How to pay Chinese suppliers from Chile
To pay a Chinese supplier from Chile, send US dollars by SWIFT from the company's dollar account at a Chilean bank, or from a USD account abroad in the company's name. The Banco Central de Chile states that no exchange restrictions currently apply, so the rules ask for routing through the Formal Exchange Market and reporting where required, not for approval or conversion. This guide covers those rules, the payment routes, published bank charges, customs taxes, the China free trade agreement paperwork and the facts on agents and crypto.
- Banco Central de Chile Agreement 2617-03-240125 states that international exchange operations may be carried out freely by any person and that no exchange restrictions currently apply.
- Certain operations with the rest of the world must go through the Formal Exchange Market and be reported to the Banco Central de Chile, either by the company directly or through a Formal Exchange Market entity, under the Compendium in force since 1 January 2026.
- Banco Internacional's tariff for micro and small companies lists US$25 plus US$10 for SWIFT on a payment order abroad of up to US$10,000, and 0.15% with a US$50 minimum plus US$10 for SWIFT above that, plus IVA.
- Chile's customs service publishes a general ad valorem duty of 6% of the CIF value on imports over US$500, and IVA of 19% on the CIF value plus the duty.
- The Chile-China free trade agreement has been in force since 1 October 2006, and Chilean customs has required Chinese certificates of origin to be completed strictly as the agreement sets out.
- The People's Bank of China designated China Construction Bank's Chile branch as an RMB clearing bank in May 2015, the first RMB clearing bank it designated in South America.
How to pay a Chinese supplier from Chile: the short answer
A Chilean company can pay a Chinese supplier in US dollars without central bank approval. The Banco Central de Chile (BCCh), the central bank, states in Agreement 2617-03-240125 that international exchange operations may be carried out freely by any person and that no exchange restrictions currently apply. In practice the company buys dollars from its bank, or uses dollars it already holds, and the bank sends them by SWIFT to the supplier's account in China or Hong Kong. SWIFT is the international messaging network banks use for cross-border payments.
Two duties remain. Certain operations must go through the Mercado Cambiario Formal (MCF), the Formal Exchange Market made up of banks and other authorized entities, and certain operations must be reported to the BCCh. Your bank tells you which apply to a given payment.
The usual sequence for an order from China is:
- Agree the price, the payment terms and the Incoterm with the supplier, and get a proforma invoice. An Incoterm is a standard trade term, such as FOB or CIF, that sets who pays freight and insurance.
- Pay the deposit by SWIFT from the company's dollar account, quoting the proforma invoice number.
- Pay the balance against a copy of the bill of lading, the document the shipping line issues when it receives the goods.
- Ask the supplier for a certificate of origin that meets the Chile-China free trade agreement, so the goods can claim the preferential tariff.
- Clear the goods with the Servicio Nacional de Aduanas, Chile's customs service, and pay the duty and IVA (value added tax).
- Keep the payment confirmations with the invoice and customs file for each order.
This guide covers the Chilean side of each step. For the supplier's side, such as how Chinese factories invoice and why many ask to be paid in Hong Kong, see our general guide on how to pay suppliers in China.
Banco Central de Chile rules for import payments
Chile's exchange rules sit in the Compendio de Normas de Cambios Internacionales (CNCI), the BCCh's Compendium of Foreign Exchange Regulations. A new Compendium approved on 25 January 2024 took full effect on 1 January 2026. It cut the rules from fourteen chapters to two: Chapter I sets the general framework, and Chapter II sets up SICAM, the BCCh's online system for reporting international exchange operations. The BCCh also notes that the restrictions in Articles 49 and 50 of its Organic Law have not applied since 19 April 2001.
The Compendium's limits take two forms: a duty to carry out certain operations only through the MCF, and a duty to report certain operations to the BCCh. Reports can be filed by the company directly or through an MCF entity. Chapter II includes operating regulations on the purchase, sale and transfer of foreign currency, on the foreign assets of non-bank residents, and on their foreign liabilities.
| Activity for an importer | What applies | Who acts |
|---|---|---|
| Buying dollars to pay a supplier | Free; the bank sells dollars at its own rate | The company and its bank |
| Paying from a dollar account at a Chilean bank | Free; the bank sends the SWIFT transfer | The sending bank |
| Paying from a USD account abroad | Permitted; operations with assets abroad by non-institutional investors fall under the BCCh reporting rules | The company, directly or through an MCF entity |
| Import financing from a lender abroad | Chapter II covers foreign liabilities of non-bank residents; ask whether yours must be reported | The company and its MCF bank |
| Converting pesos to dollars | Free; the bank sets its own rate, so compare it before confirming | The company |
Sources: Banco Central de Chile, Agreement 2617-03-240125 and Compendio de Normas de Cambios Internacionales from 2026; Carey summary of the new reporting system, as published on 29 October 2026. Confirm reporting duties for your operations with your bank.
