The world of the Internet and globalisation refuses the concept of international borders created by boundary delimitation. Although it may seem on the map by red lines among countries, these limits are so far from what they symbolise some decades ago. Thanks to the penetration of the Internet into our lives, from our way of communication to our banking systems, there have been breakthrough changes in our daily routines. Today, we do not form an estimate of the country we were born in to shape our lives, but all the nations. The sky’s the limit, and maybe this is the future of Brave New World for all of us.
When there are no borders, you can pick up any country to settle down or expand your market into it. That’s why South American countries have become in the limelight of digital nomads, international entrepreneurs, small business owners trying to find a cheap workforce, and offshore accounts. When we think of the gorgeous coastlines of South America, it is impossible to skip Chile, officially the Republic of Chile. But what are the pros and cons of living there? How to open a bank account in Chile, or is it possible to own a Chile bank account remotely? In this article, we will try to find answers regarding residing in Chile. So you can shape your opinion on whether Chile is a good option for you or your business.
Great Potential Of Chile
Sharing its land borders with Peru to the north, Bolivia to the northeast, and Argentina to the east, Chile has a significant place geopolitically. Likewise, the prosperous mines of copper and lithium make the country more interesting for investors chasing new opportunities for using minerals in technology. Did you know that Escondida is the largest copper mine in the world? Yes, Chile produces a third of the world’s copper, and this slice of the global market constitutes 60% of Chilean exports.
On the other hand, one of the highlights of Chile is tourism. The country has been experiencing an elevated rise in tourism for the last decades due to its spectacular landscapes such as San Pedro de Atacama for the Incaic architecture, the altiplano lakes, Parinacota and the Pomerape volcanoes, Isla Mocha, the Nahuelbuta National Park, Patagonia, and the Valley of the Moon. You may see these breathtaking spots on travellers’ bucket lists.
The Foreign Investment Law supports Chile’s approach to international investments. The law aims to create simple and transparent registration for foreign investors and enable access to the official foreign exchange market. However, Chile’s banking system can be a great struggle for those who want to open an individual or business account to participate in investments.
Opening A Bank Account In Chile
Unfortunately, foreigners with no Chilean residency can not create accounts in Chile. In this case, it is a wiser option to contact your local bank and request lower transaction fees and exchange rates between your local fiat currency and Chilean Pesos. Moreover, you may ask for more tailor-made solutions for online banking. Most banks may offer you special rates to send and receive money from/to Chile and other South American countries.
If you hold a permanent residency in Chile, it is more straightforward to answer the question of “How can a foreigner open a bank account in Chile?“. You can easily open a brokerage account along with an advantageous interest rate. If you can prove a stable income of $4,000-$8,000/month or deposit $400,000 or more, the more inclusive departments of the prestigious Chilean banks will allow you to start a premium account instantly. Yes! Money talks!
Jeton Wallet for Chile!
Instead of messing with complicated documentation and unaffordable exchange rates, why don’t you consider opening an account on a trustworthy digital wallet such as Jeton Wallet? Creating an account in Jeton Wallet is a downhill process and takes less than a few minutes. You can transfer money globally through our straightforward solutions in more than 70 payment methods and a plethora of fiat currencies: no surprising transaction fees, no messy processes, or disappointing grave regulations. We have created a state-of-art banking system for our clients.
To meet our comprehensive services, visit our website and contact our professional customer service representatives to shape your most efficacious, tailor-made path.