Top List of Banks in Chile
Chile has a long history of free banking. The country adopted the free market system in 1971 and has been operating for decades. Today, Chile is one of the most stable economies in South America. It can be challenging to know which one is best for you with various banks to choose from. However, not all banks are created equally. Some banks offer more services than others, and some offer better rates. Here are some of the best banks in Chile:
Banco Santander-Chile is a commercial bank in Chile and a subsidiary of the Spanish Santander Group. It is one of the largest banks in Chile, with 58 billion USD in total assets and 11,001 employees as of 2018.
Banco Santander-Chile offers consumer banking products and services, business and corporate banking products and services, investment banking, insurance, asset management, and treasury products.
Banco de Chile
Banco de Chile is the largest commercial bank in Chile, with total assets of 55 billion USD by 2018. It is a subsidiary of Quinenco S.A., a Chilean Conglomerate that controls several leading companies in Chile, including Compania Cervecerias Unidas (CCU) (Breweries), LAN Airlines, SMU (Supermarkets), Soquimich (Mining), and CCP SA (Pulp and Paper).
Banco de Chile has over 14,581 employees and its customers a comprehensive range of products and services, including retail banking, corporate banking, investment banking, international trade finance, foreign exchange trading, treasury services, wealth management, and Private Banking activities.
Banco Bilbao Vizcaya Argentaria Chile
Banco Bilbao Vizcaya Argentaria Chile is a bank in Chile. The bank was founded in 1857 and is the second-largest bank in Chile. Banco Bilbao Vizcaya Argentaria Chile provides retail banking, corporate banking, investment banking, asset management, and private banking services.
Banco Bilbao Vizcaya Argentaria Chile had a total assets of $799.17B in 2017. BBVA Chile is the Chilean subsidiary of the Spanish banking group BBVA. It was created in 2011 by the merger of two separate banks: Banco Bilbao Vizcaya and Banco de Chile. In March 2017, the company had 5,444 employees (including its subsidiaries).
Banco de Crédito e Inversiones (BCI) is a Chilean bank and financial services company headquartered in Santiago, Chile. It has subsidiaries in Colombia, Peru, and Switzerland.
As of 2018, BCI has total assets of 54 billion USD, approximately 2 million customers, 2,943 employees. It offers retail banking products and services to individuals and companies and corporate banking products and services to large corporate clients, including asset management/pension fund management (through AFP Provida), insurance brokerage, investment banking advisory services, and foreign trade finance.
Scotiabank Chile is a subsidiary of the Canadian multinational Scotiabank. Scotiabank Chile operates in the retail, commercial and corporate banking sectors. The bank has total assets worth $47.65 billion as of 2020.
According to its official website, Scotiabank Chile employs7,000 total employees across the country. Its clients include individuals, small- and medium-sized companies, large corporations, and public institutions.
In addition to traditional banking services, Scotiabank Chile also offers insurance, brokerage, and asset management products through Scotiabank Valores and Scotiabank Asset Management.
Banco Internacional is the third largest bank in Chile, after Banco de Chile and Banco Santander Chile. As of 2018, it had $30 billion in assets. It has around 600 total employees.
The bank offers a wide range of products and services, including retail banking, insurance, leasing, credit cards, mortgage loans, investment banking, corporate banking, and pension fund management.
Banco Security is a Chilean bank that provides commercial and investment banking services. The bank has total assets of $13.5 billion as of 2018, with 1,125 employees.
As a diversified financial institution serving corporate clients, Banco Security's primary business lines include Corporate Banking, Investment Banking, and Wealth Management. In addition, the bank has two subsidiaries; Seguros Security (insurance) and Banca de Inversión Security (investment management).
BICE Vida Compania de Seguros Generales S.A.
The BICE Vida Compania de Seguros Generales S.A. is a Chilean insurance company that provides various types of life insurance, health and accident, pensions and loans, and other related financial services.
The Company's products include individual and group life insurance, credit insurance, health and accident insurance, pension fund management, mutual funds, and loans.
Total assets: US $1,168 million
Employees: 819 people
Itau Corpbanca is a Chilean bank. It is the fourth largest private bank in Chile and owns subsidiaries in Colombia, Panama, and Uruguay. Itau Corpbanca is a Chilean bank created due to the merger between Itau Chile and Corpbanca.
As of December 31, 2018, Itau Corpbanca had total assets of 48 billion USD, with employees of 9,574. Itau Corpbanca provides retail banking and financial products through four central business units: personal banking, small business (Biz), corporate banking, and private banking.
Coopeuch Banco Cooperativo Ltda. (Coopeuch)
Coopeuch Banco Cooperativo Ltda. (Coopeuch), a majority-owned subsidiary of Corporación Coopeuch is a cooperative bank established in Chile in 1966. The Bank offers a wide range of banking services and products to individual consumers, small businesses, and commercial clients through its branch network, ATMs, telephone banking, and Internet banking channels using the BancoEstado brand.
As of December 31, 2018, the bank had total assets of US$ 9.8 billion and 1820 employees.
Banco Consorcio S.A. (Consorcio)
Banco Consorcio S.A. (Consorcio) is a commercial bank in Chile, the largest subsidiary of Spain's Banco Santander. Consorcio has total assets of US$8 billion and employs 11,012 people.
The Bank's offer includes current accounts, credit cards, loans, mortgages, investment funds, leasing, pensions plans, insurance policies, and others. In addition, Banco Consorcio S.A. has its own Credit Bureau, which provides credit information to the Chilean financial system.
Q. How can a US citizen open a bank account in Chile?
A. Opening a bank account in Chile is very easy for US citizens. The most important thing you need to do is to obtain a RUT (Run Unico Tributario), which is the primary Chilean taxpayer identification number, from the Servicio de Impuestos Internos (Servicio de Impuestos Internos) by visiting their website at www.sii.cl or one of their many offices around the country.
Once you have your RUT, you must visit the selected bank that you wish to deal with, complete an application form, and provide proof of your home address (usually a utility bill) and your passport.
The banks in Chile are generally highly efficient, with many ATMs operating 24 hours per day and 7 days per week.