Switching business bank account in Chile: how it works

Snapshot

Chile has a financial portability law, the Ley de Portabilidad Financiera, that lets people and smaller companies move financial products to a new provider with fewer steps. For a company the law applies to micro and small businesses with annual sales below 25,000 UF. The process runs on a settlement certificate, a portability request, and an offer that is valid for at least seven business days, with the new provider settling and closing old products within six business days when you accept.

Who can use portability: People and micro or small companies with annual sales below 25,000 UF. Verify with the provider.
Key document: A free settlement certificate listing your products, rates, and charges. Verify with the provider.
Offer validity: An offer from the new provider is valid for at least seven business days. Verify with the provider.
Closure window: With a termination mandate the new provider has six business days to settle and close. Verify with the provider.

Fees and features as of 5 June 2026Last reviewed 5 June 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

Chile has a financial portability law, the Ley de Portabilidad Financiera, that lets people and smaller companies change financial provider with fewer steps. For a company it applies to micro and small businesses with annual sales below 25,000 UF. You request a free settlement certificate, submit a portability request to the new provider, and receive an offer valid for at least seven business days. If you accept and grant a termination mandate, the new provider settles and closes the old products within six business days. Plan the move of transfers, payroll, and collection details to avoid disruption. Information as of 5 June 2026, not advice.

How switching works in Chile

Switching a business account in Chile can use the financial portability framework or a plain manual move where portability does not apply. The Ley de Portabilidad Financiera took effect on 8 September 2020 and is intended to lower the cost and the number of steps to change provider. As of 5 June 2026, for a company the law applies to micro and small businesses, defined as those with annual sales below 25,000 UF, so larger companies generally move accounts through the normal account opening and closing process instead.

The portability process

The process runs in a few stages. You can request a free settlement certificate, the certificado de liquidacion, that lists your products and their rates and charges. You submit a portability request to the new provider, which evaluates the company and issues an offer that is valid for at least seven business days. As of 5 June 2026, if you accept you can grant a termination mandate so the new provider pays off and closes the old products, and it has six business days to do so.

Moving the everyday flows

Whether you use portability or a manual move, plan the operational side carefully. As of 5 June 2026, update incoming transfers through the Transferencias en Linea network, direct debits, payroll, card payments, and the collection details linked to your electronic invoicing and to the Servicio de Impuestos Internos. Keep the old account open until every flow has moved across, then close it once nothing is still routed there.

What to move when you switch

A clean switch covers both money in and money out, as of 5 June 2026. Verify with the provider

Incoming transfers, customer collection details, and any payment platform or marketplace payout settings.
Outgoing direct debits, supplier payments, payroll, and card payments tied to the old account.
Links to electronic invoicing and to the Servicio de Impuestos Internos, plus any financing or overdraft that needs settling.

How to switch step by step

Choose the new provider, check whether your company qualifies for portability, and request the settlement certificate.
Submit the portability request or open the new account, then review the offer and the charges before you accept.
Move transfers, payroll, and collection details across, confirm everything has migrated, then close the old account.

We do not list a business account that is confirmed available to business customers in Chile through an affiliate as of 5 June 2026. Local banks and digital providers in Chile each handle switching and portability requests on their own terms. See the related country guides below for markets where listed providers are available, and verify the current process directly with both providers before you move.

Questions about switching business account in Chile

Can I switch business bank account in Chile under financial portability?

The Ley de Portabilidad Financiera lets people and smaller companies move financial products to a new provider with fewer steps. For a company the law applies to micro and small businesses with annual sales below 25,000 UF. As of 5 June 2026, confirm with the provider whether your company qualifies and which products can be ported.

How does the financial portability process work in Chile?

You request a free settlement certificate that lists your products and charges, submit a portability request to the new provider, and receive an offer that is valid for at least seven business days. If you accept, you can grant a termination mandate so the new provider settles and closes the old products, and it has six business days to do so. As of 5 June 2026, confirm the current steps with the provider.

What should I move when switching business account in Chile?

Plan to move incoming transfers, direct debits, payroll, card payments, your electronic invoicing collection details, and any links to the Servicio de Impuestos Internos and payment platforms. Keep the old account open until everything has moved across. As of 5 June 2026, confirm the steps with both providers.

Will switching business bank account in Chile cost money?

Financial portability is designed to lower the cost and number of steps to change provider, but some products can still carry settlement or prepayment charges. As of 5 June 2026, review the settlement certificate and confirm any charges with both the old and the new provider before you accept an offer.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 5 June 2026. Confirm current terms with the provider before applying.

Switching business account in Chile