Cuenta Rut: To Guard Your Money

When you plan to migrate to a foreign country, you will have a tough time getting used to the new climate, culture, food habit and the list goes on. Once you adapt to these and think to start your regular life one would first go to a bank to open a savings account. That is when one realizes that the toughest part of migration is not adapting to the changing surrounding but to open a bank account. Banking is way harder in many of the countries than you know. If you are going abroad I would recommend Chile. In Chile even the native people have a tough time opening a bank account. Maybe opening a bank account in Chile is difficult but you have better option than hiding your pesos in your car trunk or your freezer. What should one do if he is being paid in Chilean pesos? One can’t keep a large amount of money at home and one cannot certainly carry piles of money in his pocket. Don’t you worry, there is always a way. You can always open a cuenta rut. A cuenta rut does not have all the functions of a regular checking account, but still you got to be grateful that you got this.

HOW TO OPEN A CUENTA RUT:

Cuenta rut is a debit account where one can receive deposits and make installments whenever he wants to. A cuenta rut is bank account that both the natives and foreigners are allowed to open. Opening a cuenta rut is not a very complicated process. Once you receive your Rut ID, go to a bank and stand in the queue behind the sign reading Cuenta Rut. You will have to fill some paperwork with the bank representatives and then you would have to wait and meet a customer service agent. You will be given a debit card and a piece of paper having your activation code on it. One has to go to an ATM and use that activation code and then you will have to input your personal four digit pin. Now opening a Cuenta Rut is as simple as that.

BENEFITS OF A CUENTA RUT:

  • There is no need to pay commission for opening a Cuenta Rut or for its administration.
  • There is no need to pay for stamp and stamp taxes to send a money order or make a transfer.
  • The payment of taxes can be done online.
  • Apart from the small fees for ATM withdrawals, the account is free. There is no need to maintain a minimum balance and there is no fine for just holding an account.
  • Online banking can be accessed, so one need not waste time waiting in queue.

LIMITATIONS OF A CUENTA RUT:

  • The maximum balance this account can hold is three thousand Chilean pesos.
  • One cannot transfer money to another country and cannot receive money from another country.
  • Cuenta Rut does not offer any checking privileges and any interest.

Are you someone hiding your money under your pillow just because you don’t have a bank account? Here is your perfect solution, hurry and open your Cuenta Rut today.

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