Reply
 
Thread Tools Search this Thread Display Modes
 
Old 11-26-2013, 07:21 PM   #1
Senior Member
 
Bilgewater's Avatar
 
City: Circleville, Ohio
Vessel Name: Sunset Lady
Vessel Model: 1975 Chris Craft 35 Aft Cabin
Join Date: Jun 2011
Posts: 276
Banking underway

We plan to move aboard and loop next summer. We're wondering about other cruiser's experience with banks and banking while underway. We're selling the house, selling off everything we don't need, and simplifying. We understand most payments and services can be made online, but were wondering about availability of banks/ATMs as we travel about. We plan on having 2 boat units hidden onboard, but would want to replenish that when it gets below 1. Don't want to pay out the wazoo for non-affiliated ATM fees. Any suggestions?
__________________
Bilgewater

"Keep putting off till tomorrow, and you'll end up with a lot of empty yesterdays" Prof. Harold Hill
Bilgewater is offline   Reply With Quote
Old 11-26-2013, 07:37 PM   #2
Guru
 
Daddyo's Avatar
 
City: Cruising East Coast US
Vessel Name: Grace
Vessel Model: DeFever 48
Join Date: Apr 2008
Posts: 2,420
A non issue. Use your debt card for everything and once in a blue moon get some cash and pay the $1-2 fee.
__________________
Cruiser
Esse Quam Videri
Daddyo is offline   Reply With Quote
Old 11-26-2013, 08:25 PM   #3
Moderator Emeritus
 
Bay Pelican's Avatar
 
City: Chicago, IL
Vessel Name: Bay Pelican
Vessel Model: Krogen 42
Join Date: Oct 2007
Posts: 2,993
There are many different approaches. Within the United States and Canada cash can be obtained easily by selecting one or more banks with a large number of branches and ATMs. This will vary depending on where you are. Remember you can set up a savings account and draw from it using an ATM card. Thus you could have savings accounts at multiple banks and deposit to that account when you are in its region.

As to bill payment. On line works, although I prefer auto pay so that I don't have to do financial transactions over wifi.

This gets much more complicated if you go to the Bahamas or Mexico as the foreign transaction fees will start at 3% unless you find the right charge, debit and ATM cards.

Marty
Bay Pelican is offline   Reply With Quote
Old 11-26-2013, 10:49 PM   #4
Guru
 
AusCan's Avatar
 
City: Adelaide
Vessel Name: Kokanee
Vessel Model: Cuddles 30 Pilot House Motor Sailer
Join Date: Jul 2012
Posts: 3,218
No different than when at home.
I use my credit cards wherever possible to cover 95% of expenses, which are paid off automatically at the end of each month so no interest charges, and withdraw cash occasionally to cover small expenses. Regular bills taken care of on auto-pay.
AusCan is offline   Reply With Quote
Old 11-27-2013, 07:04 AM   #5
Senior Member
 
Tomas's Avatar
 
Join Date: Dec 2010
Posts: 207
We also charge most expenses; receive and pays monthly bills over the internet. Have Debit Card thru Fidelity, they reimburse ATM charges. Rarely have more than $500 cash on the boat (when we cruised the Caribbean we carried more cash, but never needed it). Internet access and ATM machines are available virtually everywhere. Banking is not a problem.
Tomas is offline   Reply With Quote
Old 11-27-2013, 07:53 AM   #6
Moderator Emeritus
 
jwnall's Avatar
 
City: St. Marks, Florida
Vessel Name: Morgan
Vessel Model: Gulfstar 36
Join Date: Sep 2012
Posts: 3,673
Quote:
Originally Posted by Tomas View Post
Rarely have more than $500 cash on the boat (when we cruised the Caribbean we carried more cash, but never needed it).
When we were cruising the Caribbean we were told at the outset to always have a stash of cash just in case. So I got $5,000 in small bills and hid them in a safe place on the boat where no one would ever think to look. We cruised for four years and it was never needed. But when I got back home I couldn't remember where I had put the cash! Took a long, long time to find it, because I had hid it well. Where no one would ever think to look. Including me!
__________________
John
jwnall is offline   Reply With Quote
Old 12-01-2013, 09:08 AM   #7
Guru
 
Keith's Avatar
 
Vessel Name: Anastasia III
Vessel Model: Krogen 42
Join Date: Oct 2007
Posts: 2,716
Bank of America has the most ATM's in the US, followed closely by Wells Fargo. BOA has a smartphone ap that lets you handle pretty much all your banking needs. You can take pictures of checks to deposit them, transfer funds, do bill pay, etc. Use the card at ATM's.
Keith is offline   Reply With Quote
Old 12-01-2013, 09:27 AM   #8
Guru
 
Off Duty's Avatar
 
City: Tampa
Join Date: Oct 2013
Posts: 844
You may also want to check with some of the larger credit unions as well as online banks.

