How to Pay for a Car

General topics related to Living in Chile
proger
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Re: How to Pay for a Car

Post by proger » Mon May 20, 2019 11:59 pm

tiagoabner wrote:
Mon May 20, 2019 10:00 pm
That sounds to be his in-law, in this case, assuming he trusts him - I'm not one to be assuming about other people's lives. Although Transferwise (or XE, or almost everything else, really) will give him better rates than PayPal when sending the money to Chile.
how better rates that paypal? there are no fees to transfer money with paypal to other paypal account. from there the only problem is the need of a local account the pull the money...

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tiagoabner
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Re: How to Pay for a Car

Post by tiagoabner » Tue May 21, 2019 12:06 am

There are no fees for PayPal transfers for personal use only, and usually only if both accounts are from the same region/currency.

Regarding the difference in fees, PayPal/Multicaja charges roughly 2-4% on top of the mid-market rate, depending on the currency pair. One should always at least compare the fees between multiple services to get the best possible rates.

Quick example: PayPal charges me 3% to convert from Euro to pesos. If I was to use it to pay for 1500€ per month of living expenses on Chile, I would be paying 540€ per year on fees. Transferwise charges 1.5% for the same currency pair, which would save me 270€ a year. Certainly not enough to make me rich, but I'm not going to throw away this much money if I can avoid it.

proger
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Re: How to Pay for a Car

Post by proger » Tue May 21, 2019 12:11 am

tienes razon

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tiagoabner
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Re: How to Pay for a Car

Post by tiagoabner » Tue May 21, 2019 12:25 am

Still, I'm no expert in transfers as large as those involved in OP's car purchase, so I defer to those with more experience and knowledge than me on this matter.

Britkid
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Re: How to Pay for a Car

Post by Britkid » Tue May 21, 2019 10:04 am

Spudzilla wrote:
Mon May 20, 2019 10:50 pm
The last vehicle I purchased was a new pickup truck through a dealer in Santiago. I made a payment to my credit card company, for the entire amount of the vehicle, in advance. I then charged it on my card.
I did coordinate this in advance with the credit card company.
You do get hit with fees, but in my case I received quite a few frequent flyer miles on my card.
It didnt take more than half an hour at the dealer.
Sounds like an idea worth considering. It will certainly be easier if credit cards are an option.

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Space Cat
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Re: How to Pay for a Car

Post by Space Cat » Tue May 21, 2019 11:22 am

Don't forget PayPal's habit to freeze "suspicious" accounts for months, you can find hundreds of histories online. I try not to keep more than a few hundreds there.

Britkid
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Re: How to Pay for a Car

Post by Britkid » Tue May 21, 2019 4:13 pm

Do the stories usually end with people getting their money back eventually, or have people actually lost their money in many cases?

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Space Cat
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Re: How to Pay for a Car

Post by Space Cat » Tue May 21, 2019 5:26 pm

Britkid wrote:
Tue May 21, 2019 4:13 pm
Do the stories usually end with people getting their money back eventually, or have people actually lost their money in many cases?
No idea about the outcome ratio but in the tech world PayPal is considered not reliable for moving large sums around or being the only sales/donations channel. It's cool and safe for buyers but not for the companies or individuals who receive money.

at46
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Re: How to Pay for a Car

Post by at46 » Wed May 22, 2019 2:08 pm

I had my paypal account blocked once and it took about a month to unblock it after I sent in additional documents. I always recommend fondos mutuos for moving chunks of money in and out of Chile. Works just like a regular bank and the fees are negligeble.

Britkid
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Re: How to Pay for a Car

Post by Britkid » Wed May 22, 2019 10:51 pm

Says like paypal might be a good choice for sending small amounts but too risky for a large amount.

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