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Last updated on 19/06/2026
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Opening a bank account in Chile can be difficult, especially if you are a foreigner without permanent residency. The reason is structural: Chilean checking accounts are almost always opened with one or more credit lines, so banks only say yes when they are confident they will get their money back.
The good news is that "a bank account" is not one single thing in Chile. There is a ladder of three account types, and there is almost certainly a rung you can reach today:
- The CuentaRUT, the entry account from the state bank, available to anyone with a Chilean ID card
- The cuenta vista, a sight account with a debit card and no credit line, offered by most banks
- The cuenta corriente, the full checking account with credit lines, which is the hard one to get
This guide covers all three: what each account does, who qualifies, and how to open them.
CuentaRUT: the entry account
The CuentaRUT is a specific account issued only by BancoEstado (bancoestado.cl). It is a relatively limited bank account, but it can be enough for you, or at least good to start with when arriving in Chile. The account comes with a debit card that lets you withdraw at any ATM in Chile, do wire transfers, and pay online or in shops.
To open it, all that is required is a valid Chilean ID card (not blocked or expired). The account is available to everyone living in Chile with residency, with no conditions such as minimum income. Please note that a temporary RUT is not enough.
How to open a CuentaRUT
The application is done online on BancoEstado's website, and it is very simple. You need your RUT and your ID card number (numero de documento) to register. Then you choose the branch where you want to pick up your card and go there directly. Within one hour, you have your card.
Account limits
- Max balance: $3,000,000
- Max monthly deposit (cumulated): $2,000,000 (you can deposit more, but the bank will ask you to withdraw the amount above $2,000,000)
- Daily withdrawal limit: $200,000
- Daily wire transfer limit: $1,000,000 (above $100,000, it will not work the first time for security reasons, you need to call them to enable wires above $100,000)
Strengths and limitations
The CuentaRUT's strengths are simplicity and availability: it can be opened the same day you receive your Chilean ID card, it has no monthly fee, and its debit card is accepted in almost every shop in Chile.
The limitations are real, though. The maximum balance is low. Each ATM withdrawal costs a fee (300 pesos). There is no credit card, which blocks you from certain online services that require one. You cannot use the account or the debit card abroad. And there is no checkbook and no overdraft.
You can work around the two biggest annoyances. For the maximum balance, transfer the excess to a foreign account or a savings account (cuenta de ahorros): even banks reluctant to open a checking account generally have no problem opening a savings account or letting you place a term deposit. For ATM fees, withdraw the maximum amount each time (200,000 pesos), or use cashback: at most supermarkets, when you pay by debit card, you can ask to add $10,000 to $50,000 to the bill and receive that amount in cash from the cashier, without fees.
Cuenta vista: the middle step
A cuenta vista is a sight account: a debit card and an account you can only spend from what you have deposited. No credit line, no overdraft, no checkbook. The CuentaRUT is technically a cuenta vista, but the difference is that most other banks also offer their own version.
Because there is no credit risk for the bank, requirements are much lighter than for a checking account. If you want an account at a private bank before you qualify for a cuenta corriente, ask for their cuenta vista. Some products aimed at foreigners are cuentas vistas in disguise: ScotiaBank's "Cuenta Corriente para Extranjeros", for example, offers neither credit nor checks despite its name. Digital wallets like Tenpo and Mach play a similar role with even less paperwork, and we cover them in our crypto and fintech guide.
Cuenta corriente: the full checking account
A cuenta corriente is the equivalent of a checking account, and it is more difficult to open one in Chile than in most countries.
The reason: in Chile, a cuenta corriente is almost always opened with one or more credit, overdraft, or emergency lines. In other countries, banks offer you these lines only if they estimate you can repay them. If you cannot, they simply skip the credit lines but still open the account. In Chile, opening a checking account without credit lines is not really conceivable, and if you spend some time in the country, you will see that everything is built to push people toward credit. Therefore, if you do not have enough income or credit history to prove you can repay, opening a checking account is challenging, even for Chileans.
Who qualifies
As a rule of thumb, if you have not been working for at least 4-5 months on a permanent contract with a salary above 800,000 pesos, opening a cuenta corriente is going to be difficult. The more you earn, the fewer problems you will have. If that is not you yet, the CuentaRUT above probably fits your needs in the meantime.
Banks sometimes ask for a contract of at least 3 to 6 months with your current employer. This is mostly to ensure you are past your trial period and have recurring income to guarantee the credit lines that come with the account.
