moving to Chile:

Banks In Chile

Chile has the most emerged and refined financial structure but sadly the banking system is quite complicated due to which the financial system become difficult especially for the emigrants.

The main issue with Chile bank is their opening hours.  Banks in Chile are only accessible from 9 A.M to 2 P.M and foreigners cannot have access to Chile’s banks.

When it comes to the central banks of Chile, The Banco Central de Chile is the main bank of Chile that works as the main framework of all the financial systems and regulates the economic operations.

Other important banks are Santander Chile, Banco de Chile, BancoEstado, BCI, BBVA Chile, CorpBanca and Scotiabank Chile. Some of these banks are international.

Opening An Account In Chile

Since the banking system is complicated and intricate for foreigners, opening a bank account is equally complex. For opening a bank account in Chile they must have a valid Chilean residency of minimum 2 years.

And the second and most important requirement for opening a bank account is having a RUT number which is your tax ID number.

Also, your Rut number is linked to your bank account so that you can be able to check balance account rut (Consultar Saldo Cuenta rut in Spanish) through your official account.

Once you have a RUT number you will never get troubled in any economic or commercial activities in Chile such as opening new business, buy8ing car, buying property etc.

For extra information read this useful article and know about banking regulations and the importance of RUT number in Chile.