The practical point is that Chile asks for routing and reporting, not conversion. A company that holds dollars abroad and pays suppliers from that account should ask its bank or adviser which SICAM reports apply, because the duty can fall on the company itself rather than on a bank.
How the money reaches a Chinese supplier
Most Chinese suppliers invoice in US dollars, and many invoice through a Hong Kong trading company with a Hong Kong bank account. A Chilean importer pays in one of the ways below. Whichever route you use, pay the company named as seller on the invoice.
| Supplier asks for | How you pay from Chile | What to check |
|---|---|---|
| USD to a Hong Kong company account | SWIFT transfer from your dollar account or with dollars bought from your bank | The Hong Kong company is the seller on the invoice |
| USD to a mainland China account | SWIFT transfer from a Chilean bank or a USD account abroad | The supplier's bank checks the contract and invoice before it credits the funds |
| Chinese yuan (CNY) to a mainland account | Ask your bank whether it sends yuan and through which clearing channel | Compare the yuan quote with the dollar route |
| Letter of credit | Your bank issues the credit; the supplier is paid against documents | Documents must match the credit exactly |
| Documentary collection | Banks release the shipping documents to you against payment | The supplier carries more risk than under a credit |
Routes as described in this guide; supplier-side checks from PNC Bank; RMB clearing from China Construction Bank, as published on 29 October 2026.
Paying from a dollar account
Chilean banks offer current accounts in US dollars to companies, usually alongside a peso current account. A company that earns dollars from exports, or buys them when the rate suits it, can pay suppliers from that account without converting on the day of payment. Banks publish their own terms for these accounts, and most require a peso current account with the same bank.
Paying in yuan
In May 2015 the People's Bank of China (PBOC) designated China Construction Bank's Chile branch as an RMB clearing bank, the first it designated in South America. A clearing bank settles yuan payments for other banks in its region. Whether your own bank offers yuan transfers, and at what rate, is a question for its foreign trade desk.
What the supplier's bank checks
China manages foreign exchange through the State Administration of Foreign Exchange (SAFE). As summarized by PNC Bank, the supplier's bank verifies each receipt against documents such as the contract, invoice and customs declaration, and the remitter and beneficiary must be the parties to the contract. A payment from a company that is not the buyer on the contract can be held while the bank asks questions.
Deposit, balance and payment terms
The payment term decides when dollars leave Chile and what you hold in return. Chilean rules do not set the term, so it is a commercial choice.
| Term | How it works | Point to watch |
|---|---|---|
| Advance payment (deposit) | You pay part of the order before production, often 30% | You carry the risk until the goods ship |
| Balance against bill of lading copy | You pay the rest once the goods have shipped | Check that shipper, consignee and goods match the invoice |
| Supplier credit | The supplier ships first and you pay later | Ask your bank whether the credit must be reported to the BCCh |
| Letter of credit | Your bank promises to pay the supplier when it presents documents that match the credit | Bank commissions apply; discrepancies delay payment |
| Documentary collection | Banks exchange the shipping documents for your payment, without a bank promise | The supplier carries more risk than under a credit |
Payment terms as commonly used in trade with China; reporting point from Banco Central de Chile, CNCI Chapter II, as published on 29 October 2026.
A letter of credit (LC) is a bank's written promise to pay the seller when it presents documents that comply with the credit's terms. A documentary collection sends the shipping documents through the banks, and you receive them only after you pay or accept a bill of exchange. A supplier that has not traded with you before may ask for an LC on the first order and accept deposit and balance on later orders.
What it costs: published bank charges
Each Chilean bank publishes its own tariff. The table shows one bank's published charges for micro and small companies, as an example of the items to budget for on each order. Amounts are in US dollars and IVA is added.
| Item | Published charge |
|---|---|
| Payment order abroad, up to US$10,000 | US$25, plus US$10 SWIFT |
| Payment order abroad, from US$10,001 | 0.15%, minimum US$50, plus US$10 SWIFT |
| Import letter of credit, opening | 0.50% per 90 days, minimum US$200, plus US$40 SWIFT |
| Import letter of credit, amendment | US$50, plus US$10 SWIFT |
| Import letter of credit, increase in value | 0.50%, minimum US$100 |
| Import collection, handling | 0.50%, minimum US$50 |
Source: Banco Internacional, Manual de tarifas micro y pequeñas empresas (code 1.6), as published on 29 October 2026. IVA is added. The manual also lists a separate scale for international payment orders; confirm which applies. Other banks set their own charges.
