A list of the top banks in Chile

Planning a big move to Chile? Whether you’ll be working in Santiago or visiting family in Valparaíso, you could find it useful to open a Chilean bank account.

The first step is choosing a bank, and this is where we come in. We’ve put together a handy guide to the top banks in Chile, including info on the most popular current accounts on offer. This should help you compare options and find the right bank for you.

So, let’s get started with a quick overview of banking in Chile.

Banking in Chile (an overview)

The banking sector in Chile is small but stable. It’s made up of a mix of private and public institutions, and dominated by a handful of major banks such as Santander, BCI and BancoEstado.

Opening a bank account in Chile is a little more difficult than in some other countries. For starters, you’ll usually need to be a resident and have lived in the country for at least two years.¹

Some bank accounts also come with credit cards or overdrafts as standard, which means that you may have to pass a credit check. It can also take a little while to get your new account open, although that depends on the bank.

Here are the documents you’re likely to need:¹

• Proof of ID, such as your passport

• Residency or visa documents

• Your Chilean identity card

• Proof of income

• Proof of address

• Your tax identification number

You might also need to provide an initial deposit.¹

In terms of fees, some bank accounts in Chile have a monthly maintenance charge. This can often be waived by meeting certain conditions, such as paying in a certain amount each month. There are also free digital accounts available.

You should be able to use your bank’s ATMs for free, but charges are likely to apply when you withdraw cash elsewhere.

And like in many other countries, fees for international transfers with Chilean banks can be very high.

If you need to manage your money internationally and want to save money, check out Wise instead.

Learn more about Wise 🚀

Top 10 banks in Chile

Ready to start your search for your new Chilean bank account? Here are the biggest and most popular banks in the country:

Bank name	Operational HQ
Banco de Credito e Inversiones (BCI)	Santiago
Banco Santander Chile	Santiago
BancoEstado	Santiago
Banco de Chile	Santiago
Scotiabank Chile	Santiago
Itaú CorpBanca	Santiago
Consorcio Financiero	Las Condes, Santiago
Banco BICE	Santiago
Banco Security	Santiago
Banco Falabella	Las Condes, Santiago

Banco de Credito e Inversiones (BCI)

One of the largest banks in the country in terms of assets, BCI was set up back in 1937 to help Chile’s productive sector to develop. Today, it serves personal customers as well as SMEs, companies and private banking clients.

BCI offers a Current Account, which can be opened online and comes with a debit card, credit card and overdraft facility.²

For businesses, there are current account plans, credit cards, financing solutions, insurance, payment services and investment products available.

Banco Santander Chile

Expats from the UK will be familiar with Santander, as the Spanish-owned bank has a presence on British high streets. In Chile, Banco Santander is one of the biggest banks in the country. It offers retail and business banking, and has a wide network of branches and ATMs.

Banco Santander Chile offers checking account plans, credit cards, mortgages, insurance and savings for personal customers.

A popular option is its Checking Account (Cuenta Corriente), which has a small monthly fee - waived for young people and retirees. It offers a debit card, free withdrawals at Santander ATMs and no minimum income open the account.³

The bank also has business accounts, cards, financing, insurance, investments and foreign trade products for both SMEs and larger companies.

BancoEstado

Chile’s only state-owned commercial bank, BancoEstado has roots going all the way back to 1855. It has millions of customers and hundreds of branches nationwide, and serves personal and business customers.

One of the bank’s most popular everyday accounts is its Digital Checking Account. It can be opened and managed online or via mobile app, and has no service fees if you can meet a few conditions.⁴ You can also request a debit card to go with the account.

BancoEstado has tailored business banking solutions available for microbusinesses, small and larger companies. This includes checking and foreign currency accounts, lines of credit, credit cards and small business insurance.

Banco de Chile

One of the largest private commercial banks in Chile, Banco de Chile is a full service bank. It serves personal, private and business customers.

One of the easiest everyday accounts to open at Banco de Chile is its Digital Checking Account. It has a monthly maintenance fee, but in return you’ll get a virtual/physical debit card, mobile app banking and access to other products and services.⁵

For businesses, the bank has tailored solutions designed for SMEs and larger companies. This includes current accounts, credit cards, financing, insurance and more.

