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Old 24-08-2013, 20:55   #16
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Re: Where do you put your cruising money?

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Originally Posted by mtjewell81 View Post
When cruising, where do people keep their money? Debit/ATM cards? credit cards? cash? travellers cheques? solid gold bars? I hope to be island hopping in the Caribbean in early February and I'm not sure which option is the best. I live and work in Peru and have a bank account here, but I don't know if I should put my money somewhere else. Any ideas?
Wow, just... wow. It only took a couple of posts before people skewed right off the topic raised and into hiding money somewhere on the boat.

For the OP: I agree with post #2. Diversify. Various cards, some cash, some travelers cheques. Don't pull out a hundred dollar bill to pay for a cup of coffee, and all that other advice...

But if you DO decide for a few gold coins understand that they would be for real, real, real emergencies. Back-against-the-wall and nothing else will work emergencies. And don't let anyone on this or any other forum know you have them. Me? I can't see the financial world coming to an end very soon so I don't bother with stashing gold. Others might disagree...

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Old 25-08-2013, 06:26   #17
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Re: Where do you put your cruising money?

Thanks all for the opinions. I'll figure something out.
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Old 25-08-2013, 12:35   #18
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Re: Where do you put your cruising money?

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Originally Posted by mtjewell81 View Post
Thanks all for the opinions. I'll figure something out.
To help, please check out this thread: Banking questions for Canadians/Americans in the Med

The thread started off about the Med, but also gave experiences and ideas for world-wide cruising. {ATM fees, credit/debit cards, TVL cheques, etc.}

Note that posts #3 and #13 give specifics. If YOUR bank isn't listed, then you might do a google search for the bank and its "sister banks" or "partner banks". If your bank partners with ScotiaBank, or BankSantander, you've got it made as they reciprocate and don't charge ATM fees to each other's customers.

If not a partner bank of yours, then given the coverage area provided by ScotiaBank in the Caribbean you might seriously look into opening an account with them.

Hope this helps!

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Old 27-08-2013, 07:34   #19
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Re: Where do you put your cruising money?

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Great story, BelizeSailor!!

We use a debit card in Mexico as it is a mostly cash society except in the big tourist destinations.

Getting a replacement card of any kind would be a big hassle in Mexico, so we limit our credit card use (to avoid fraud) and have a second debit card just in case the first one quits working (magnetic strip dies, or whatever).

We prefer to go to a bank lobby to do debit card transactions just in case the ATM machine doesn't work right (several friends have been shorted by standalone machines and had no recourse). Also, sometimes the machine furthest from the door has a lower ATM fee than the one closest to the door (seriously!!).
You should try to use your backup debit card occasionally, my bank voided mine after a year of non-use, without telling me!!!
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Old 27-08-2013, 07:52   #20
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Re: Where do you put your cruising money?

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I don't have a boat, but if I did, I wouldn't store cash. For security purposes, I don't carry more than $20 in my pocket. When I didn't have a bank account, I kept my money in a safe even when I was living alone.

I don't like this thread because this question sounds like something a thief would ask. If you want to hide your money, you'll figure it out.
Depending on where you go you'll need to carry cash because cards don't mean a damn thing in plenty of places for hundreds (thousands) of miles. Just as an example you could easily spend months in the Sea of Cortez here never coming across an ATM machine or card reader.
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Old 27-08-2013, 18:41   #21
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I have one fake warm waterboiler where i can store whatever.
I do not relay too much on cards since what can you do with that in many remoted places.
Always different curencies and amounts in stock to feel quiet.
More then once it was the reason i could get fuel where others failed. (and better prices)
I am also paranoid or old school maybe but i do not like the idea that my bankaccount is showing what i do, where i am and so on.
For the same reason i only use prepaid cards in my phone and pc's.
Like they say at Harley' nothing beats cubic inches i use to think nothing beats cash on hand and i regret the world changed.
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Old 27-08-2013, 18:56   #22
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Re: Where do you put your Cruising Money?

FYI...Discover card has partnered with Diners Club Intl card, and the result is no Foreign Transaction Fees; call Discover card before leaving, and let them know where you'll be using your card overseas. AMEX prepaid card is something to consider; as good as AMEX traveler's checks benefits.

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Old 27-08-2013, 19:53   #23
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FYI...Discover card has partnered with Diners Club Intl card, and the result is no Foreign Transaction Fees; call Discover card before leaving, and let them know where you'll be using your card overseas. AMEX prepaid card is something to consider; as good as AMEX traveler's checks benefits.

Mauritz
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My Chase Sapphire card has no foreign transaction fees and I do not need to keep them updated on where I am traveling.
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