Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 02-04-2010, 17:14   #1
Registered User
 
Silverbow's Avatar

Join Date: Apr 2010
Location: Texas
Boat: In search of the right Catamaran
Posts: 33
Banking Abroad

How are people conductiong their finances when out of the U.S. or doing mainly anchorages? Access to money? Is it a credit card world? How are people paying insurances and payments? Stock trading?

What digital world options are people using to keep their identity and money safe while doing 'internet' transactions? While out to sea?

Is there a guide book that addresses this issue that someone can recommend?

We are building our bank account to cut the lines soon, and we are stressing about how to handle banking. (send kids money ... ) Are people carrying heaps of cash around with them? We have our stuff tied to USAA and we are retired military.

Again, this topic is a HUGE stress point for 'us' and is hindering the knife that will wield our freedom. What people write here will be heavily weighed by my wife!... who needs to know their are feasable solutions. There has to be, considering there are so many cruisers and liveaboards doing it right now!
__________________

__________________
Silverbow is offline   Reply With Quote
Old 02-04-2010, 17:46   #2
Nearly an old salt
 
goboatingnow's Avatar

Cruisers Forum Supporter

Join Date: Jun 2009
Posts: 13,649
Images: 3
I'm not in the US, but in my case I can manage all my accounts online with my bank back home. Hence I can transfer money to the kids etc and more importantly to my credit card. Also I mainly use am ATM card with the international cirrrus option aloes me withdraw cash around the world. After that I use credit cards visa or MasterCard nothing else is useful. I take enough emergency cash from time to time depending on what " tech level" the country is. Sailing around say Europe the us the carribean I rarely keep much cash at all.

It's not that difficult

as to internet security etc I don't have anything other then the standard security systems that come with my visa and ATM card both these are chip and pin based( as are all europea) cards now as many places will not accept signature only cards.
__________________

__________________
goboatingnow is offline   Reply With Quote
Old 02-04-2010, 18:18   #3
Senior Cruiser
 
maxingout's Avatar

Cruisers Forum Supporter

Join Date: Dec 2006
Location: Fort Pierce, Phoenix
Boat: Privilege 39 Catamaran, Exit Only
Posts: 2,606
I use one credit card for ATM cash advances and for purchases. I use my satellite telephone once a month to transfer money from a bank account to pay off my credit card balance. That takes care of all my finances wherever I am located in the world.
__________________
Dave -Sailing Vessel Exit Only

http://SailingUNI.com
http://maxingout.com
http://PositiveThinkingSailor.com
maxingout is offline   Reply With Quote
Old 02-04-2010, 18:34   #4
Registered User

Join Date: Jun 2006
Boat: CT54
Posts: 358
Images: 3
It has not been a problem here in Mexico. ATMs are everywhere and banking is easy on-line. The only problem we have had was sending insurance premiums that accept checks only (no credit cards). We then have to mail a check back to the states. Normally we do this by sending mail with a cruiser flying back to the states which has not been a problem thus far. My only suggestion is to bring US postage stamps as we did not think of this before leaving.
Jackie
__________________
jackiepitts is offline   Reply With Quote
Old 02-04-2010, 18:39   #5
Registered User
 
Silverbow's Avatar

Join Date: Apr 2010
Location: Texas
Boat: In search of the right Catamaran
Posts: 33
Dav,

I love your video's!!!!

They make me miss my dad. He was an awesome adventurer like you!
__________________
Silverbow is offline   Reply With Quote
Old 02-04-2010, 18:43   #6
Registered User

Join Date: Jul 2006
Location: caribbean winter, Durango,CO summer
Boat: Nordhavn 5740
Posts: 455
Images: 4
Banking........

we used wire xfers (set up the capability ahead of time) to pay for large purchases while equipping our catamaran in South Africa before sailing her to the Caribbean. a debit card is also a good idea as we found having one useful.
__________________
gbanker is offline   Reply With Quote
Old 02-04-2010, 18:45   #7
Senior Cruiser
 
Lancerbye's Avatar

Cruisers Forum Supporter

Join Date: Mar 2007
Location: Ladysmith,BC, Vancouver Island , Canada
Boat: Lancer 44 Motorsailer
Posts: 1,758
Images: 32
I use Internet to do transfers, Atms for cash. Presently in the Philipinnes. Rural areas don't accept VISA or any kind of credit cards. Contact your card carriers as to your travel plans or they will lock up your account and then you will have to phone them.
__________________
The basis of accomplishment is in never quitting
Mengzi Meng-tse
Lancerbye is offline   Reply With Quote
Old 02-04-2010, 19:05   #8
Registered User
 
Silverbow's Avatar

Join Date: Apr 2010
Location: Texas
Boat: In search of the right Catamaran
Posts: 33
Wife is happy that ATM card is good. Thanks for the quick posts!
First planned visit is the Bahama's. Is cyber crime there a problem?
(I love this site... with diligent reading you can chart successful ports very easily. I read it everyday now.)

After getting our 'shake down' cruise out of the way... we plan to go transatlantic and up the European coast. Are there any money/banking matters from Portugal to Denmark?

Since I am prior service, ARMY, not Navy, would it be worth while to get a Navy Federal Credit Union account? I read Suzanne Geissemann's books and her and her husband (NOTE: making serious pension retirement cash) used the Navy bases a lot.

