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Payment methods · Chile

TEF in Chile: bank transfers in, bank transfers out

Give each customer a virtual account to pay by transfer, and send payouts to Chilean bank accounts in real time up to CLP 7,000,000, 24/7, with a same-day route for high-value amounts.

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  • Instant transfer
  • Chile
  • Pay-in · Payout

Key facts

TEF at national scale

Figures published by the Central Bank of Chile.

What it is

The transfer rail for Chilean bank accounts

TEF is the electronic bank transfer used in Chile. With Localpayment you use it in both directions. For pay-ins, each customer, order or invoice gets a virtual account and pays by transfer from their own bank; the credit is matched to the account automatically. For payouts, you send funds to beneficiary bank accounts, with a separate high-value route above CLP 7,000,000.

  • TEF-In virtual accounts: CLP 1 to 100,000,000, real-time, with per-bank limits published in the docs
  • TEF payouts in real time, 24/7, up to CLP 7,000,000
  • High-value TEF payouts above CLP 7,000,000, same day

How it works

How a TEF transfer is collected

Actors and steps follow the documented flow. The final status always arrives by signed webhook.

  1. 1

    Your businessLocalpayment:

    Creates the virtual account

    POST /api/virtual-account, one by one or in batches. The number or key in the local format, ready to share.

  2. 2

    Your businessCustomer:

    Shares the payment details

    In your checkout, invoice or app.

  3. 3

    CustomerBank · TEF:

    Transfers from their bank

    Electronic transfers only; cash deposits are not credited.

  4. 4

    LocalpaymentYour business:

    Webhook: payment received

    Localpayment matches the transfer to the virtual account automatically. Signed webhook with payer data and amount; funds are credited to your Localpayment balance.

Simplified diagram. Timing depends on the rail and the bank; see the key facts below.

How it works

How a TEF payout works

Actors and steps follow the documented flow. The final status always arrives by signed webhook.

  1. 1

    Your businessLocalpayment:

    Sends the payout request

    POST /api/payout/ with the beneficiary details, amount and externalId. Compliance checks run; with requireAuth, a second approver signs off before funds move.

  2. 2

    LocalpaymentBank · TEF:

    Locks the funds and sends the instruction

    The payout moves from Locked to In Progress over TEF.

  3. 3

    Bank · TEFBeneficiary:

    Credits the beneficiary

    Timing depends on the rail; see the key facts below.

  4. 4

    LocalpaymentYour business:

    Webhook: payout completed

    Localpayment updates the payout to its final status. Signed webhook with the final status; the proof of payment can be downloaded.

Simplified diagram. Timing depends on the rail and the bank; see the key facts below.

How it works

See TEF in action

A simplified, fictitious walkthrough. Names and amounts are examples.

  1. 1Comercio EjemploCheckout shows the account details to pay CLP 185,000.
  2. 2Banco EjemploThe payer transfers CLP 185,000 to the account shown.
  3. 3Payment confirmedYour system receives the signed webhook and releases the order.
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Key facts

TEF: key facts

  • Country

    Detail
    🇨🇱 Chile

  • Currency

    Detail
    CLP

  • Direction

    Detail
    Pay-in and payout

  • Pay-in · Virtual account (TEF-In)

    Detail
    Real-time, confirmed by webhook · CLP 1 – 100,000,000

  • Payout · Bank transfer (TEF)

    Detail
    Real-time, 24/7 · Up to CLP 7,000,000

  • Payout · TEF high-value

    Detail
    Same day, cut-off 15:25 local time · Above CLP 7,000,000

Taken from the Localpayment documentation for each country. Limits and availability can change; confirm them with your account manager.

Consumer experience

What your customer sees with TEF

Authorization, limits and refunds as documented on docs.localpayment.com. Limits are shown only where the documentation states them.

  • How the customer authorizes

    Your checkout shows the virtual account details: bank, account number, RUT and beneficiary name. The customer opens their bank app, registers the destination account, enters the amount and confirms the transfer. The credit is matched to the virtual account automatically and the webhook fires once the funds are credited.

  • Documented limits

    Virtual account (TEF-In) (Pay-in): CLP 1 – 100,000,000 · Bank transfer (TEF) (Payout): Up to CLP 7,000,000 · TEF high-value (Payout): Above CLP 7,000,000. Per transaction, as published in the documentation; contractual limits may differ.