What if I don't match the bank's criteria?
One solution, notably useful for entrepreneurs, is to offer the bank a guarantee. You place a "deposito a plazo" (a term deposit: your funds are locked for a pre-determined period, typically a 30-day rollable deposit), then authorize the bank to use it as a guarantee for the credit lines it grants you. To give you an idea, banks usually ask between $400,000 and $1,200,000 depending on your income (the less income you have, the higher the deposit).
In effect, you lend the bank cash to guarantee a credit line you might never use. From your point of view, that is not a great deal, especially since the interest rate is quite low. But if you really need a checking account, this can be the way in.
How to open a cuenta corriente
First step: look for someone you know, a friend or a colleague, who already has a cuenta corriente at the bank where you want to open the account, and ask them to recommend you to a relationship manager. In Chile, you need your network for everything. You will get further through a friend than through the bank's website form, which either does not work or never gets answered.
Once you reach the meeting with a relationship manager, the documents are pretty standard: a "new client" form, a copy of your ID card or passport, and a proof of address. You will also need documents proving your financial credibility: salary slips or foreign bank account statements.
If your employer has a finance department, ask them for help or a contact. A recommendation from your company opens accounts without friction, and if your company has an agreement with the bank, you may even get a better deal.
Do you actually need a Chilean bank account?
Before fighting with banks, check whether your situation requires it at all.
Students on a 6-month semester
Don't bother opening a bank account. The best option is to negotiate with your bank back home for a discount on withdrawal fees. Most banks have plans for young people, especially students at good universities. If your bank has no plan in place, call them anyway: everything is negotiable with a bank, and they will be more flexible if you or your parents are good clients.
If you do consider switching banks for the stay, look at worldwide alliances. ScotiaBank, for example, is a member of GlobalAlliance along with Bank of America (USA), BNP Paribas (France), Deutsche Bank (Germany), WestPac (Australia), and Barclays (UK), with agreements on withdrawal fees.
Interns and working holiday visas
Same situation as students: do not waste your time with Chilean banks. If you need to get paid, open a CuentaRUT as soon as you have your Chilean ID card. Your employer can pay you on that account if they don't want to pay you in cash.
If you do not yet have a Chilean ID, your employer can issue a "vale vista", a document that works like a check: you show up at the bank and withdraw in cash, or deposit into an account, the amount displayed on it.
Employees and expats
Banks should accept to open you a cuenta corriente, but it really depends on your salary. Below $600,000 to $800,000 of monthly income, it's complicated. Above $1,000,000, you should not have (too much) trouble. See the "Who qualifies" section above for the details.
Entrepreneurs
This is one of the most complicated cases, because you often need both a personal account and a company account. Whether the bank accepts depends on your project and your current assets, in Chile or abroad. If you have enough savings and a credible business plan, you should be able to open one. Most of the time, the bank will ask for a term deposit to guarantee the credit lines, notably if you have no recurring income yet. For the company side, see our guide to business banking for entrepreneurs.
Frequently Asked Questions about Bank Accounts in Chile
CuentaRUT
Yes. The CuentaRUT is available to anyone living in Chile with residency and a valid Chilean ID card, with no minimum income condition. A temporary RUT is not enough: you need the definitive RUT that comes with your residence permit and ID card (cédula de identidad).
It is the basic account issued by BancoEstado, Chile's state-owned bank. The name comes from the fact that your account number is simply your RUT (Chilean tax ID number). It is technically a cuenta vista: a sight account with a debit card, no credit line, and no checkbook.
The CuentaRUT comes with a debit card only. You can withdraw cash, pay in shops, and pay online in Chile, but there is no credit card, no overdraft, and the card does not work abroad.
BancoEstado is Chile's state-owned bank, supervised by the financial regulator (CMF) like every other bank in the country. Safety is not the concern with the CuentaRUT. Its real drawbacks are the balance and transaction limits, and the small fee charged on ATM withdrawals.
Cuenta corriente
A cuenta corriente is the Chilean checking account. The key difference with most countries is that it is almost always opened together with one or more credit lines, so the bank screens you as a borrower, not just as a depositor. That is why banks ask for proof of stable income and sometimes a minimum time with your current employer before opening one.
For a foreigner, the realistic answer is: the first bank that accepts you. Banks differ more in who they accept than in what the account offers. BancoEstado is the most accessible, BCI is the most entrepreneur-friendly, and Santander or Itaú suit higher incomes. See our guide to banks in Chile to compare.
