Finder makes money from featured partners, but editorial opinions are our own.

How to buy a car overseas with an international money transfer

Find out how to buy a car overseas by sending a safe and affordable international money transfer.

Avatar
Avatar

By

Zak Killermann

&

Stacie Hurst

Updated

Fact checked

If you decide to buy a car overseas, paying via international money transfer is not as hard as you might think. There are many online transfer services that make it easy to send funds to dealers and private vehicle sellers inexpensively and securely.

Compare money transfer providers to help you buy a car in another country

Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
1 - 9 of 9
Updated regularly
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Wise (TransferWise) - Under 10k
Finder Award
Wise (TransferWise) - Under 10k
24 hours
From 0.41%
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Go to site
View details
Instarem
Instarem
Within minutes
From $0
Use code FINDER20X2 to get $20 off on first two transfers on a min transfer of $250. Valid until December 31, 2023.
Instarem offers zero transfer fees on all transfers.
Go to site
View details
Africhange
Africhange
Within minutes
From $0
Send money in CAD to Africa on this blockchain and P2P powered provider.
Go to site
View details
Remitly
Finder Award
Remitly
Within minutes
From $0
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site
View details
OFX
Finder Award
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Go to site
View details
WorldRemit
WorldRemit
Within minutes
From $0
Use promo code 3FREE and pay no fees on your first 3 transfers. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site
View details
MoneyGram
Finder Award
MoneyGram
Within minutes
From $4.99
For a limited time, get $0 fees on your first money transfer from Canada. Conditions apply.
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
Go to site
View details
OFX
Finder Award
OFX
24 hours
$0
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.
Go to site
View details
CurrencyTransfer
CurrencyTransfer
24 hours
$0
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
Go to site
View details
loading

Using a money transfer service to pay for an international car purchase

When considering ways to pay a foreign car dealership or private seller, the first option you might think of is to transfer money through your bank. Even though banks can facilitate international wire transfers in a huge range of currencies to destinations all around the world, the cost can be high.

Poor exchange rates and high fees are the norm when sending overseas transfers through your bank. You can save a lot of dough if you shop around to find a dedicated money transfer service. These companies typically offer stronger exchange rates and lower fees than banks, which can add up to significant savings—especially when transferring a large amount.

Online money transfer providers such as Wise, Xe, Remitly and WorldRemit offer cost-effective, flexible ways to pay through secure channels, combining convenience with affordability.

In some cases, you may want to transfer funds overseas in cash, either directly to a private seller or perhaps to a trusted friend who will buy a car on your behalf. Services like MoneyGram, Western Union and Ria can help in these circumstances, offering fast and simple money transfers to cash pickup locations around the world.

Example: Don buys a MINI Cooper from the UK

Vintage car enthusiast Don wants to buy a restored 1960s MINI Cooper from a private seller in the United Kingdom. Having agreed on a sale price of $25,000 CAD, Don researches ways to send the funds directly to the seller’s bank account. He gets a quote for a bank wire transfer and another quote from an online money transfer service. Here’s how the 2 options compare:

Bank wire transferOnline transfer service
Exchange rate1 CAD = 0.5887 GBP1 CAD = 0.5985 GBP
Transfer fee$50$4.99
Speed3-5 business daysSame day
Amount received14,717.50 GBP14,962.50 GBP

In this case, using an online money transfer service is better for both Don and the seller. The fee is lower for Don, the seller will receive 245 GBP more and the transaction is faster. Note that this is just a hypothetical example. Actual rates, fees and transfer speed will vary.

7 steps for importing a car into Canada

How to compare international money transfer services

When weighing different money transfer services, consider the following:

  • Exchange rates. Sometimes, companies recover profit lost from offering strong exchange rates by charging high transfer fees. If you find a service with favourable rates, be sure to cross-check its fees to get the full picture of how much your transfer will cost.
  • Fees. Some companies waive transfer fees for first-time transfers or transactions over a certain amount.
  • Supported currencies. Don’t take for granted that a given transfer service supports your sending and receiving currencies. Always double check before opening an account.
  • In person vs online. Some companies operate strictly online (like Xe and Wise), while others support online and in-person transfers at physical branches (like Western Union and MoneyGram).
  • Flexible transfer options. Do you want to schedule multiple payments? Do you need to pay by credit, debit, bank transfer or mobile wallet? Do you want to send cash? Do you want currency hedging options like forward contracts or limit orders to safeguard against unfavourable exchange rate fluctuations? Be sure to consider these types of factors when comparing transfer services.
  • Processing times. How long will funds take to process? Make sure your seller agrees to the time frame required to receive your payment.
  • Customer support. What customer service options are available if you need help? Are there live chat, phone or email features? Is service available 24/7?

                Issues to consider when buying a car from overseas?

                • Make sure it meets provincial specifications. Check to ensure that the car you buy meets all the necessary requirements to be driven legally in your province. This includes safety and emissions regulations.
                • Outstanding warranty coverage. Does a manufacturer’s warranty still apply to the vehicle? If so, how much coverage is left? Make sure you know where to get your car serviced if it needs repairs. Some foreign-made vehicles require very specific parts from authorized mechanics, which can get inconvenient and costly if you don’t plan ahead.
                • Shipping. Are you responsible for making shipping arrangements, or will this be taken care of by the seller?
                • Extra expenses. Be sure to factor in the cost of sales tax, shipping (if the seller isn’t covering the cost) and import fees if applicable.
                • Ongoing maintenance. A car’s purchase price is only part of the cost of owning a vehicle. Research the average maintenance cost of the make and model you want, and don’t buy unless you can afford the ongoing costs.

                        Compare international money transfer services

                        Frequently asked questions

                        More guides on Finder

                        Ask an Expert

                        You must be logged in to post a comment.

                        Go to site