Chile is a long and narrow country in South America with a population of over 19 million people. The country is known for its diverse landscapes, rich culture, and stable economy. If you’re considering moving to or visiting Chile, it’s essential to understand the cost of living in the country. In this article, we’ll look at the local currency in Chile, compare the cost of living to the UK and USA, break down the costs for different family sizes, and explain the most common forms of payment in Chile.
Local Currency in Chile
The local currency in Chile is the Chilean Peso (CLP). As of February 2023, one US dollar is equivalent to approximately 825 CLP. The exchange rate can vary, so it’s always best to check before making any transactions. US dollars are widely accepted in tourist areas, but most purchases are made in Chilean pesos.
Cost of Living in Chile Compared to the UK and USA
The cost of living in Chile is generally lower than in the UK and the USA. According to Numbeo, the world’s largest database of user-contributed data about cities and countries, the cost of living index in Santiago, Chile’s capital city, is 49.56% lower than in New York City, and 40.60% lower than in London. However, the cost of living can vary greatly depending on the location in Chile.
Breakdown of Costs in Chile
Here is a breakdown of costs in Chile for singles, couples, and families of four in the following categories:
Housing
The cost of housing in Chile can vary widely depending on the location and type of housing. In Santiago, the average monthly rent for a one-bedroom apartment in the city center is around CLP 350,000-450,000 (USD 424-545), while a three-bedroom apartment in the city center costs around CLP 700,000-900,000 (USD 848-1090). Outside of the city center, the rent for a one-bedroom apartment drops to around CLP 250,000-350,000 (USD 303-424), and a three-bedroom apartment costs around CLP 500,000-700,000 (USD 606-848). Buying a home can also be an option, with prices varying widely depending on the location and size of the property.
Food
The cost of food in Chile can be relatively affordable, with local markets and street vendors offering fresh produce at low prices. A typical meal in a budget restaurant costs around CLP 4,500-6,000 (USD 5-7) per person, while a three-course meal for two people in a mid-range restaurant costs around CLP 25,000-30,000 (USD 30-36). Groceries can also be relatively affordable, with a liter of milk costing around CLP 700 (USD 0.85), a loaf of bread costing around CLP 1,000 (USD 1.20), and a kilogram of chicken breast costing around CLP 5,000-6,000 (USD 6-7).
Utilities
The cost of utilities in Chile can vary depending on the location and type of housing. The monthly cost of basic utilities, including electricity, water, and gas for a small apartment, can be around CLP 50,000-70,000 (USD 60-85). Internet and mobile phone plans can also be affordable, with monthly plans starting at around CLP 10,000-15,000 (USD 12-18).
Leisure
The cost of leisure activities in Chile can be relatively affordable. A movie ticket in Santiago costs around CLP 5,000-7,000 (USD 6-8), while a beer in a bar costs around CLP 3,000-4,000 (USD 4-5). The cost of leisure activities can vary depending on the location and type of activity, with some tourist attractions charging higher fees.
Transport
The cost of transportation in Chile can be relatively affordable, with the country having an extensive public transportation system. A one-way ticket on the metro costs around CLP 830 (USD 1), while a bus ticket costs around CLP 720 (USD 0.87). Taxis and ride-sharing services are also available, with fares starting at around CLP 2,000 (USD 2.50).
Clothing
The cost of clothing in Chile can vary depending on the location and type of clothing. International clothing brands can be relatively expensive, with a pair of jeans costing around CLP 50,000-70,000 (USD 60-85). However, there are also local markets and shops that offer affordable clothing.
Household Goods
The cost of household goods in Chile can be relatively affordable, with local stores and markets offering a range of products at reasonable prices. The cost of furniture can vary widely depending on the quality and brand, with a basic sofa costing around CLP 300,000-400,000 (USD 363-484).
Forms of Payment in Chile
The most common forms of payment in Chile include cash, credit cards, and debit cards. Cash is widely accepted in most establishments, with ATMs available in most cities. Credit and debit cards are also widely accepted, with Visa and Mastercard being the most commonly accepted brands. Some establishments may charge a fee for credit card transactions, so it’s always best to check before making a purchase.
In conclusion, the cost of living in Chile can be relatively affordable, with a lower cost of living compared to the UK and USA. The cost of housing, food, utilities, leisure, transport, clothing, and household goods can vary depending on the location and type of product or service. Cash, credit cards, and debit cards are the most common forms of payment in Chile. If you’re considering moving to or visiting Chile, it’s always best to research and compare prices to find the best deals.
