|One Mil and Ten Mil notes|
Hi, I'm considering doing something similar. I have no friends or relatives down there, and I'd like to know how you deal with transferring hundreds of thou, especially after that banking act. Can you open account in Chile, or do you still keep your money in the US until you purchase something, then have one of your family from US wire money to the buyer? What about spreading risk over many accounts, currencies, etc? Thank you.
These are good questions that you need to ask and maybe I can help your with my answer. Also I should point out that some of these questions may be answered on our blog: www.OurChileanAdventure.blogspot.com.
FIRST: you have a friend here now in Chile, Me! If you are interested in Panama, Uruguay, Ecuador, or Argentina, then I may be able to help you there as well (a little). Please feel free to ask as my family and I have been to Uruguay and have friends in the other places. Also for Chile please ask away as this is why our YouTube Channel is here. If you go to the "about" above you will see more of my contact data. My U.S.A. phone 864-921-0009. for you it is not an international call and if I am here I will answer.
SECOND: The money thing is a real, REAL pain in the neck! Yes you CAN open an account here in Chile ONCE YOU HAVE TEMPORARY RESIDENCY. It gets even easier once you are a permanent resident.
This bank thing really tees me off about the former USA, not Chile as the current guy in the white house made this problem.
All foreign banks are required by the U.S. government (did you get that?) to report account holder data for those expat U.S. Citizens who have accounts at their bank that are in excess of $50,000. If you try to bring more than $10K with you on a flight the TSA will steal it from you. If you come with kids they can each bring $10K too as you can split it up over the family. For large deposits here in Chile, it will be easier, and you are more likely to get a bank account as you have more money for them to play with. I have been advised to use:
For day to day transactions, my visa debit card works just fine. You have to tell your bank prior to leaving, that you are in a foreign country or they will turn off your card. You can go to most ATMs and do cash withdraws but they are going to charge you (both the U.S. and Chilean banks) for an international transaction fee as much in total of $8.00/transaction. So when you go to the ATM get as much as you can out at one time which typically $400.00 U.S. (+/-$200,000 CLP). What I do is put my money in two different accounts and there fore I can get $800.00 per a day.
I do still keep my money in the USA because the way my finances are set up I have no other choice. BTW if you have a retirement fund they will NOT deposit it in a foreign account. After all how are you going to pay taxes to the communists in the USA if they can not get their hand on your money from the get go?
On the risk front: You money is risky everywhere now in the USA and elsewhere. Cash is no longer king! For me the answer is to put as much money as I can in secure assets like land, gold, etc.
Now if you are still living in the USA then you are paying all sorts of taxes into the system, a broken and malicious system. For me I pay into the system here now which is no where near as corrupt or immoral. So for me it is just a simple conscientious choice to do the right thing for my family.
Also you should look at other countries as well as Chile. Each person has different needs and desires. Chile is my perfect fit.
Finally: For me I am not wealthy. I lost everything in 2007/2008. So I am really pushing for the purchase of land so that I can support my family and feed them with my little farm. I am not being alarmist, I just want to plan to be self sufficient. Also it is important for me to say that I grew up on a farm and I really enjoy farm life and I want this life for my kids as well.
Listen to me now! There are so many things that are just evil going on in the former USA, and for those who are living abroad it is becoming more and more difficult, but not because of the new country you choose but because of the hold the former USA and IRS have on you.
I predict that you will see it become more and more difficult to leave the former USA over the next few years. To a large degree this is already the case.
I hope this helps.