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Top 1 Money Transfer Providers for UK to Chile

Provider Amount Received Fee Exchange Rate Speed
Rates From The Average UK High Street Bank Rates From The Average UK High Street Bank 9,879,133.42 £9.50 987.9133 1-5 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
CHILE
Chile does not employ currency controls and allows capital to move freely in and out of the country making it easy to transfer money in or out of Chile Read More
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Chile Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Chile's money transfer regulations
  • Chile's monetary authority
  • Trade and investment issues
  • Currency
  • Summary

    Chile does not employ currency controls and allows capital to move freely in and out of the country making it easy to transfer money in or out of Chile. The value of the Chilean peso (CLP) floats freely, and the country’s market-oriented policies are favourable to foreign trade and investment. There are no restrictions on the amount of hard currency that may be carried in or out of Chile.

    Chile's money transfer regulations

    There are no constraints on incoming or outgoing foreign exchange transactions under a value of US$10,000 or its equivalent in foreign currency; above this threshold, non-resident individuals and companies are subject to reporting requirements, but few restrictions apply.

    Chile’s openness to foreign investment and trade are a key source of economic growth; in 2013, trade accounted for approximately one-third of GDP, and Chile was the third largest destination for foreign direct investment in Latin America after Brazil and Mexico.

    The vast majority of foreign exchange volume that takes place on Chilean platforms consists of CLP-USD conversions, which amounted to roughly US$10.5bn per day in April 2013. Euros are the next most frequently exchanged currency, though CLP-EUR exchanges represent one-tenth of the volume of CLP-USD exchanges (US$1.1bn per day in April 2013).

    Chile's monetary authority

    The Central Bank of Chile (CBC) sets national monetary policy, monitors foreign reserves and works to maintain price stability. In the past, the CBC maintained the peso within an exchange rate band - where the currency’s value is only allowed to fluctuate between two set values. However, the central bank relaxed its policy in September 1999, moving the peso to a free-floating regime in order to better respond to market supply and demand.

    Today, the central bank uses inflation targets to anchor its policies. Inflation jumped to 8.7% in 2008, causing the peso to depreciate slightly (5%) against the dollar in the last quarter of 2008. However, inflation returned to a sustainable level in 2009 and ranged between 1.5% and 3.3% between 2009-2014, near the Central Bank’s target of 3% annual inflation.

    An independent public agency, the Banking and Financial Institutions Supervisory Agency, exists to supervise banks and other financial institutions, ensure efficiency and security in the financial system, and to offer consumer protection.

    Trade and investment issues

    Chile has signed some 22 Free Trade Agreements covering a total of 60 countries, which allow for the free movement of goods and capital with the major world economies. In the past, the country applied a one-year "lock-in" period for foreign investments, but abandoned the measure in 2000.

    Today, foreign investors are largely subject to the same conditions as domestic investors. Incoming foreign direct investment (FDI) between a value of US$10,000 and US$2.5m is governed by the Central Bank’s Compendium of Foreign Exchange Regulations (Chapter XIV). Above this level, investment is regulated by the Foreign Investment Statute Decree Law 600 (DL600). Chile’s Foreign Investment Committee (FIC) is responsible for administering DL600 and engaging with foreign partners.

    Currency

    The national monetary unit, the Chilean peso (CLP), uses the currency symbol $, similar to the national currencies of Colombia and Argentina. The Central Bank of Chile issues banknotes in values of $1,000, $2,000, $5,000, $10,000 and $20,000. Coins are issued in values of $1, $5, $10, $50, $100 and $500. One peso is made up of 100 cents, but inflation rendered these values obsolete by the 1950s.

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    Top 4 Money Transfer Providers

    Exchange Rates as of 6 December 2019, 22:59

    WorldFirst

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    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Moneycorp

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    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

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    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    OFX (US)

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    Est. 1998

    OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

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    OFX provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates.

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.