14/10/2016, updated 10/07/2024

A 260-page practical handbook to plan your move to Chile?

Moving to Chile soon? Read this...

Since 2016, expat.cl has been maintaining this free online guide about Chile for foreigners, which takes a lot of time. Unfortunately, search engines now use this content to provide AI-generated answers. Therefore, our most up-to-date content is now only available in the Chile Handbook for Foreigners. Articles on this guide will still be updated, but less frequently.

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What is a cuenta corriente in Chile?

A cuenta corriente is the equivalent of a checking account. It is more difficult to open one in Chile than it is in most countries in the world.

This is because that in Chile, a cuenta corriente is almost always opened with one or more credit/overdraft/emergency lines. In other countries, banks will offer you these lines if they estimate that they can get their money back if you decide to use them. If you can't, they will not allow overdraft, but it does not generally prevent you from opening a bank account.

Can you open a cuenta corriente in Chile as an expatriate?

In Chile, it is not conceivable to open a checking account without credit lines. And if you stay sometimes in this country, you will easily see that everything is done to push people to get into debt.

Therefore, if you do not have enough income or credit history to prove that you can repay your debts, it is challenging to open a checking account (even for Chileans).

Before reading any, further, you should have a look at our article "Should you open a bank account?"

Basically, if you are not already working for at least 4-5 months with a permanent contract and a salary above 800,000 pesos, it is going to be difficult to open a checking account. Have a look at the CuentaRUT that may fit your needs. Of course, the more you earn, the fewer problems you will have when opening an account.

What if I don't match the bank's criteria? Do I have other options to open a bank account in Chile?

One solution, notably useful for entrepreneurs, is to offer a guarantee to the bank. You can do a "deposito a plazo" (a term deposit: your funds are "locked" for a pre-determined period. The norm is a 30-day rollable deposit. Once you have done it, you need to authorize the bank to use this term deposit as a guarantee for the credit lines it wishes to grant you. To give you an idea, banks usually ask between $400,000 and $1,200,000, based on your income (the less income you have, the higher the deposit).

Basically, you lend them the cash to guarantee a credit line you might not use. From your point of view, that's not a good deal, especially as the interest rate is quite low. Yet, if you REALLY need an account, this can be the solution.

How to open a bank account (cuenta corriente) in Chile?

First step: look for someone you know (a friend or a colleague), who already has a cuenta corriente in the bank where you want to open the account. Ask him if he can recommend you to a relationship manager. In Chile, you need your network for everything. You will get more answers through a friend, than by applying on the bank website. Either the website form does not work, or no one answer.

If you reach the step "meeting with a relationship manager", documents to provide are pretty standard: A "new client" form, a copy of an ID card/passport, and a proof of address. You will also need some documents to justify your financial credibility (salary slips/foreign bank account statements)

Do you want to go more in detail?

I wrote the Chile Handbook for Foreigners for anyone and everyone looking to move permanently and enjoy life in Chile. It's a 265-page book that goes over all aspects of relocating to Chile. Here is what you get:
✅ Practical tips based on 7-year relocation experience
✅ To-do lists to help you start
✅ Last updated in 2024