It's a very versatile greeting and can be used in almost any situation.
However, depending on the context, you might also use:
* "Buenos días" (Good morning) - Used in the morning.
* "Buenas tardes" (Good afternoon/good evening) - Used from midday onwards.
* "Buenas noches" (Good night) - Used in the evening.
Remember that Chileans are generally warm and friendly people, so don't be afraid to greet them with a smile!