Opening a bank account in Chile is a necessity for those planning to stay in the country for an extended period, whether for work, study, or residency. However, the process is not always straightforward for foreigners, especially for those who have just arrived and do not yet have the required local documentation. Below, we explore the main available alternatives, the most important requirements, and the most accessible option: the Cuenta RUT.
The First Obstacle: The RUT
The first thing every foreigner should know is that it is not possible to open a bank account in Chile with only a passport. The country requires the Rol Único Tributario (RUT), the identification document issued to Chilean citizens and foreigners with temporary or permanent residency. The RUT is essential not only for opening a bank account but also for carrying out legal, work, and commercial procedures within Chile.
To obtain it, you must apply for a visa that allows you to remain in the country beyond the period permitted as a tourist. There are different types of visas depending on each situation: temporary, subject to contract, student, among others. Once this permit is approved, you can request the RUT and, with it, move forward in opening a formal bank account.
Temporary Options Before Obtaining the RUT
While a foreigner does not yet have the RUT, the options are more limited. One practical alternative is to rely on international banks with a presence in Chile, such as BBVA, Santander, or Scotiabank.
If you are already a client of one of these banks in your home country, you can notify them of your trip in advance and use your debit or credit cards to withdraw money from ATMs of the same entity in Chile. This is a temporary solution but allows access to funds in a relatively simple and safe way while immigration paperwork is being processed.
General Requirements for Opening a Bank Account in Chile
Once the RUT has been obtained, Chilean banks usually require certain basic conditions to open an account:
- Valid RUT (the Chilean identification card).
- Proof of income in Chile, such as an employment contract or fee receipts.
- Initial deposit in Chilean pesos.
It is worth noting that most commercial banks tend to be restrictive with foreigners holding only a temporary visa. In many cases, they require permanent residency to authorize the opening of checking accounts or other advanced financial products.
Cuenta RUT: The Most Accessible Option
Given these difficulties, there is one key alternative: the Cuenta RUT, a financial product created by BancoEstado that has become one of the most popular in the country, both for Chileans and foreigners.
This is a very simple savings account with no opening or maintenance fees, although some transactions do carry small charges. It does not generate interest and is mainly designed as a tool to receive and move money digitally.
Requirements to Obtain It
The requirements to open a Cuenta RUT are much more flexible than those of a traditional checking account:
- Hold a valid RUT (Chilean or foreigner).
- Be at least 12 years old if female, or 14 if male.
- No need to show income, salary slips, or credit history.
This makes it the best option for those with a temporary visa or for foreigners who are just starting to settle in Chile.
How It Works and Its Limitations
The Cuenta RUT allows essential operations such as deposits, electronic transfers, debit card purchases, and ATM withdrawals. All funds are managed electronically, which makes it both safe and practical.
However, it does come with limitations. For example, there are maximum limits on balances and deposits. This means that while it is ideal for handling basic income and daily transactions, it may not be suitable for those who need to work with larger amounts or access credit products.
Opening a bank account in Chile as a foreigner mainly depends on obtaining the RUT. Without this document, the only option is to rely on international banks and use foreign-issued cards as a temporary solution. Once the RUT is obtained, more possibilities open up, although commercial banks are stricter and generally prioritize those with permanent residency.
In this context, the Cuenta RUT stands out as the most accessible, fast, and practical alternative for foreigners looking to enter Chile’s financial system. Although it has some restrictions in terms of amounts and services, it enables basic operations with ease and without income requirements. For those coming to Chile to study, work, or start a new life, it represents the first step toward greater financial stability in the country.
