Transfer funds internationally - fast!

September 4, 2007 7:06 PM

What's the fastest way to transfer money from a British bank account into an American (Honda car dealer's) account?

I have identified a car in the US (where I am). I have the money in the UK (where I used to live). I don't have a US bank account but need the car right away. How can I send the money?

posted by TrashyRambo to work & money (7 answers total)

When I sold my car the buyer was able to go to hondafinancialservices.com (who I owed the balance of my loan to) and submit a payment. Maybe the same thing can be arranged for your payment. Could they overnight a certified check to you?
posted by Frank Grimes at 7:11 PM on September 4, 2007

your bank ought to be able to wire it the same day. it'll cost, but it's fast.
posted by thinkingwoman at 7:22 PM on September 4, 2007

swift code (aka routing number) acct number, and a friendly teller in the UK. easy peasy. Last time i did it the US bank charged a $12 flat fee, i'm not sure what the fee was Empire side.
posted by markovitch at 8:19 PM on September 4, 2007

Get the SWIFT code from the dealer, or get the name of the bank and ask it for the code. It's not the same as the US routing number. (There's a directory of codes, but you really need to get confirmation from the dealer's bank: ask second-level support for the relevant SWIFT and IBAN details.)

How long it takes really depends on how closely the dealer's bank is affiliated to yours. If he's with the First National Bank of Cowtown, it may take a while.

Anyway, expect to spend some time on the phone, checking and double-checking with bank people on both sides of the pond. And expect them to double-check with you, since an expedited transfer of buy-a-car's-worth money is likely to be flagged for extra verification.
posted by holgate at 9:14 PM on September 4, 2007

Western Union.

Bank tells WU to give you money.

You go to WU and show ID.

WU gives you money.
posted by DrtyBlvd at 12:13 AM on September 5, 2007

As someone who once worked at SWIFT, and who has had to do international money transfers in the (distant) past, I'd go with that route.
posted by lowlife at 5:55 AM on September 5, 2007

I would go bank transfer as well, using that SWIFT code thingy. We used it all the time when selling products overseas.

Just ask your banker for details on making this wire transfer happen. I think the total cost was something like US$25. Small change in exchange for security and speed. I believe we saw the amount credited to our account in about a day.

Try not to email the relevant account numbers, by the way. Email is usually unencrypted. I prefer to get it over the phone or, if that's not possible, via fax.
posted by Tacodog at 1:06 PM on September 5, 2007