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The formal FX market and the exchange rate in Chile: who can deal in foreign currency, how the rate is set and published, and when pesos can be used

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Last verified: 2026-10-26 · Status: Stable

Anyone in Chile may buy, sell and hold foreign currency freely, and the price is whatever the parties agree. The formal FX market (banks plus a short list of authorized brokers, foreign bank representative offices and dedicated FX companies) is where the operations that the Central Bank requires to be channelled must take place, and its entities check identity and tax ID and report to the Central Bank. Each business day the Central Bank publishes in the Diario Oficial the exchange rate built from the previous day's formal market trades, which is the rate legal texts mean when they refer to the Central Bank rate.

USD figures use the Central Bank exchange rate of CLP 986.58 per US dollar published in the Diario Oficial for 23 October 2026 (Ley Nº 18.840 art. 44 and CNCI Chapter I, Section VII). UF values use UF 1 = CLP 41,205.16 (23 October 2026) and UTM values use UTM 1 = CLP 72,151 (October 2026), both as published by the Servicio de Impuestos Internos. Conversions are for orientation only.

Key facts

Central Bank published rate, US dollar986.58 CLPLey Nº 18.840 art. 44; CNCI Chapter I, Section VII, as of 2026-10-23 · in force
Central Bank published rate, euro1107.27 CLPLey Nº 18.840 art. 44; CNCI Chapter I, Section VII, as of 2026-10-23 · in force
How the exchange rate is setFreely agreed by the parties; floating regime since September 1999 textLey Nº 18.840 art. 44; CNCI Chapter I, Section II, as of 2026-10-26 · in force
Official rate publicationDaily in the Diario Oficial, based on the previous business day's formal market trades textCNCI Chapter I, Section VII, as of 2026-10-26 · in force
Minimum net worth for a dedicated FX company in the formal market12000 UFCNCI Chapter I, Annex Nº 1, Section III Nº 2, as of 2026-10-26 · in force
Bank guarantee for a dedicated FX company in the formal market8000 UFCNCI Chapter I, Annex Nº 1, Section III Nº 2, as of 2026-10-26 · in force
Inactivity period that triggers revocation of a non bank formal market authorization180 daysCNCI Chapter I, Annex Nº 1, Section IV Nº 2, as of 2026-10-26 · in force
Non residents may hold peso current accounts in ChileYes, authorized by the Central Bank textCNCI Chapter I, Annex Nº 3, Nº 3 b), as of 2026-10-26 · in force

