Bank transfer to Chile to buy a car

2 posts / 0 new
Last post
#1 Sat, 03/05/2016 - 14:03

Bank transfer to Chile to buy a car

Hi,
Just wondering if anyone can provide any tips from experience as to the most economical way for transferring money into Chile (from Australia) to buy a car from a Chilean local?

The fees for Withdrawing from ATM's are pretty high, same with western union and the local banks are pretty difficult to deal with from what I understand.

Cheers.

Sun, 03/13/2016 - 17:31

Hi mate,

Hi mate,

We just went through the same process a couple of weeks ago and looked into this pretty extensively. We're also from Australia, so it may help.

Best bet will be with your Aussie bank. We got a Citibank account before we left because they give you the best rates, but if you're overseas now and you don't have an account it will be near impossible to organise from overseas. If you know someone who has a Citibank account you could transfer to them in Australia and they pay the seller.

If you bank with one of the majors they will definitely be able to do international bank transfers. You need to ask about any direct fees they charge (usually none to minimal) and the rate you get. Ask them for the current rate and compare that to the spot rate on fx.com. This is where they make their money, so you want the difference to be as small as possible.

Just keep in mind the transfer will take roughly a week to go through, so make sure you're protected between paying and getting the car...