Money Management while cruising.

[NornaBiron]

Originally Posted by jcapo

In the US a debit/atm card with the Visa logo can be run as a credit card transaction, no pin needed. If you loose it or the number is scraped it can be used with no pin relieving you of perhaps lots of funds. An atm only card requires a pin.

In the US you can use a regular Visa/Mastercard credit card in atm machines to get a cash advance along with the additional cash advance fees of a credit card.

Ah, thanks. If you come to Europe your credit card also needs a pin number for purchases, 'chip and pin' is everywhere. Very few places seem to accept a signature only, for both credit and debit cards.

[Kestle]

Originally Posted by Snore

While I am not cruising (yet), we bank and invest in with Schwab. Checking links to a backup account and there is a third unlinked investment account. As someone already posted, I never need to look for "my" ATM, when we travel - as all ATM fees are rebated and they have decent foreign exchange rates when abroad.

Having three accounts allow you to separate your living money from your investment money. While the banking system assures everyone that in the event of fraud we are covered, this is a firewall if something's goes wrong. Moving money from the investment to the living accounts requires either a visit to their website or a telephone call and some heavy ID checking.

There are protocols you should be aware of. First, the protections on your credit cards are greater than debit ones. Read the fine print on both. Second, it is better to actually have two debit accounts. We do this with clients, as Schwab can deposit from one to the other regularly. Citibank and HSBC(US) are the easiest American banks to find branches overseas. Bank of America has the best ATM/debit card security. NEVER have unencrypted statements or paper ones kept on board. Your boat will be searched and you won't know you're compromised, then later kidnaped. We have clients going overseas write us plans on how we are to handle that circumstance and coordinate with what family member. Make sure you leave an original Durable Power of Attorney and Healthcare, so treatment etc can be authorized if you are unconscious. And file a damn float/travel plan with your financial advisor.