Currency in Chile
A practical currency and money guide to travel, living and doing business in Chile and the Chilean peso (CLP).
What's in this Chile currency guide:
What currency is used in Chile?
The official currency of Chile (country code: CL) is the Chilean peso, with symbol C$ and currency code CLP.
Things to know about the Chilean peso
The Chilean peso (CLP) is the official currency of Chile. Here are a few things you might want to know about the CLP:
The CLP has been the official currency of Chile since 1975, when it replaced the escudo.
The CLP is not pegged to any other currency, and its value is determined by supply and demand in the foreign exchange market.
The Central Bank of Chile is responsible for issuing and regulating the CLP.
The CLP is a widely used and traded currency in South America, and it can be easily exchanged for other currencies in most parts of the world.
Inflation has been a significant issue in Chile in the past, but the CLP has remained relatively stable in recent years due to the Central Bank's use of monetary policy to control inflation.
The CLP is divided into 100 centavos. Coins are available in denominations of 1, 5, 10, 50, and 100 pesos, as well as 5 and 10 centavos. Banknotes are available in denominations of 1000, 2000, 5000, 10000, and 20000 pesos.
Travel Ideas and Money Tips for Chile
Chile is a country located in South America, known for its diverse landscapes, rich culture, and strong economy. It stretches from the Atacama Desert in the north, to the glaciers and fjords of Patagonia in the south. The capital city is Santiago, and it is the cultural, political, and economic center of the country.
For travelers, Chile offers a wide range of experiences, from adventure tourism in the Andes and Patagonia, to relaxation and culture in the wine regions of the Central Valley. Visitors can explore the Atacama Desert, one of the driest places on earth, with its unique landscapes and stargazing opportunities. The Lake District is also a popular destination, it's a region of forests, lakes, and volcanoes. In the south, visitors can hike in Torres del Paine National Park or take a boat trip to see the glaciers and fjords of the Patagonian Ice Field.
Overall, Chile is an excellent destination for both expats and travelers, offering a diverse range of experiences, a high quality of life, and a stable environment. With a rich history and culture, Chile has a lot to offer to those who take the time to explore it.
Expat Money & Business Guide to Chile
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Chile.
For expats, Chile offers a high quality of life and a stable political and economic environment. The country has a strong economy and a relatively low unemployment rate, and it's considered one of the most developed and prosperous countries in Latin America. The healthcare system is also considered good, and expats have access to good schools and universities. However, the cost of living can be relatively high in some areas, particularly in Santiago and Valparaíso, and housing costs can also be high.
The official language is Spanish, and it's important for expats to have a basic understanding of Spanish to be able to navigate the country and integrate into the society. Chile is a relatively conservative society and can be quite formal at times, so it's also good to know about the local customs and etiquette.
Managing your finances in Chile
Here we list some key points for expats and businesses to consider when managing financial dealings in Chile:
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Understand Chilean peso currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the CLP exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Chilean peso bank account: A local CLP bank account can make it easier for you to manage your finances and pay bills while you are in Chile. It may also be more convenient to use a local CLP bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Chile. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Chile. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Chile, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
USD/CLP – Market Data
The exchange rate of Chilean peso (CLP), or the amount of CLP that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/CLP rate plus recent trend, chart, forecasts and historic rates.
| Date | USD/CLP | Change | Period |
|---|---|---|---|
12 May 2023 | 785.75 | 1.9% ▲ | 2 Week |
25 Feb 2023 | 823.03 | 2.8% ▼ | 3 Month |
26 May 2022 | 823.82 | 2.9% ▼ | 1 Year |
27 May 2018 | 623.00 | 28.5% ▲ | 5 Year |
28 May 2013 | 490.67 | 63.1% ▲ | 10 Year |
31 May 2003 | 709.94 | 12.7% ▲ | 20 Year |
What are USD to CLP forecasts?
According to the FX analysts, the US dollar has maintained its bullish momentum against the Chilean Peso (CLP) in recent weeks. The USD index (DXY) increased against its major peers and revisited the highs of 101.60 levels. The USD/CLP exchange rate has traded within a stable range of 6.8% over the past three months, with the current rate at 807.9, slightly above the 3-month average. Despite high inflation in Chile in the past, the CLP has remained relatively stable recently, thanks to the Central Bank's monetary policy to control inflation.
Economists predict a reversal of the US dollar's strength in 2023, as the Federal Reserve's interest rate hikes cycle to an end. However, for now, investors are adjusting their US dollar positions, preparing for a week of high-profile quarterly and economic data releases. With the US housing prices rising month-over-month in February and new single-family home prices increasing by 9.6%, markets are still betting high on another interest rate hike by the Federal Reserve in May. Additionally, geopolitical fears surrounding Russia and China, and a cautious mood ahead of this week's growth and inflation data release added to sour market sentiments. Based on these factors, the USD to CLP exchange rate is expected to maintain its bullish momentum in the short term.
USD/CLP forecasts USD/CLP rates
Compare Chilean peso Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Chile or planning a trip or maybe living there, so will need to exchange and spend Chilean peso.
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It is important to note that the exchange rate of the Chilean peso can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect CLP exchange rates before making any financial decisions.
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