Settling In 109a 5,000 peso bill (graced by the portrait of poet Gabriela
Mistral). If you are buying a cheap item, small bills and
coins are appreciated, especially in the markets and in
rural areas.
US dollars are not widely accepted, so you will have to
change money upon arrival. It is customary for travellers
cheques to trade at a slightly lower rate than cash. You will
need to go to a casa de cambio as many banks do not perform
this service. If provided, the bank will always offer a lower
exchange rate than the casa de cambio. For a fee, the casa
de cambio will also issue or cash a cheque in US dollars.
There are a number of casas de cambio along Agustinas
Street between Morandé Street and Estado Street downtown
and on Pedro de Valdivia Avenue, just north of Providencia
Avenue in the Providencia district. You will undoubtedly be
approached by hawkers whispering “Dólares” as you walk
down Agustinas Street. They do not offer better rates than
the casas de cambio and are not trustworthy. One American
who worked on Wall Street was cheated by one of these
guys who had rigged his calculator. Due to the number of
zeros involved, you can get confused quite easily. Also, do
remember to be careful upon leaving a casa de cambio.
Experienced pickpockets prey on Chileans and foreigners
alike, exiting casas de cambio and banks. Casas de cambio
usually close for two hours for lunch around 2:00 pm.
Chilean banks offer an array of services including checking
accounts, ATMs (cajero automático), savings accounts, credit
cards, on-line bill payment, mutual funds, and redcompra (a
debit card system). Banks each have their own forms that
must be filled out, but all require a RUN number. Banks open
at 9:00 am and close for the day at 2:00 pm on weekdays
and do not open at all on Saturdays or Sundays. ATMs are
abundant, but many charge fees and limit withdrawals to
US$ 400 per day.
Bills
Chileans like to pay their utility bills in person. Each bill lists
payment locations on the reverse side. Payment can usually
be made at a specific bank, supermarket, payment centre