The rule

1. Any person may freely carry out international exchange operations: buying and selling foreign currency and, in general, any act or agreement that creates, modifies or extinguishes an obligation payable in foreign currency, even if no money crosses the border. Foreign currency includes foreign notes and coins and any document recording an obligation payable in it (bills of exchange, cheques, letters of credit, payment orders, promissory notes). The effects of FX operations carried out abroad to be performed in Chile are governed by Chilean law.
Cost to do it: No licence, registration or fee is needed to buy or hold foreign currency; the cost is the dealer's spread.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile, Art. 39, 1989-10-10 official text · verified 2026-10-26
2. The exchange rate in the formal FX market is the one the parties freely agree. The Central Bank has run a floating exchange rate regime since September 1999, in which the market sets the rate; it may intervene only in exceptional and qualified cases, by buying or selling foreign currency or through instruments such as FX forwards and swaps. Bank operations are not subject to the FX limitations or restrictions it may impose on others.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile; FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, Ley Nº 18.840 art. 44 and art. 51; CNCI Chapter I, Section II, 1989-10-10 official text · verified 2026-10-26
3. Each day the Central Bank publishes in the Diario Oficial the exchange rate of the foreign currencies generally accepted in international FX markets, based on formal market transactions on the previous business day (and, where needed, on reports from foreign markets). Any legal provision that refers to an exchange rate fixed or established by the Central Bank is read as a reference to this published rate. For 23 October 2026 it was CLP 986.58 per US dollar and CLP 1,107.27 per euro.
Example: A contract indexed to the Central Bank rate and invoicing US$25,000 on 23 October 2026 is payable as CLP 24,664,500. / US$25,000 at CLP 986.58; the same invoice in euros, EUR 25,000, is CLP 27,681,750 at CLP 1,107.27.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile; FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, Ley Nº 18.840 art. 44, second paragraph; CNCI Chapter I, Section VII Nº 1 and 2, 2024-01-30 official text · verified 2026-10-26
4. The formal FX market is made up of the banks, plus other entities the Central Bank authorizes, which may only carry out the FX operations it determines. Three kinds of non bank entity may apply: securities brokers and dealers; foreign banks with a representative office supervised by the CMF; and Chilean open corporations registered with the CMF whose sole purpose is FX. An operation is in the formal market when it is carried out by or through one of those entities. The Central Bank must keep enough entities in the market for it to work under adequate competition.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile; FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, Ley Nº 18.840 art. 41 and art. 43; CNCI Chapter I, Section IV and Annex Nº 1, Sections I and II, 2024-01-30 official text · verified 2026-10-26
5. A dedicated FX company seeking to join the formal market must be an open corporation registered with the CMF, prove net worth of at least UF 12,000 and keep it permanently, post a bank guarantee of UF 8,000 within 30 days of the Bank's communication, and show that neither it nor its controllers, directors or senior managers took part in acts contrary to law or sound financial practice (the Bank may look at sanctions in the previous 5 years). Authorizations are personal and non transferable, are reviewed yearly, are revoked after 180 calendar days without activity, and an entity that leaves or is revoked cannot reapply for 2 years.
Cost to do it: Minimum net worth UF 12,000 (about CLP 494,461,920, US$501,188) and a UF 8,000 bank guarantee (about CLP 329,641,280, US$334,125), at UF 1 = CLP 41,205.16; no application fee is set in the Compendium.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter I, Annex Nº 1, Sections III and IV, 2024-01-30 official text · verified 2026-10-26
6. Banks and other formal market entities must properly verify the identity and RUT (Chilean tax ID) of anyone carrying out FX operations through them and of the people acting for them, check that the documents presented match the operation, apply their supervisors' know your customer rules, and keep the related records as required by article 155 of the General Banking Law. The Central Bank may ask for any related documents, in Spanish or translated.
Cost to do it: The Compendium sets no fee for these checks; the practical cost is obtaining the RUT and a local representative first (see Entities: RUT, start of activities and representatives).FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter I, Section IV and Section VIII Nº 1, 2024-01-30 official text · verified 2026-10-26
7. Only three groups of operations currently have to go through the formal market and be reported: (1) operations on foreign assets and liabilities of banks and custodians in Chile; (2) operations on foreign assets and liabilities (credits, deposits, investments, capital contributions) of individuals and companies that are not institutional investors; and (3) derivatives with non residents and derivatives on foreign underlyings with formal market entities. Operations not on that list do not have to be channelled through the formal market or reported, although they may be voluntarily. Spot purchases, sales and transfers made by or through formal market entities are reported to the Central Bank by those entities.FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, CNCI Chapter I, Section V; Chapter II, Letter B, Section I, Nº 5 and 6, 2024-01-30 official text · verified 2026-10-26
8. Where the Central Bank requires an operation to go through the formal market, it cannot be done in pesos or with other goods unless the Bank has expressly authorized it. The authorized peso operations include: peso bonds issued in Chile by registered foreign issuers, foreign states and supranational bodies that meet FATF and rating criteria; trading in pesos of foreign securities and ETFs offered locally; derivatives settled by physical delivery of pesos; peso current accounts held by non residents; peso loans by residents to non residents; resident deposits and investments abroad in pesos; and loans, deposits, investments and capital contributions in Chile by non residents in pesos. These peso operations must still go through the formal market (unless made with pesos held abroad) and be reported.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile; FX Compendium (CNCI) approved by Central Bank Agreement Nº 2617-03-240125, in force from 1 January 2026, Ley Nº 18.840 art. 42, final paragraph; CNCI Chapter I, Annex Nº 3, 2024-01-30 official text · verified 2026-10-26
9. Foreign currency also includes digital, electronic or computer representations registered on distributed ledgers or similar systems of units whose value is directly determinable and backed by a foreign currency, by documents payable in foreign currency or by a basket of foreign currencies, provided they meet the security, reliability, acceptability and usage standards the Central Bank sets by general rule. Gold that by its nature can serve as a means of payment is treated as foreign currency for FX purposes, but as merchandise for customs and tax purposes when it enters, leaves or transits Chile.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile (art. 39 amended by Ley Nº 21.521, art. 31 Nº 2), Art. 39, 2023-01-04 official text · verified 2026-10-26 · changed: Ley Nº 21.521 (Fintec law, Diario Oficial 4 January 2023) added foreign currency backed digital representations, such as stablecoins, to the definition of foreign currency, subject to Central Bank standards.
10. If a bank or other formal market entity breaches Central Bank FX rules, the Bank may suspend it from FX operations for up to 60 days, or revoke the authorization of a non bank entity, in addition to fines. The entity may appeal to the Santiago Court of Appeals and ask for the measure to be suspended meanwhile.Ley Nº 18.840, Organic Constitutional Law of the Banco Central de Chile, Art. 61, 1989-10-10 official text · verified 2026-10-26
CurrencyCLP per unitUnits per US dollar
US dollar986.581.0000
Euro1,107.270.8910
Pound sterling1,322.320.7461
Canadian dollar704.351.4007
Swiss franc1,200.950.8215
Japanese yen6.29156.9283
Yuan147.856.6730
Australian dollar692.731.4242

