In this article, you'll discover whether Revolut works in Chile, explore some potential drawbacks if it is available, and consider the possibilities for its future use in the country.
Does Revolut Work In Chile?
Does Revolut work in Chile? Revolut is not available in Chile for local residents. The service primarily targets travelers from the UK who need a convenient way to spend in Chilean Pesos while in Chile. This means that while you can use a Revolut card to make transactions in Chilean Pesos, the service is not tailored for residents of Chile.
For those traveling to Chile, Revolut offers functionalities such as fee-free ATM withdrawals up to certain limits, setting spending limits, and instant payment notifications. However, local residents in Chile cannot sign up for Revolut accounts or access its full range of services. This limitation restricts the app's usability for those living in Chile.
Fees and Charges for Using Revolut in Chile
Here are some general costs that users might encounter when using Revolut in Chile:
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal fees: A maximum of 5 ATM withdrawals a month and up to £200 per rolling month are free. Anything over these limits is charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Transaction fees: No specific transaction fees are mentioned for spending in Chilean Pesos. However, currency exchange fees may apply if the transaction involves a currency conversion.
- Currency conversion fees: Exchange fees above your free conversion limits will apply for currency conversions.
- Withdrawal fees: Fee-free ATM withdrawals up to £200 for Standard and Plus plans, up to £400 for Premium plan, and up to £800 for Metal plan. Withdrawals beyond these limits are charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Plan costs: Standard Plan: Free, Plus Plan: £3.99/month, Premium Plan: £7.99/month, Metal Plan: £14.99/month, Ultra Plan: £45/month (introductory offer).
Is Revolut the Best Option in Chile?
Even if Revolut is available in Chile, it might not be the best option for users due to several limitations and restrictions that could affect its usability and cost-effectiveness.
- Limited local support: Revolut primarily targets UK travelers, not Chilean residents.
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- ATM withdrawal limits: Fee-free withdrawals are capped based on the user's plan.
- Potential ATM fees: Additional fees may be charged by the ATM owner.
- Account restrictions: Local residents cannot sign up for Revolut accounts.
Alternatives to Revolut in Chile
1) OneSafe
OneSafe stands out as a leading alternative payment solution in Chile, offering a seamless user experience, lower fees, and exceptional customer support. Key features include simple onboarding, global payments, corporate cards, and multi-currency support, making it a superior option for both traditional and Web3 financial services.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking features, including ACH, Crypto, Wire deposits, and Virtual cards. Many appreciate the support for various businesses and express gratitude for the seamless experience. OneSafe is often described as the best bank users have encountered, highlighting its user-friendly services and robust financial solutions.
2) Wise
Wise offers a multi-currency account, international money transfers, and an international debit card, making it a viable payment solution in Chile. Key features include low fees, transparent costs, and fast transactions. Wise supports the Chilean Peso, providing a cost-effective and secure option for managing finances globally.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users generally find Wise easy to set up and use, with a user-friendly interface, but some have faced issues with government regulations preventing them from using Wise and occasional complaints about transaction failures and lack of notifications.
Check out more Wise reviews here.
3) Paypal
PayPal offers a secure and efficient payment solution in Chile, featuring 24/7 fraud monitoring, Buyer Protection, and the ability to send money globally. Users can link multiple cards for a seamless shopping experience, while businesses benefit from fast payment processing and customizable payment solutions, making it a versatile option.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars based on 2,117 reviews. Users generally mention high transaction fees and issues with the dispute resolution process.
Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Chile
Can Chilean residents sign up for Revolut accounts?
No, Revolut is not available for local residents in Chile. It primarily serves UK travelers.
Are there any fees for using Revolut in Chile?
Yes, fees include currency exchange fees, ATM withdrawal fees, and potential weekend markups.
What are the ATM withdrawal limits for Revolut in Chile?
Fee-free withdrawals are capped at £200 per month for Standard and Plus plans.
Does Revolut support the Chilean Peso?
Yes, Revolut supports transactions in Chilean Pesos, but currency exchange fees may apply.
Is Revolut a good option for travelers in Chile?
Revolut can be convenient for travelers, but local alternatives might offer better support and lower fees.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Chile is crucial for managing your finances effectively. While Revolut has its limitations, alternatives like OneSafe offer comprehensive features and lower fees. Explore OneSafe for a seamless financial experience. Sign up today!
