Chile Guide: Money

Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.

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  Currency in Chile

  The Chilean peso

  The currency in Chile is the peso, denoted as CLP. The symbol is, somewhat confusingly, the same as the US dollar $. The peso used to be divided into 100 centavos but centavos are no longer valid.

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  Banking in Chile

  Banks and opening hours

  The main national bank and the one in charge of controlling inflation and creating money is the Banco Central de Chile. Other important banks are Santander Chile, Banco de Chile, BancoEstado, BCI, BBVA Chile, CorpBanca and Scotiabank Chile.

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  Opening a bank account

  Impossible for expats?

  As a foreigner, opening a bank account in Chile is extremely difficult, sometimes almost impossible. The main requirement is to have a Chilean residency card (ID card) since your passport will not give you access to a Chilean bank.

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  Using money in Chile

  Exchanging money, transfers and ATMs

  The most popular international credit and debit cards are widely accepted in Chile. Banking services, such as online banking, are becoming increasingly common and are useful for transferring money.

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  Direct and indirect taxes

  A brief look at the tax system in Chile

  Chile, as any other country has indirect and direct taxes. You will always be taxed on money earnt in Chile, but not from international sources.

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  Legal requirements

  Getting an RUT number

  For expats in Chile, there is no way around the infamous Rol Único Tributario (RUT) number. The RUT is a tax ID number for foreigners, similar to a social security number in other countries, and is required for a lot of bureaucratic steps.

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