Again thanks!
__________________
Silverbow is offline   Reply With Quote
Old 02-04-2010, 19:35   #9
Registered User
 
Silverbow's Avatar

Join Date: Apr 2010
Location: Texas
Boat: In search of the right Catamaran
Posts: 33
A little off thread... but I wonder how cruisers delt with money matters say... 50 to 100 years ago. They must have kept large safes full of gems and minerals to get resupplied. :-D
__________________
Silverbow is offline   Reply With Quote
Old 02-04-2010, 19:35   #10
Registered User
 
Surveyor's Avatar

Join Date: Mar 2010
Location: Ft. Pierce, FL - Bislig, Philippines - Gladstone QLD
Boat: 1968 Alberg 30 #329
Posts: 451
Quote:
Originally Posted by Lancerbye View Post
Contact your card carriers as to your travel plans or they will lock up your account and then you will have to phone them.
I have had this same problem in the past on business trips. Seems to be a symptom of banking with smaller county and regional banks. "Oh, your in Angola? Ok, we will reactivate your card right away. Give it 2 hours and try again". It is built-in insurance but it can be a severe pain in the membrane if you need it NAO.

Banking is a whole other subject. Whatever you do, DONT do your banking on a insecure wifi network you picked up in the middle of a port of call.
__________________
Jim - Bahala na!
http://svcookie.blogspot.com/
KK4GGF
Surveyor is offline   Reply With Quote
Old 02-04-2010, 19:39   #11
Registered User
 
Surveyor's Avatar

Join Date: Mar 2010
Location: Ft. Pierce, FL - Bislig, Philippines - Gladstone QLD
Boat: 1968 Alberg 30 #329
Posts: 451
Quote:
Originally Posted by Silverbow View Post
A little off thread... but I wonder how cruisers delt with money matters say... 50 to 100 years ago. They must have kept large safes full of gems and minerals to get resupplied. :-D
Minerals? I am sure my good man that you meant RUM!
__________________
Jim - Bahala na!
http://svcookie.blogspot.com/
KK4GGF
Surveyor is offline   Reply With Quote
Old 02-04-2010, 19:49   #12
Registered User
 
Silverbow's Avatar

Join Date: Apr 2010
Location: Texas
Boat: In search of the right Catamaran
Posts: 33
Surveyor... that would be THE spirit of the mariner, who would trade such a valuable resource unless it was for ... something you REALLY needed. =-D

I was talking about precious metals = minerals (are these the same?)
__________________
Calvin Silverbow
_________________________________
Funny how the brain controls the brain!
Silverbow is offline   Reply With Quote
Old 02-04-2010, 20:01   #13
Registered User
 
Surveyor's Avatar

Join Date: Mar 2010
Location: Ft. Pierce, FL - Bislig, Philippines - Gladstone QLD
Boat: 1968 Alberg 30 #329
Posts: 451
Quote:
Originally Posted by Silverbow View Post
Surveyor... that would be THE spirit of the mariner, who would trade such a valuable resource unless it was for ... something you REALLY needed. =-D

I was talking about precious metals = minerals (are these the same?)
These precious metals you speak of, they sink me boat! I will have naught to do with such for I am in search of far greater riches.....like your sig!
__________________
Jim - Bahala na!
http://svcookie.blogspot.com/
KK4GGF
Surveyor is offline   Reply With Quote
Old 02-04-2010, 20:02   #14
Senior Cruiser
 
FSMike's Avatar

Cruisers Forum Supporter

Join Date: Aug 2009
Location: Bahamas/Florida
Boat: Solaris Sunstar 36' catamaran
Posts: 2,654
Images: 5
Quote:
Originally Posted by Silverbow View Post
First planned visit is the Bahama's. Is cyber crime there a problem?
I think the only "cyber crime" you really have to worry about in the Bahamas these days is the amount BaTelCo charges you for a phone call or an internet connection.
__________________
Sail Fast Live Slow
FSMike is offline   Reply With Quote
Old 02-04-2010, 20:34   #15
Registered User
 
Silverbow's Avatar

Join Date: Apr 2010
Location: Texas
Boat: In search of the right Catamaran
Posts: 33
Finances are such a big part of being a cruiser and living aboard. Thanks for the good replies. How about cell phone connection and data transfers via cell phones... is this expensive? Every pay check I get I dump into my income account and I buy stocks that pay dividends. I am soooo worried about maintaining this when we finally cut loose. This is how plan to pay my way when we do cut loose.

Again thanks!

Surveyor: I am sure the SPIRIT of the Sea sinks far more boats than the cargo of a precious metal. Unless it is of course Heavy Metal! Older guys would probably prefer Elvis: "Get her up to 20 knots 'upwind' while this song is playing!" Being able to maintain this safely would be treasure enough!
__________________

__________________
Calvin Silverbow
_________________________________
Funny how the brain controls the brain!
Silverbow is offline   Reply With Quote
Reply

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Health Care Abroad virginia boy Off Topic Forum 37 18-08-2009 10:29
financing a live abroad sailorboy1 Dollars & Cents 4 28-11-2008 16:36
Speaking abroad hatteras Meets & Greets 11 07-03-2007 06:44
Banking while cruising Sonosailor General Sailing Forum 10 28-12-2003 18:45



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 18:21.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.