UPDATED 4.10pm: The death toll from the 8.3 magnitude earthquake that struck off the coast of Chile has risen to five.

Officials say a million people have been evacuated from coastal areas due to the tsunami threat.

Several strong aftershocks hit within minutes as tsunami alarms sounded in the port of Valparaiso and authorities issued a tsunami alert for the country's entire coast.

Australian student Katy McCole was in Santiago when it hit. 

"We got under the table and it kept going and it kept going. The house was moving..luckily nothing fell but it kept going for about two minutes."

Data from the US Geological Service shows the quake was 46 kilometres west of Illapel, and was 8.3 kilometres deep.

Earthquakes of this size are known to generate potentially damaging and destructive tsunamis.

The Pacific Tsunami Warning Centre says tsunami waves of 30 centimetres to one metre above the tide level are possible for New Zealand.