On a US$40,000 order paid as a US$12,000 deposit and a US$28,000 balance, each payment is above US$10,000, and 0.15% of each is below the US$50 minimum. The published charges therefore come to US$60 per payment, or US$120 in total, plus IVA. An LC for the full US$40,000 would instead carry US$200 for opening for the first 90 days, plus US$40 for the SWIFT message.
Two costs sit outside the tariff. The first is the exchange rate at which the bank sells you dollars, which is usually the largest cost when you pay from pesos, so ask for the rate before you confirm. The second is correspondent bank charges on the way to China. Send SWIFT payments with the charge code OUR, which means you pay all transfer fees and the supplier receives the full invoice amount. SHA shares the fees, so intermediary deductions come out of the amount. BEN puts all fees on the supplier.
Customs taxes, the China FTA and the documents
Chile's customs service, the Servicio Nacional de Aduanas, publishes the taxes on imports. Imports over US$500 pay an ad valorem duty of 6% of the CIF value, which is the cost of the goods plus insurance and freight. IVA of 19% is charged on the CIF value plus the duty. A trade agreement in force can reduce the duty or remove it.
The Chile-China free trade agreement has been in force since 1 October 2006. To claim its preferential tariff, the importer presents a certificate of origin issued by the competent Chinese authority. In 2007 Chilean customs reported that many Chinese certificates had not been completed as the agreement requires, and stated that certificates must strictly meet the treaty's requirements. It also noted that box 6 must show the producer's name and address when an operator in a country that is not party to the agreement issues the invoice. Ask your customs agent how to complete the certificate when a Hong Kong company invoices goods made in mainland China.
As an illustration, goods with a CIF value of US$42,000 and no preference would pay US$2,520 of duty at 6%, and IVA of US$8,458.80 at 19% of US$44,520.
| Stage | Document | Issued by |
|---|---|---|
| Company file | RUT, the company's tax identification number; bylaws and powers of signatories | Servicio de Impuestos Internos; company registry |
| Before ordering | Proforma invoice | Supplier |
| Each payment | SWIFT confirmation (MT103) quoting the invoice number | Your bank |
| After shipment | Bill of lading, commercial invoice, packing list | Carrier and supplier |
| For the preferential tariff | Certificate of origin under the Chile-China agreement | Competent Chinese authority |
| Clearance | Import declaration with the customs value | Importer or customs agent, filed with Aduanas |
Sources: Servicio Nacional de Aduanas, taxes on imports and Oficio Circular 032 of 21 March 2007. Typical sequence; requirements vary by product. As published on 29 October 2026.
The MT103 is the standard SWIFT message for a customer transfer and is the supplier's proof that the money left your bank. Keep the invoice number identical on the payment, the commercial invoice and the import declaration, so the bank, customs and the supplier's bank all see the same transaction.
Agents, crypto and other routes: the facts
Some importers pay through an agent who collects pesos in Chile and pays the supplier from an account abroad, or through a stablecoin seller. Chile's exchange rules are open, but these routes raise other questions an importer should weigh.
- The supplier's bank expects the buyer to pay. Under China's rules, as summarized by PNC Bank, the remitter and beneficiary must be the contract parties. A payment from an agent's company can be held.
- The payment record and the customs file stop matching. Your accounts show a peso payment to an agent, while customs shows an import from a Chinese seller.
- Crypto assets are financial instruments under the Fintech Law. Law 21,521 of 4 January 2023 defines crypto assets as digital representations of units of value and includes them among financial instruments. Firms that provide custody, intermediation and other regulated services with them must register with the Comisión para el Mercado Financiero (CMF), the financial market regulator.
- A stablecoin balance is not a bank deposit. USDC and USDT are crypto assets designed to track the US dollar, held with a provider. Check the provider's CMF status and keep the invoice behind every transfer.
- Chinese suppliers may not accept it. A supplier's bank in mainland China credits funds that match a contract and customs data, and a stablecoin transfer does not pass through that check.
Where Helm fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm serves companies registered in Chile. A Helm account gives your company USD account details in its own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments.
For a Chilean business that buys from China, it works like this:
- Pay suppliers in USD. Send international payments by SWIFT from your company's own account to the supplier's USD account in China or Hong Kong, with the rate, fee and expected arrival shown before you send.
- Use dollars you collect. Receipts from buyers abroad can be held in USD and used to pay suppliers, without converting to pesos in between.
