I have been in banking for a longggg time and I have never, not once, ever heard of PAYING a bank to TAKE my money via a wire transfer. Their excuse is “IVA.”
A) This is not going to happen, ever. They cannot live long enough to see this take place.
B) I am doing a crypto transfer instead (faster, WAY cheaper, instantaneous)
C) Is this just another Chilean banking joke orrrr what is the dealio? They want $750 USD to RECEIVE a wire… I have heard of charging to send, but never to get.
I have not done any wires in a long time but when I did this last time the chilean bank charged fees (in addition to the margin on the exchange rate, since I was sending EUR for deposit in CLP). This happened even though the wire was sent with a wire instruction that I pay all fees in the sending bank. Luckily I got a refund from the sending bank because they honored the wire instruction towards me.
As Magnyz - I always make sure that sending bank pays both fees (sending and receiving) as Chilean banks sometimes apply crazy costs to receive. This has worked fine with both Scotiabank and Santander.
Get this…if you want to transfer USD from an account at a chilean bank in Chile to another bank account at a other chilean bank in chile in USD
You will have to pay to send it AND the receiver has to pay to receive it (comes off the top)
I was shocked (arent most bank transfers free inside of chile??)…but banker informed me that even though its inside of chile between chilean banks, since its a USD transfer…we have to run it through the FED and swift and both banks pass on the fees.