- For larger transfers, get no transaction fees and no maximum send limits.
- Fast 1-2 day delivery to bank accounts
- Price-match guarantee
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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 USForex, and WorldRemit all 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 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.
Consider the following factors when weighing up the pros and cons of different money transfer services:
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