Sometimes you need to send money from the US to Chile. Maybe you receive income in USD that you need to transfer to your Chilean bank account to pay your bills. Whatever the reason, there are several ways you can do this and most of them are expensive. Personally I need to transfer money at least once a month, so the fees can really add up. Most fees are around $10 per transfer on average, and can take from 1-5 days.
I used to just get cash out of the ATM and deposit it into my Chilean account. However the ATM fee is about $10 everywhere for people with US banks. I have heard that some Europeans are able to withdraw money for a lower fee at some banks, however I can’t confirm this.
Best Option: World Remit
I wish I had discovered WorldRemit sooner. I have found WorldRemit to have by far the lowest transfer fees and the turnaround time is also the fastest. The fee is a flat-rate $3.99 per transfer and I usually receive my money within 24 hours. There are also coupons you can find online to get your first 3 transfers for free, and if you use a referral code you get $20 off your first transfer over $100. I found a random person’s referral code in the Discover Chile Facebook group and it worked great. The exchange rates they use are pretty fair too. This post is in no way sponsored by WorldRemit, but I 100% recommend using them over any other transfer service to send money from the US to Chile. You can use my referral code: KARENK287 to get $20 off your first transfer over $100. The only potential downside to WorldRemit is there doesn’t appear to be an option to link your US bank account to your WorldRemit account. You can use either a credit or debit card to pay for the transfer. I just use my US debit card and it works exactly like paying directly from the account using account and routing numbers.
Another Option: TransferWise
I used TransferWise for about 6 months and while it is a reputable company, it’s not the best option financially to send money from the US to Chile. Since I starting using it they restructured their fees and the fee is based on how much money you send. For sending $300-$500 I was paying about $12 per transfer on average. The exchange rate they used was also mildly offensive. The transfers worked well, but did take at least 3 business days on average. I can’t recommend using TransferWise if you can use WorldRemit due to the fees.
What if you need to transfer from PayPal to your Chilean account?
Unfortunately there’s no way to link a PayPal account to a Chilean bank account. However, this doesn’t mean you can’t transfer your PayPal balance to a Chilean account. You can use Multicaja to transfer between your Chilean and PayPal account, but there’s a $10 USD fee.