- Report what applies. A dollar balance held abroad is an asset abroad, so confirm your BCCh reporting duties with your adviser.
- Stablecoins. The account can receive USDC or USDT and convert them to USD, so a payment to a supplier still goes out as a dollar transfer from your company's account.
- Finance the order. Trade finance, such as supplier finance and working capital, is arranged case by case.
Each account has a named account manager, and review questions are answered in writing within one business day. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
A checklist for paying a Chinese supplier from Chile
- Decide whether you will pay from a dollar account in Chile, with dollars bought on the day, or from a USD account abroad.
- Ask your bank which BCCh reports, if any, apply to your payments and to any account you hold abroad.
- Pay the company named as seller on the invoice, from the company that is the buyer.
- Send each payment by SWIFT with charges set to OUR, quoting the invoice number.
- Pay the balance against a copy of the bill of lading, or use a letter of credit for a new supplier.
- Get a certificate of origin completed as the Chile-China agreement requires before the goods arrive.
- Ask for the bank's exchange rate before you buy dollars, and compare it with the market.
- File each payment confirmation with the invoice and import declaration for the order.
For how other importers organize supplier payments, see the importers page.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
How do I pay a Chinese supplier from Chile?
Send US dollars by SWIFT from your company's dollar account at a Chilean bank, with dollars bought from your bank, or from a USD account abroad in the company's name. Pay the seller named on the invoice and quote the invoice number on the transfer.
Does Chile have exchange controls on import payments?
The Banco Central de Chile states in Agreement 2617-03-240125 that international exchange operations may be carried out freely and that no exchange restrictions currently apply. Certain operations must still go through the Formal Exchange Market and be reported, so ask your bank which apply.
What changed in Chile's foreign exchange rules in 2026?
A new Compendium of Foreign Exchange Regulations took full effect on 1 January 2026. It reduced the rules from fourteen chapters to two and moved reporting of international exchange operations to the central bank's SICAM system.
Can a Chilean company pay a Chinese supplier from a USD account abroad?
Yes. Holding dollars abroad is permitted, and operations with assets abroad by companies that are not institutional investors fall under the central bank's reporting rules. Reports can be filed by the company directly or through a Formal Exchange Market entity.
What do Chilean banks charge to send a payment to China?
Each bank publishes its own tariff. Banco Internacional's tariff for micro and small companies lists US$25 plus US$10 for SWIFT up to US$10,000, and 0.15% with a US$50 minimum plus US$10 for SWIFT above that, plus IVA. The exchange rate is extra.
What import taxes apply to goods from China in Chile?
Chile's customs service publishes a general ad valorem duty of 6% of the CIF value on imports over US$500, and IVA of 19% on the CIF value plus the duty. The Chile-China free trade agreement can reduce or remove the duty when a valid certificate of origin is presented.
When did the Chile-China free trade agreement take effect?
The agreement has been in force since 1 October 2006. Chilean customs has stated that Chinese certificates of origin must strictly meet the agreement's requirements for the goods to receive the preferential tariff.
Can I pay a Chinese supplier in yuan from Chile?
It depends on your bank. The People's Bank of China designated China Construction Bank's Chile branch as an RMB clearing bank in May 2015, so ask your bank whether it sends yuan and compare the rate with the dollar route.
Can I pay a Chinese supplier with USDT from Chile?
Chile's Fintech Law treats crypto assets as financial instruments and requires firms providing regulated services with them to register with the CMF. A supplier's bank in mainland China credits payments that match a contract and customs data, so most suppliers ask for a bank transfer.
Why does my Chinese supplier want payment to a Hong Kong account?
Many Chinese factories sell through a Hong Kong trading company that holds a Hong Kong bank account. Make sure the Hong Kong company is the seller on the invoice, and ask your customs agent how to complete the certificate of origin when a Hong Kong company invoices goods made in mainland China.
References
- Banco Central de Chile: Agreement 2617-03-240125, new Compendium of Foreign Exchange Regulations (text on vLex Chile)
- Banco Central de Chile: Compendio de Normas de Cambios Internacionales, from 2026
- Servicio Nacional de Aduanas: How much tax is paid when importing
- Servicio Nacional de Aduanas: Oficio Circular 032 on Chile-China FTA certificates of origin (21 March 2007)
- Banco Internacional: Manual de tarifas micro y pequeñas empresas
- China Construction Bank: CCB designated as the first RMB clearing bank in South America (May 2015)
- Diario Oficial de la República de Chile: Law 21,521 (Fintech Law), 4 January 2023
- PNC Bank: Navigating China's regulations on foreign exchange for goods trade
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.