Bank Transfer (CL)
Bank transfers are a widely used payment method in Chile, supported by major banks like Banco de Chile, Santander Chile, Banco Estado, and BCI. In 2022, 41% of consumers reported using bank transfers within the past month, making it the most popular alternative payment method after debit and credit cards. These transfers are facilitated through secure online platforms and mobile apps.
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Reasons for Popularity
Extensive Bank Network: Transfers can be made to accounts at over 14 major banks in Chile, including Banco BCI, Scotiabank, and Banco Falabella. This extensive network ensures that users have numerous options for conducting transactions
High Transaction Limits: Users can send a minimum of USD 20 (or its equivalent in Chilean Pesos) per transfer, with a maximum limit of USD 10,000 per transaction and per month. This flexibility accommodates various transaction sizes, from small personal payments to larger business transfers
Fast Processing Times: Most bank transfers are completed within one working day, providing users with quick access to funds. The efficiency of the system is further enhanced by the Transferencias en Línea (TEF) system, which operates 24/7 and supports quick payments between accounts
