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How much does it cost to send money to Chile?
Sending money to Chile can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.
Let's imagine you want to send $1,000 from the United States to Chile.
After analyzing the 20+ providers in our database, we have found that your best option would be to use your debit or credit card to send money via XE. They do not charge any fees and only apply a 0.90% markup over the USD-CLP mid-market rate.
On the other hand, Wise is a more expensive option, even though they offer the mid-market rate. While Wise is faster than Instarem, their service is more expensive because you would incur a $27.44 transfer fee.
Mid-market rate versus markup
The mid-market rate is the average between the buying and selling prices of two currencies. It fluctuates over time. The markup is the additional amount charged by the provider above this rate.
At MoneyTransfers.com, we make it easy to compare rates by providing the updated exchange rate markup for each money transfer provider. Additionally, you can review fees, transfer times, and read customer reviews.
Best services to send money to Chile
When choosing a method to send money to Chile, you'll want to consider factors like convenience, cost, and transfer times.
XE focuses on providing a great balance between low fees, competitive exchange rates, and fast transfer times to and from Chile.
Global66 prioritizes keeping the costs down, so you have always a cheap way to send money to Chile.
Wise offers the fastest transfer times and a handy multi-currency account to handle international transfers and more.
Use our data to find the best options for you and discover the money transfer providers that offer the exact service you need.
The suggestions below are created by combining data from thousands of real-life searches that were conducted on MoneyTransfers by individuals who, like you, wanted to send money internationally to Chile.
Our data comparison over the past six months strongly points to XE as the top choice for sending money to Chile. This isn't just an arbitrary claim; it's grounded in concrete findings based on a variety of factors, including cost-efficiency, transfer speed to Chile, and user feedback on ease of use and customer support.
So, why does XE stand out?
Cost-Efficiency: Our data consistently shows that XE is one of the most budget-friendly options for sending money to Chile. This means you can expect great value for your money, ensuring more of your funds reach their destination.
Swift Transfers: Users have consistently reported that XE excels in rapid processing and delivery, ensuring your money reaches Chile promptly. This agility is crucial, especially for those with urgent transfer needs.
User-Centric Experience: Sending money shouldn't be complicated. XE earns high marks from users for its user-friendly interface and responsive customer support. These aspects contribute to a smooth and hassle-free money transfer experience.
Our findings for XE are based on objective, real-world data. This means you can trust that this recommendation is backed by the experiences of users just like you.
Over the past six months, Global66 has emerged as the leading choice for cost-effective money transfers to Chile.
If saving money is your priority, even at the expense of a slightly slower transfer, Global66 stands out as an excellent option.
As highlighted in our comprehensive review, Global66 is not just about affordability; it's a trusted service, efficiently managing a significant volume of international transactions annually to and from South America.
Wise has been a leading provider of swift international transactions to Chile for the past six months. If you prioritize speed, Wise is an exceptional choice as transfers are often completed within a few hours.
This service is a great option for those seeking to minimize fees, especially for regular international transfers. Their multi-currency account simplifies the process, ensuring convenient and fast money transfers. Leveraging Wise's extensive network, this feature ensures that your funds reach their Chilean destination quickly.
One key aspect that sets Wise apart, highly valued by users, is their transparent fee structure. They charge a percentage of the total transfer amount, in addition to a nominal fixed fee. This approach eliminates concerns about hidden costs or inflated exchange rates.
Wise always uses the mid-market rate for currency conversion to CLP (Chilean Peso), ensuring fairness and transparency in every transaction.
Watch our video review of Wise
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What is the cheapest way to send money to Chile?
Money transfer services are the cheapest way to send money to Chile
Whether you need to send money to your loved ones in Chile, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.
The exact cost of sending money to CLP can be influenced by factors like:
The country of origin
The amount you need to send
The payment method you select
The current exchange rates
Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.
USD to CLP Live Exchange Rate
Sending money to another country requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case Chile's CLP.
A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.
Use the tool on this page to get the latest exchange rate for your currency to CLP. It's pre-set to USD but, you are dealing with different currencies, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in Chile when you send it.
Expert Tip: Watch the Exchange Rate
Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to Chile, watching how the rates change can be smart. When the USD to Chilean Peso rate is good, your money will get you more in Chile. This means you can send more money without spending extra!
Sign up for our automated notifications. We'll let you know the best time to send money. With these alerts, you won't miss out on a great rate. It's like having a money-saving expert in your pocket!
How long does it take to send money to Chile?
Quick and efficient - that's what you need when sending money to Chile. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.
Take, for instance, an urgent need to transfer $1,000 from the USA to Chile. Services like Wise excel in this regard, offering near-instantaneous transfers. Even other providers like XE and Global66, while not as fast, ensure your money arrives swiftly.
Bear in mind that speed, like costs, can be influenced by:
The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.
The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.
How to send and receive money in Chile
Sending money to Chile, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.
Tax Laws. There are no individual taxes due on international money transfers received in Chile. However, if the money received is a form of income, you may be liable for Chilean income tax. Chile has tax treaties with several countries that prevent double taxation, so if you’ve already paid tax on income received in one country, you shouldn’t need to pay tax on it again in Chile. Gifts are rarely taxed in Chile, so you can receive monetary gifts from family members, friends, or others without having to pay tax on the gifted amount.
Transfer Limits. There are no individual limits on how much money you can send to Chile. But there are reporting requirements that must be met when you send or receive a certain amount of money.
Reporting Requirements. Currently, any transfers to Chile exceeding $10,000 (or currency equivalent) must be reported to the Chilean Internal Revenue Service. This is to help prevent money laundering.
What do you need to complete an international transfer to Chile?
When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.
Your contact details
You will need to share your contact details with the provider of your choice, so make sure to double check your email and address are correct.
Photo ID
Money transfer services will need you to share a photo ID to confirm your identity. Have it ready and make sure it's valid.
Proof of address (optional)
Some providers may ask you to share a phone bill or a bank statement to prove your address.
Chile money transfer guides
Analysis and methodology
At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.
What sets us apart
Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.
Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.
Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to Chile.
The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.
