Chile is considered as one of South America’s most enduring and prosperous countries. It has been relatively free from irrational governments that have ruined the continent.

Also, the country had fastest-growing economy in the 1990s and recently has overcome regional economic dilemma. Here are some more interesting facts about Chile money and banking you need to know about:

Opening An Account In Chile

Opening an account in a Chilean bank might be difficult for emigrants because the basic and most important requirement for opening a bank account is to have a Chilean residency of minimum 2 years.

Another rule is having RUT account (Rol Unico Tributario) that will be used as your tax identification number.

Banks In Chile

Banco Central de Chile is the main bank of Chile that is one and only in charge of controlling the whole investment system of Chile. Other important banks are Santander Chile, Banco de Chile, BancoEstado, BCI, BBVA Chile, CorpBanca and Scotia bank Chile. Some of these banks are international.

Money In Chile

The currency used in Chile is peso it is denoted as CLP and the symbol is same as the US dollar. It is subdivided into 100 centavos. However, centavo coins are no longer valid and prices are regularly turned up to the nearest peso.

Peso notes valid in Chile are: CLP 1,000, 2,000, 5,000, 10,000, 20,000.

Coins valid in Chile are:  1, 5, 10, 50, 100 and 500 pesos.

ATM’s

Atms and debit cards are accessible in Chile so you can access your income through your debit as well as your RUT ID card. As your account number is associated with your RUT tax identification number you can check your RUT balance through bco state cta RUT online (bco Estado cta rut in the Spanish language).

Taxes In Chile

Emigrants will not be taxed for first three years while living in Chile.

After three years they will eventually be made an official tax home and will be taxed on their worldwide income.

For every emigrant, this is important to get full information about Chile’s rules and regulations about its banking and legal system. Chile government is planning to modernize banking system by adopting Basel III.

Read this article for more information about Chile’s banking system.