  • Refunds and returns

    A credited transfer can be refunded with PATCH /api/payin/{externalId}/refund. Only full refunds are supported and the funds are routed back to the payer’s original account automatically, with no extra beneficiary data. Cash deposits are never credited.

Integration checklist

Go live with TEF in five steps

The same sequence for every rail. Watch the animated checkout for this country before you build.

  1. Get Stage credentials

    Request access, receive sandbox credentials and obtain a JWT with POST /api/token/.

  2. Create the pay-in

    POST /api/payin/ with the Localpayment code from the key facts table, ISO-3 country, currency, amount and payer data.

  3. Show the instructions

    Render the QR, code, redirect or account details from the response and respect the expiration date.

  4. Verify the webhook

    Validate x-Signature (HMAC-SHA256), release the order on status 200 and deduplicate on externalId.

  5. Watch the animated checkout

    Every method of this country, screen by screen, in the checkout experiences gallery.

History

How Chile made bank transfers instant

Sources: Banco Central de Chile, Payment Systems Report 2023–2026 and regulation on low-value clearing houses; Law 21.521 (Fintec).

  1. TEF becomes an instant payment

    Following instructions from the banking supervisor, banks start processing electronic funds transfers (TEF) as instant payments, with funds available to the receiver immediately, cleared through the automated clearing center.

  2. Fintec Law

    Law 21.521 takes effect on 4 January 2023, creating the Open Finance System and a licensing framework for payment initiators and other fintech services.

  3. Regulated low-value clearing house

    Under the central bank’s new rules for low-value payment clearing houses, the clearing house that processes TEF starts operating within the regulated perimeter.

  4. 100 transfers per adult

    Chileans make about 100 TEF transactions per adult in the year, a value close to 95% of GDP; around 10% of interbank transfers already pay merchants.

  5. Instant payments at the point of sale

    The central bank announces regulation, for public consultation, to strengthen the instant payment system and promote TEF as a means of payment in commerce.

Why Localpayment

Why use TEF with Localpayment

  • One API for pay-ins and payouts

    TEF runs on the same API as every other method: POST /api/payin/ to collect, POST /api/payout/ to pay out, and new markets by configuration.

  • Webhook status on every transaction

    Every status change is pushed to your endpoint, signed with HMAC-SHA256, so you can verify and automate.

  • Reconciliation in the Business Portal

    Match every transaction through your externalId and our internalId, with Business Portal reports and balance APIs.

Keep exploring

FAQ

TEF: frequently asked questions

How fast is a TEF payment confirmed?

TEF is a real-time rail that confirms in seconds, 24/7. For pay-ins into a virtual account the final status reaches you by signed webhook, so drive your order flow from that notification.

What are the limits?

TEF-In virtual accounts document CLP 1 to 100,000,000 per transaction, and per-bank limits are published in the docs. TEF payouts are real-time up to CLP 7,000,000. Confirm your own limits with your account manager.

What happens above CLP 7,000,000 in payouts?

Amounts above CLP 7,000,000 use the TEF high-value route, which settles the same day instead of in real time. You still send it through the same payout API.

Can I pay out to wallets in Chile?

Yes, through a bank transfer: the funds are credited to the beneficiary’s wallet via the bank rail.

Why are there per-bank limits on TEF-In?

Each Chilean bank sets its own daily transfer caps for its customers. The documentation publishes the known limits per bank so you can warn payers before they attempt a transfer above their bank’s cap.

Does a TEF pay-in have chargebacks?

No. A TEF is a push transfer the payer authorizes in their own bank app, so there is no card-style chargeback. Returns are refunds you initiate as a payout to the payer.

Which document types are accepted?

The documented identifier in Chile is the RUT, for both the payer of a virtual account and the beneficiary of a payout.

What are the payout statuses?

100 Received, 101 Locked (passed compliance), 102 In Progress (sent to the bank), 200 Completed (credited) and 300 Rejected, each delivered by signed webhook.

Add TEF to your payments

Tell us your markets and volumes. We start you on Stage (sandbox) credentials and guide you to go-live.

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