Banking and Payment methods in Chile

Chile – which has a population of over 16 million inhabitants – has a banking system made up of 26 banks (21 local and 5 subsidiaries of foreign organizations). In 2008 it had a GDP of US$ 169.919 millions (US$ 9.698 per capita).

At the moment, and just like a large part of the world, Chile has several payment methods that are part of the supply of Banco de Chile:

• Money Use: in spite of the fact that many believe that money is limited to bills and coins, is also exists in other support, like deposits that people maintain in banks. Thus, it is possible to make payments – for example – directly from the Checking Account through a check or credit card, replacing this way cash. This can be made both physically or virtually through several transfer mechanisms of electronic funds.
• Checks: this method allows to draw money that is kept in the bank´s Checking Account.
• Debit Card: it is any card that allows to make money payments that a person has deposited in a Checking Account or sight accounts. In Chile the participating businesses net affiliated to debit is called "RedCompra".
• Credit Card: it is any document that allows to acquire goods and services in institutions affiliated to the corresponding system by means of the issuing bank´s credit. Thus, one can make purchases and pay them later. Banco de Chile offers its clients different credit cards – Visa, MasterCard and Diners – with several benefits depending on the client´s preferences.