Scotiabank Chile

Part of Scotiabank, a global financial institution based in Canada, Scotiabank Chile has been operating since the 1990s. Since acquiring BBVA Chile and other companies, it has become one of the largest banks in the country.

Scotiabank Chile offers retail and business banking, plus wealth management and investment solutions. Its main current account is the ScotiaZero account, a fully digital account with no maintenance fees. It comes in two currencies and comes with a digital debit card. ⁶

For commercial customers, the bank has SME accounts, cards and financing, along with solutions for larger companies.

Itaú Chile

Formerly known as Itaú CorpBanca, Itaú Chile operates across Chile, Colombia, Lima and other countries. It offers personal and business banking, and specialises in innovative digital solutions.

If you’re looking for a good value everyday account, it could be worth taking a look at the Itaú Current Account. As long as you meet the minimum income requirement, the account has no monthly fees and comes with a debit card, credit card and a line of credit.⁷

Itaú Chile also has checking account plans, online payroll, cards, financing and other services for businesses of all sizes.

Consorcio Financiero

Financial services group Consorcio Financiero focuses on offering commercial banking and insurance in Chile. However, it does also have products for personal customers, such as its Simple Checking Account.

This digital current account has no maintenance fees if you can meet pay-in or transaction requirements. It comes with a debit card, cashback and online banking.⁸

Consorcio also offers business banking and insurance, plus investments and stock broker solutions.

Banco BICE

Owned by Chilean-based financial holding company Bicecorp, Banco BICE was founded in 1979 with the aim of developing Chile and its financial industry. Today, it offers a full suite of products for retail and business customers.

Along with credit cards, mortgages and insurance, personal customers can choose from a selection of accounts at Banco BICE. This includes a Current Account, which comes with a debit card, mobile banking app and overdraft. The bank is also known for having welcome offers for new customers.⁹

In addition, Banco BICE provides financing, payments and collections, investments, cards, insurance and accounts to business customers.

Banco Security

Part of the financial services group Grupo Security, Banco Security provides both personal and business banking in Chile.

Its main Checking Account offers a debit card, credit card, line of credit and access to additional products if you need them. You’ll need to meet a few requirements on work and salary to be eligible for the account.¹⁰

For businesses, Banco Security has accounts, cash management solutions, financing, investments, foreign trade and corporate credit cards.

Banco Falabella

Banco Falabella is a Chilean bank with operations in Chile, Peru and Colombia. You’ll find branches across most of the major cities in the country, along with Falabella department stores owned by the same parent company.

The bank primarily serves personal customers, with products such as its Checking Account. This can be opened online, and comes with a debit card and line of credit. There’s no monthly maintenance fee if you meet certain requirements.¹¹

You can also choose from cards, insurance, investments and a range of other financial services at Banco Falabella.

Best online bank accounts and money management alternatives in Chile

Looking for a different way to manage your money? There are also a small number of non-bank alternatives available in Chile, including:

• Revolut - known for its all-in-one finance app, only the Revolut Lite money transfer service is currently available in Chile.

• Mach - a prepaid digital account and mobile wallet by a Banco Bci-owned digital bank.

• Itu - a new neobank owned by Itaú Unibanco offering a virtual account and debit card.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you could find it expensive with a Chilean bank.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and fair exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150+ countries, including Chile. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

Sign up with Wise today 💰

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And that’s it - our helpful list of the top banks in Chile, from Banco Santander to Banco Falabella. This should act as a solid starting point as you start researching banks and comparing accounts. Good luck!

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Sources used for this article:

1. Expat Focus - How to open a bank account in Chile

2. BCI - Current Account

3. Banco Santander Chile - Current Account

4. BancoEstado - Digital Checking Account

5. Banco de Chile - Digital Checking Account

6. Scotiabank - ScotiaZero account

7. Itaú Chile - Current Account

8. Consorcio - Simple Checking Account

9. Banco BICE - Current Account

10. Banco Security - Current Account

11. Banco Falabella - Current Account

Sources last checked on 27-Mar-2024.