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Money & Payments in Santiago

Good to know

Good to Know

  • Currency exchange offices (casas de cambio) operate throughout central Santiago, with concentrations near Plaza de Armas and in Providencia. Rates vary between operators; compare several before exchanging significant amounts. Avoid airport exchange counters offering notably poor rates.
  • Exchanging small amounts (USD 100-200) before arrival provides convenience for immediate expenses like airport transport and first meals. However, bulk currency exchange in your home country typically yields poor rates compared to Chilean ATMs and exchange offices. The optimal strategy: bring modest USD cash for emergencies, withdraw pesos from ATMs upon arrival, and carry a credit card for larger purchases.
  • US Dollars are rarely accepted.
  • While cash is still used in Santiago, many stores, restaurants and hotels would prefer card payments. Plus, taking a card to spend with instead of carrying lots of cash is more convenient and secure.
  • The Chilean Peso (CLP) is the local currency, and cash is still preferred in many places like markets, small eateries, and rural guesthouses. Larger cities like Santiago and Valparaíso offer more reliable card acceptance, but ATM fees and exchange rates vary wildly.

ATM Fees

Overview
ATMs in Chile ALL (bar one) charge a fee for being used by international cards.
Dcc Warning
If you 'Decline' – ATM will convert at exchange rate of the bank/card logo (Visa, Master, etc.). So, to avoid extra fees while withdrawing cash in Chile, select 'Decline/Without' Conversion or 'Charge in CLP'.
ATM Availability
In most cases, yes, they are open around the clock, every day of the year 24×7.
Withdrawal Limits
Typically, the maximum withdrawal at a Chilean ATM will be around 200,000 Chilean Pesos.

Typical Fees

  • Banco de Chile, Santander, Banco BCI
    Fee Range Local
    CLP 8,000
    Note
    Higher fees for foreign cards
  • Banco Estado
    Fee Range Local
    CLP 5,500
    Note
    Better rate option
  • Scotiabank
    Fee Range Local
    CLP 0
    Note
    Scotiabank and Banco del Estado are notable exceptions to ATM fees

Requirements

Residency
Most banks require residence visa; some accept temporary residents

Base Documents

  • Valid passport (at least 1 year remaining)
  • RUT (Rol Único Tributario) - Chilean tax ID
  • Proof of local address
  • Proof of income or deposits

Banks Accessible To Foreigners

  • BancoEstado
    Account Type
    CuentaRUT (basic checking without credit line)
    Accessibility
    Most accessible; only bank consistently serving temporary residents. Can open CuentaRUT online once you have Chilean ID. Public bank, no income discrimination.
  • ScotiaBank
    Requirements
    Proof of monthly income of at least CLP$301,000
    Accessibility
    Offers Cuenta Corriente para Extranjeros for temporary visa holders
    Note
    Technically a 'cuenta vista' despite name; no credits or checks
  • Banco BCI
    Accessibility
    BCI NACE program for new entrepreneurs; one of most entrepreneur-friendly
    Note
    Still difficult; requires credible business project
  • Banco Falabella
    Accessibility
    Allows online account opening for non-residents
    Note
    Good digital banking option for digital nomads
  • Banco ITAU & Banco Santander
    Accessibility
    Focused on affluent clients; possible with proof of substantial income or assets
    Note
    Generally not recommended for most expats without high income
  • Banco BICE
    Accessibility
    Current account available but prefers large projects
    Note
    Offers USD and EUR accounts; better for substantial deposits

Currency Info

Local Currency
Chilean Peso (CLP)

Tipping Norms

Note On Obligation
Remember: tipping is not obligatory in Chile.

Taxis

Description
Most taxi drivers in large Chilean cities use a fixed meter to calculate fares. However, almost all locals don't tip taxi drivers. If your driver has been kind and helpful, let them keep the change or round up to the nearest 500-1,000 pesos.

Hotels

Percentage
10-20%
Details
If you're staying in a hotel in Chile it's standard practise to tip between 10-20%. In top end hotels with high service levels you'll likely want to tip a range of staff, such as maids
Porter Example
CLP 1,000
Housekeeping Example
CLP 1,000

Restaurants

Percentage
10-15%
Details
Plan to tip around 10-15% in Chilean restaurants. However, the exact tip amount when eating out in Chile depends on the place, occasion, and order size.
Service Charge Note
A decade ago, Chile passed a law that allowed restaurants, bars, coffee shops and the like to add a 10% tip/service charge to bills. Sometimes, this included tip may be as high as 15%. You can ask for this to be removed.

Bars And Cafes

Description
In bars and cafes in Chile you can round the bill to the next significant amount, or leave a small tip each time you order a drink.

Card Acceptance

General
Credit and debit cards are widely accepted in cities and at established hotels and restaurants.
In Santiago
Credit card acceptance spreads widely through Santiago's formal economy—hotels, established restaurants, major shops, and chain stores accept Visa and Mastercard universally.
Card Types Accepted
ATMs commonly accept Visa and Mastercards. Some of them also accept Plus and Cirrus cards.
In Smaller Establishments
Small cafes, street vendors, or local markets usually prefer cash.

ATM Fees

Non-network ATM withdrawals typically cost approximately $5 USD; negotiate with home bank for fee reduction if possible

Credit Cards

Foreign cards (Visa/Mastercard) work widely at stores, restaurants, and online. Chilean credit cards issued primarily to clients with proven local income.

Operating Hours

Banks typically open 9 AM–2 PM, Monday–Friday. Few branches extend later or open weekends.

International Transfers

Banks are conservative with international transfers due to anti-money-laundering regulations. Expect delays and documentation requests.

Account Opening Timeline

Early sequence for expats: foreign cards on arrival → CuentaRUT (once Chilean ID arrives) → cuenta corriente (with proof of stable local income). Full process typically takes weeks to months.

Account Opening Difficulty

Opening a bank account in Chile as a foreigner is challenging. Most banks are conservative and require proof of high local income or 2+ years residency. A RUT (Chilean tax ID) is mandatory to start.

AI-generated estimateData refreshed July 2026

Sources cited for this category

These are the sources cited in this money & payments research for this city. Individual figures may not each trace to one of them.

  1. 1.asocialnomad.com
  2. 2.atmfeesaver.com
  3. 3.crowncurrency.com.au
  4. 4.wise.com
  5. 5.revolut.com
  6. 6.explore.atmfeesaver.com
  7. 7.southamerica.travel
  8. 8.machupicchu.org
  9. 9.wise.com
  10. 10.wise.com
  11. 11.andeantrails.co.uk
  12. 12.luxeaway.co
  13. 13.ripioturismo.com
  14. 14.roambliss.com
  15. 15.lonelyplanet.com
  16. 16.addictedtotheworld.com
  17. 17.luxurycheckin.com
  18. 18.exiap.com
  19. 19.exiap.com
  20. 20.flyertalk.com
  21. 21.westernunion.com
  22. 22.explore.atmfeesaver.com
  23. 23.tradingeconomics.com
  24. 24.wise.com
  25. 25.currency.wiki
  26. 26.expat.cl
  27. 27.expat.cl
  28. 28.en.wikipedia.org
  29. 29.expatarrivals.com
  30. 30.expat.cl
  31. 31.expat.cl
  32. 32.expat.cl
  33. 33.expatfocus.com
  34. 34.expat.cl
  35. 35.pmc.ncbi.nlm.nih.gov
  36. 36.open-contracting.org
  37. 37.exchange-rates.org

More About Santiago

Data last updated July 2026 · Verify anything important.