Cost of Living in Chile

Chile’s banking sector is highly formalized and completely unwelcoming to tourists.

• The RUT (Rol Único Tributario): This is your national ID and tax number. Without a RUT, you cannot open a bank account, buy a car, sign a long-term internet contract, or even buy certain items online. You only get a temporary RUT while your visa is processing, and a permanent one when approved.
• Banking: Banco de Chile and Santander are the dominant forces. Until you have a permanent residency visa, banks will usually only give you a "Cuenta RUT" (a basic debit account with strict deposit limits, run by BancoEstado).
• Payment Systems: Chile is highly digitized. Contactless payments (Redcompra) are accepted everywhere, from luxury malls to street vendors. You rarely need cash.