Chile Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in chile, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Methods of Payment

In Chile, most of the payments sent to foreign suppliers are submitted using irrevocable letters of credit from Chilean commercial banks. This is done across industries, with no lengthy delays in the remittance of foreign currency. Most banks in Chile have foreign trade divisions that specialize in international payments and collections. Payments are made upon receipt of notice of shipment of goods. Other methods of payment to suppliers include cash against documents and open account. The credit insurance industry is developed in the country and major private agencies such as Mapfre, Continental, HDI, Solunion, Coface and CESCE have local offices in Santiago. The U.S. Export-Import Bank (EXIM) also offers credit insurance products to U.S. exporters.

U.S. companies are occasionally asked to pay in Unidad de Fomento (UF). The Unidad de Fomento (UF) or the Development Unit is a unit of account that expresses the value of the Chilean peso (CLP) and is readjusted according to changes in inflation. The value of the UF increases as inflation increases. Therefore, the main purpose of the UF is to mitigate the impact of inflation on long-term contracts by preserving the real value of the UF. Although the UF varies daily, the official value of the UF is published on the 10th of each month and covers the period until the 9th of the next month. It was initially developed for the real estate market but has been extended for use in all types of bank loans. This has caused some issues for U.S. companies. A U.S. company signing a long-term contract in UF faces risks associated with changes in UF-to-CLP inflation and CLP-to-USD exchange rate. Using the UF also increases the accounting and financial reporting complexity in regulatory filings back in the United States.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems

Chile’s banking system offers many of the asset and liability products available in international markets. According to leading international financial institutions, foreign trade financing and money exchange operations appear to be particularly well developed and efficient compared to the rest of Latin America.

Chile’s Commission for the Financial Market (CMF), an agency under the Ministry of Finance, regulates the financial sector, as well as oversees and coordinates the actions of other financial-related agencies. The Chilean Pensions Superintendency is the technical authority responsible for the supervision and control of the institutions involved in the Chilean Pension System. Chile’s Bureau of Consumer Protection (SERNAC) protects consumers in Chile in a variety of industries, including financial services. For all credit requests in the country, SERNAC mandates that quotations must include the Carga Anual Equivalente (CAE) index (Annual Equivalent Cost) to facilitate credit comparison to end users.

Chile’s Central Bank is an autonomous entity, led by congress-approved counsellors that operate separate from the government in conducting monetary policy and regulating foreign capital movements. Its mission is to maintain the stability of the currency, and to keep inflation low and stable over time. The bank also regulates the amount of currency and credit in circulation.

Chile has recently updated its regulations regarding digital banking. Chile’s Fintech Law of 2023 established an Open Finance System (OFS), which mandates that financial institutions exchange financial client information for greater consistency between financial services and easier customer migration. In 2024, Chile introduced its first “neobank,” which employs a fully digital and technology-based banking model to promote greater accessibility in the financial system.

Some Chilean banks with direct presence in the United States, including Banco de Crédito e Inversiones (BCI), which controls City National Bank of Florida, Banco Estado, Banco de Chile, and Banco Itaú also have representative offices in New York.

U.S. banks operating in Chile, including Wells Fargo and Bank of America, concentrate on corporate lending for multinationals and capital market activities, although Banco de Chile (a Citibank joint venture) and Santander are active in retail banking. There are a few business development offices of U.S. commercial banks in Chile offering U.S. Export-Import Bank insurance programs.

Western Union is also present in Chile. They offer wire transfers and payment through their website or app.

Foreign Exchange Controls

Chile has no restrictions on incoming and outgoing foreign capital. Reserve requirements for external capital, and the prior authorization requirement to enter funds associated with external loans, investment, working capital, bonds and American depositary receipts (ADRs) have been eliminated, as have limitations on capital and profit repatriation. Foreign trade finance operations (both import and export) are allowed to perform foreign exchange transactions in the open market. Foreign exchange operations are relatively active and efficient in Chile. As a rule, currency may be freely traded in two markets: the informal and the interbank market. Prior to receiving authorization, Chile’s Central Bank requires confirmation that the trade finance transactions, foreign loans, capital flows, and profit repatriation will be executed through a commercial bank in the formal market. Foreigners entering Chile, must declare at Customs if they are bringing more than $10,000.

U.S. Banks and Local Correspondent Banks

  • Bank of America
  • JP Morgan Chase
  • PNC Bank
  • Wells Fargo

For additional information, visit the U.S. Department of State Investment Climate Statements

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

Limitations

As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

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The Chatbot does not collect information about users and does not use the contents of users’ chat history to learn new information. All feedback is anonymous. Please do not enter personally identifiable information (PII), sensitive, or proprietary information into the Chatbot. Your conversations will not be connected to other interactions or accounts with ITA. Conversations with the Chatbot may be reviewed to help ITA improve the tool and address harmful, illegal, or otherwise inappropriate questions.

Translation

The Chatbot supports a wide range of languages. Because the Chatbot is trained in English and responses are translated, you should verify the translation. For example, the Chatbot may have difficulty with acronyms, abbreviations, and nuances in a language other than English.

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