Chile is one of South America’s most stable economies, attracting thousands of migrant workers. For many of these migrant workers, managing money can be a challenge. Chile’s banking regulations, high conversion fees, and fluctuating exchange rates often make it difficult to access your earnings seamlessly.
So, what’s the solution? Opening a US or UK bank account.
With a US or UK bank account, you can receive payments in foreign currencies, avoid unfair exchange rates, and withdraw your money when it’s most convenient. Here, we’ll show you how to open a US or UK bank account in Chile using Grey.
Why should you open a US or UK bank account as a migrant worker in Chile?
Whether you're a freelancer, remote worker, or an employee of an international company, having a foreign bank account can make a huge difference. Here’s why:
Seamless international payments: Get paid directly in USD or GBP without high transaction fees.
Better exchange rates: Convert your earnings to Chilean peso (CLP) when favourable.
Easy online transactions: Make seamless international transactions for online shopping, subscriptions, and global services.
Financial stability: Holding funds in stronger currencies like USD or GBP can protect you from local currency fluctuations.
With Grey, you can enjoy all these benefits directly from your phone.
Choose your country: Select your current country of residence. This helps Grey tailor the setup to your location.
Enter your details: You’ll be prompted to provide your full name, email address, and phone number, then create a secure password.
Verify your email: Grey will send a one-time password (OTP) to your email address. Simply enter the code on the site to complete this step.
Once your account is set up, you’ll need to verify your identity for secure banking access.
2. Verify your identity for secure banking
Grey requires some basic documents to confirm your identity and keep your funds secure:
A valid government-issued ID: A passport or national ID card will do.
Proof of address – A recent utility bill or bank statement confirming your residence in Chile.
Upload these documents and your verification will typically be processed within a few business days. Make sure your documents are clear and up to date to avoid delays.
3. Access your US and UK bank accounts
Once your identity is verified, you’re all set to create your foreign accounts:
Log in to your Grey account.
Go to “Accounts” and select “Create Account.”
Choose your preferred currency (USD for a US bank account or GBP for a UK account).
Get your virtual bank details instantly.
Your US and UK bank accounts are now ready for use.
Benefits of using Grey as a migrant worker in Chile
No hidden fees: Transparent pricing ensures you keep more of your money.
Competitive exchange rates: Maximise your earnings when converting currencies.
Fast transactions: Receive and transfer money instantly, without delays.
Global accessibility: Use the Grey app to manage your finances from anywhere, anytime.
Tips for managing finances as a migrant worker
Budget wisely: Allocate your income across savings, daily expenses, and remittances to your family.
Use secure banking options – Enable two-factor authentication (2FA) for extra security.
Plan your withdrawals – Hold USD or GBP and exchange only when needed to avoid bad conversion rates.
Simplify banking across borders with Grey
Managing your international earnings in Chile shouldn’t be stressful. With Grey, you can open a US or UK bank account, receive payments seamlessly, and withdraw in Chilean pesos whenever it suits you.
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