With the recent implementation of the Tax Compliance Law in Chile, the Internal Revenue Service (IBS) established the obligation to monitor bank accounts that make more than 50 monthly transfers. However, this law has left a loophole that benefits some types of non-bank accounts, specifically, prepaid accounts from Tenpo, Mercado Pago and Copec Pay. These accounts, being non-banking, are exempt from complying with the transfer report, which has generated interest among users.
The prepaid accountssuch as those offered by Tenpo, Mercado Pago and Copec Pay, work in a similar way to debit cards, but without being directly linked to a bank checking account. These accounts allow users to make payments and electronic transfers using the previously loaded balance, and are increasingly popular due to the ease of opening them and the fact that they are not subject to the same regulations as traditional bank accounts.
The Tenpo card, one of the most popular in Chile, is easily obtained through its mobile application, available in the App Store and Google Play. To open an account, users only have to fill out a form with their email, RUT and other basic information. Among the advantages of this card are the absence of maintenance costs and the possibility of accessing multiple exclusive promotions. This alternative is particularly attractive for those looking for a flexible payment option without the intervention of the IBS in your number transactions.
For its part, Mercado Pago offers another option no maintenance cost. Users can request the physical card from the app, as long as they have a minimum balance of $5,000 in their account. This prepaid account is not only practical, but also offers various promotions on e-commerce platforms and stores associated with Mercado Pago. Like the other prepaid options, it is also not subject to the limit of 50 transfers monitored by the SII.
Copec Pay is the third alternative within this category and stands out for being linked to the Copec app, which facilitates payments at service stations and participating businesses. The prepaid card Copec Pay is requested from the Copec app, where users can configure it quickly and without any issuance or maintenance cost. This makes it an ideal option for those who need a functional payment method without the regulations of bank accounts.