Central Bank published exchange rates for 23 October 2026 (Diario Oficial, CVE 2891564), pesos per unit and units per US dollar. The Argentine peso is not among the currencies in the published table.

Worked example

  • A US company pays a Chilean supplier US$40,000. Nothing in Chilean FX law requires the payment to pass through the formal market or be reported by the parties, because it is not a credit, deposit, investment or capital contribution (CNCI Chapter I, Section V). If it is wired to a Chilean bank, the bank reports the transfer as part of its own spot and transfer reporting.
  • The Chilean supplier converts the US$40,000 at a rate it negotiates with its bank. At the published rate of CLP 986.58 that would be CLP 39,463,200; the bank's quote may be higher or lower because the price is free (Ley Nº 18.840 art. 44).
  • A foreign fund wants exposure to pesos without converting through a bank in Chile. It can open a peso current account in Chile or buy peso bonds, which the Central Bank has authorized in pesos, but a capital contribution or loan in pesos still has to come through a formal market entity unless it is funded from pesos already held abroad (CNCI Chapter I, Annex Nº 3).

Step by step

  1. 1. Get a RUT for the foreign company or individual before opening accounts or converting currency; formal market entities must verify it.
  2. 2. Choose a bank (or authorized broker or FX company) in the formal market; the list of authorized non bank entities is kept in the Compendium's operating rules (RO I.2).
  3. 3. Negotiate the conversion rate: it is free and may differ from the published Central Bank rate.
  4. 4. For contracts, tax filings or court amounts that refer to the Central Bank rate, use the rate published in the Diario Oficial for the relevant date.
  5. 5. Tell the bank what each inflow or outflow is (capital contribution, loan, payment for goods) so that it can classify and report it; reportable operations are covered in Central Bank reporting and penalties.
  6. 6. Keep the bank's FX confirmation and the supporting contract: the Central Bank may ask for them at any time.

Common traps

  • Confusing the published rate with the rate you get. The published rate is a reference built from the previous day's trades; the bank's quoted rate is freely agreed.
  • Using an informal money changer for a capital contribution or loan. Those operations must go through a formal market entity (unless funded abroad), and breaches can be fined up to twice the amount (Ley Nº 18.840 art. 58).
  • Assuming stablecoins sit outside FX law. Foreign currency backed digital units count as foreign currency under art. 39 once they meet Central Bank standards.
  • Assuming any currency can be referenced to an official Chilean rate. The Diario Oficial table covers a fixed list of widely traded currencies; the Argentine peso, for example, is not in it, so contracts need their own conversion clause.
  • Paying a reportable operation in pesos without checking Annex Nº 3. Peso settlement of operations that must go through the formal market is allowed only where the Central Bank has authorized it.

Sources

Related pages

Related: Chile country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide

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