If you need to send funds abroad, the first option you might consider is transferring money through your bank. But even though banks can send international wire transfers in a huge range of currencies to destinations all around the world, sending money via your bank will cost you.
Poor exchange rates and high fees are the norm when sending overseas transfers through your bank, so you can save a lot of dough if you shop around to find a specialist money transfer service. These companies offer markedly better exchange rates than the banks and in most cases also impose lower transfer fees, which can all add up to a significant saving — especially when you’re transferring a large amount.
Online money transfer providers such as OFX, and XE both offer secure and reliable online transfers, combining convenience with affordability.
In other cases, you may want to transfer the funds overseas in cash, either directly to a private seller or perhaps to a trusted friend who will buy the car on your behalf. Companies like MoneyGram, Western Union and Ria can help in these circumstances, offering fast and simple money transfers to cash pickup locations around the world.
Vintage car enthusiast Don wants to buy a historic Mini Cooper from a seller in the United Kingdom. Having agreed on a sale price of USD $10,000 with the seller for the slightly damaged car, Don begins arrangements to transfer the necessary funds. But when he sees the poor exchange rate on offer from his bank, he decides to see if he can find a better deal from a specialist transfer service — he compares two services to see which one offers the better deal.
| Money transfer company 1 | Money transfer company 2 | |
|---|---|---|
| Exchange rate | 1 USD = 0.6493 GBP | 1 USD = 0.637 GBP |
| Transfer fee | $0 | $10 |
| Transfer method | Bank account transfer | Bank account transfer |
| Turnaround time | 3 business days | 4 business days |
| Amount received (in GBP) | £6,493 | £6,370 |
As this table shows, Don can send an extra £123 by using the first transfer service and also save USD $10 in transfer fees.
Finder data suggests that men aged 25-34 are most likely to be researching this topic.
| Response | Male (%) | Female (%) |
|---|---|---|
| 65+ | 3.58% | 1.97% |
| 55-64 | 9.32% | 2.87% |
| 45-54 | 10.75% | 4.12% |
| 35-44 | 15.59% | 7.17% |
| 25-34 | 17.20% | 7.89% |
| 18-24 | 14.34% | 5.20% |
Consider the following factors when weighing up the pros and cons of different money transfer services:
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
Are you visiting from outside the US?
The Federal Reserve is launching its own instant-payment system called FedNow, advertising a staggering delivery speed of seconds.
Using international money orders to send money overseas? Learn about better options.
Transfer agents, mobile wallets and online credit card payments don’t necessarily require a bank account.
Learn how to find a Ria location for cash pickup or transfer.
Learn how to find a Walmart location to pick up or transfer cash.
Instarem offers no-margin, mid-market rates for some of your money transfers.
How do you know if your international money transfer made it safely? Learn how to track or cancel, and find out what your rights are when it comes to sending money.
Looking for higher transfer limits and lower fees? Explore these WorldRemit alternatives to find a good deal.
Western Union’s extensive global network comes with high fees and weak exchange rates, use these alternatives to look for a better deal.
Compare MoneyGram with competitive alternatives to find the best deal for your transfer.
Can I buy a car in another country and leave it there? After I purchased the car, what progress do I need to do? Do I have to report it to DMV? After getting a loan from the US to purchase a car in another country, what documents do I need for the bank?
Hi Jake,
Thank you for getting in touch with Finder.
Yes, you may leave the car you purchased overseas, if you prefer to. You do not have to report that to the DMV unless you’re considering to transport that to the US. If you file for a personal loan and get approved, the bank/lender doesn’t ask for proof on where you spend your money unless they require you to send them paperwork if it was a secured loan, let’s say a car loan. It is best to get in touch with your bank/lender on that matter for further clarification.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni