artsnletters

Is the best way to change money in Chile through ATMs? My son will be in school there for 6 months.

Huentetu

Possibly. It depends on the bank card he uses. US cards generate an ATM fee and a limit on withdrawals. UK cards generally don't. have a fee but do have the limit. No idea why.

Try to get him a card which will reimburse any ATM fees. I have heard Schwab mentioned but see what your bank advises. The fees can vary from CLP$4000 (BancoEstado) to CLP$6000 per transaction so larger withdrawals are better value. Banco Security appears not to charge a fee but does not have many branches. You get a warning on the ATM screen about the fee and the amount before you proceed.

artsnletters

He'll be in good shape, then, as he banks with Schwab. They were great when he was traveling the world a few years ago - used his card everywhere from Europe to India and Nepal.

mlgb

For my US ATM card the withdrawal fee was 5000 CLP so be sure he does have one with reimbursements... Also the limit might be lower than appears on the machine (for me last spring it was 150,000 CLP, which was less than my own bank limit so it must be a Chilean regulation?).

Not sure how widespread credit card use is, but where accepted if they don't add a surcharge it might be a good alternative.

Huentetu

Credit and debit cards are widely used in Chile and there is no surcharge for using them.

The withdrawal limits are set by the local banks. BancoEstado has the highest limit. The average is CLP$200,000.