Some of them will reimburse you for out of network ATM transactions.
Not sure what online banks can do, but since they're "online", I would think that they would be a bit more accommodating?

Worth looking into.
Off Duty is offline   Reply With Quote
Old 12-01-2013, 09:33 AM   #9
Senior Member
 
Tomas's Avatar
 
Join Date: Dec 2010
Posts: 207
jwnall - we had a similar experience with out "cash stash", except yard workers in Cartagena found the money and left it in its original envelope on the nav table. $2000 in faded, crisp $100 bills removed from the headliner where I hidden them 5 years before. Couldn't find anyone in Central or South America who would accept it, but no problem spending it in the US.
Tomas is offline   Reply With Quote
Old 12-01-2013, 10:09 AM   #10
Guru
 
AusCan's Avatar
 
City: Adelaide
Vessel Name: Kokanee
Vessel Model: Cuddles 30 Pilot House Motor Sailer
Join Date: Jul 2012
Posts: 3,218
Tomas,
Nice little surprise to find.

Although not surprising they don't take US dollars. I'm sure you'd also have trouble spending Columbian peso's in the US.
AusCan is offline   Reply With Quote
Old 12-01-2013, 10:38 AM   #11
Moderator Emeritus
 
jwnall's Avatar
 
City: St. Marks, Florida
Vessel Name: Morgan
Vessel Model: Gulfstar 36
Join Date: Sep 2012
Posts: 3,673
Quote:
Originally Posted by AusCan View Post
Although not surprising they don't take US dollars. I'm sure you'd also have trouble spending Columbian peso's in the US.
Actually, in the several years that I spent cruising in the Northwest Caribbean, I found that that even the most remote, isolated coastal village would always accept US dollars. All change is in local currency, though, so best to carry small bills.
__________________
John
jwnall is offline   Reply With Quote
Old 12-01-2013, 11:29 AM   #12
Guru
 
Edelweiss's Avatar
 
City: PNW
Vessel Model: 1976 Californian Tricabin LRC
Join Date: May 2011
Posts: 1,860
If your going to take a cash stash, take smaller denominations, $10's and $20 bills. The US $100 bill is the most counterfeited bill in the world. Especially in some areas of south and central America. Even in Europe the banks were reluctant to accept them unless you had or were setting up an account at their bank.

I use a Bank of America debit card for withdrawing ATM cash for local currency and back it up with an American Express and Capital One credit card. I haven't checked it out yet, but B of A has a travel card that is supposed to have some advantages for travelers?? I don't particularly like B of A, but they do have an abundance of branches and European partner banks that you can use while traveling.

Why three cards? Debit cards are the best deal for ATM's, but have a habit of not always working at some banks and ATM's in countries where debit cards are not used. Don't carry all the cards in the same place, one in your wallet, one hidden somewhere not on your person and I use a money belt for passport and the 3rd card.

Occasionally a card may stop working or be locked out by Visa / Mastercard. I rented a car in Portugal using a VISA card. Tried to use the same card to purchase gas and it was declined. Found out after I got back that the car rental company had put a limit hold on the card to cover the insurance deductible on their car. Once the car was returned, the card started working again.

Notify your card company security that you will be traveling outside of your country and make sure they have your cell phone and email address to contact you. Many companies allow you to do it on line and it's pretty simple. If you don't, they will see out of country purchases and if it's not in your pattern of card use, they may lock down your card until they can contact you.
__________________
Larry B
Careful . . .I Have a Generator and I'm not afraid to use it !
Edelweiss is offline   Reply With Quote
Old 12-01-2013, 11:57 AM   #13
Guru
 
pilothouse king's Avatar
 
City: St. Lucie VILLAGE -NOT- Port St. Lucie!!!!!
Vessel Model: 15' Hobie Power Skiff w/90hp Yamaha-owned 28 years. Also a 2001 Bayliner 3788 that I took in trade
Join Date: Sep 2013
Posts: 525
Many banks have Auto Bill pay, so you don't have to mess with any bills at all. You set it up-the bills come in- you're given notice by email, they pay them, and that's it.
Other than that cash is always good to have on hand. Those new $100.00 bills are pretty cool and can't yet be counterfeited. The Bahamas only accept cash for clearing Customs.
__________________
.
Blake Davis Yacht Brokerage Inc

Yacht Broker/Owner since 1984, Florida License #32
pilothouse king is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Trawler Port Captains
Port Captains are TF volunteers who can serve as local guides or assist with local arrangements and information. Search below to locate Port Captains near your destination. To learn more about this program read here: TF Port Captain Program





All times are GMT -5. The time now is 11:24 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012