Having a US bank account and transacting in USD in Chile protects you from local currency fluctuations while making international transactions more accessible and avoiding excess transaction and conversion charges. In the past, opening and managing a US bank account outside the US as a non-US citizen was challenging. However, with payment solutions like Grey, the experience is now hassle-free.

You can open US bank accounts in Chile, and this article will briefly show you how.

Read also: How non-US citizens can open a US bank account online.

Why open a US bank account remotely in Chile?

Using a US bank account in Chile comes with many benefits. These include:

• Protection from local currency fluctuation: Transacting in USD in Chile means you are less worried by possible losses with changes in the Chilean Peso (CLP) value as USD is a very stable currency.
• Quick international transfer: International transactions are swifter and more straightforward using a US bank account than using traditional banks in Chile.
• Better integration: It is easier to link your USD account to other platforms, like Stripe and PayPal, for seamless online purchases and subscriptions.

How to open a US bank account in Chile

Opening and managing a US bank account remotely in Chile is now easier than ever with a robust banking and payment solution like Grey. Here is all you have to do to get started on Grey, a process designed to be straightforward and user-friendly.

Step 1: Open a Grey account

To begin, you can sign up for the Grey platform via the official website or mobile app. Here's a step-by-step guide to get you started:

Visit Grey’s platform: Install and open the app on your mobile device or visit the official website. Tap on the “Get Started – it’s free” button.

Then, choose Chile as your country of residence and move on to the next step.

Fill in your details:

• Type in your official name as it appears on your government-issued ID.
• Enter your email address, mobile phone number, and any referral code if someone referred you to the platform.

Select a strong password: Choose a strong password and keep it safe. The password must contain uppercase and lowercase letters, digits, and special characters. It must be eight or more characters long.

Confirm your email: Input the OTP sent to your email. Check your spam folder or resend the code if you don't receive it.

After registration, select how you intend to use your Grey account, including receiving payments or managing USD transactions.

Step 2: Verify your identity

As part of the standard operating procedures, you'll need to complete the Know Your Customer (KYC) verification to activate your account.

First, you will need to upload a clear picture of a valid government-issued ID, such as your international passport, and submit proof of address, such as a utility bill or bank statement.

Next, take and upload a picture of yourself. Ensure the lighting is appropriate, remove glasses and caps and avoid motion blur.

Finally, complete the KYC form. Add details like your date of birth and occupation.

The verification process should be completed in a few hours. However, it could be delayed for a few business days, especially if there are issues with the clarity and validity of your uploads. Once the verification is completed, your account is approved, and you’ll receive your US bank account details. You can start sending and receiving USD with your new account immediately.

Who needs a US bank account in Chile?

Freelancers

Freelancers working with international clients find it easier to receive payments in USD from their international clients without worrying about high conversion fees. Linking  US bank accounts with platforms like Stripe, PayPal, and others, is also easier.

Digital nomads

Chile is a budding destination for digital nomads in South America. Having a US bank account in Chile improves your experience as a digital nomad because it makes it easier to pay for your subscriptions (e.g., digital work tools and coworking spaces). It also helps to streamline international payments and avoid traditional banking restrictions and charges.

Travellers

Frequent travellers and tourists in Chile need US bank accounts because it makes it easier to pay for their travel expenses, including visa fees, flight tickets, hotel bookings, and shopping.

Conclusion

You can now open a US bank account in Chile in a few minutes and clicks with a reliable finance partner like Grey. This makes it considerably easier to transact in international business and avoids the bottlenecks around international transactions at local banks.

With Grey, the process of opening a US bank account in Chile is simple and straightforward. Sign up today and start enjoying the benefits of easy international transfers.

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