Getting$$$ while cruising in the Caribbean

[devins]

We are trying to find good information on the best, safest and what has the lowest fees, to get access to cash while in the Caribbean. ATM's, debit cards, cash advance cards, or wire transfers?

Thanks

[john61ct]

The two main factors are no foreign transaction fee, and your bank refunding the ATM charges.

If a US resident, Charles Schwab is great, but don't tell them you're gone for good - maintain a US address.

Always have backup cards, most make it easy to transfer online, takes a few business days sometimes, so keep at least week's spending in every account.

HSBC, Citibank & Chase

First Republic Bank

N26

Transferwise for forex if needed.

Credit cards: Capital One Venture Card, Chase Sapphire Preferred, United MileagePlus Explorer, Chase Visa

Believe it or not good old AMEX can be helpful in a pinch.

[belizesailor]

Normally, ATMs give you the official exchange rate, issue local currency, and are very convenient.

Many banks now wont exchange money unless you have an account with them. Same for wire transfers and debit/credit card advances.

Money changers, whether reputable looking businesses or a shady character on the street, often rip you off big time.

POS terminals are quite common now, even here in the less developed W Carib...I just ran ashore for parts & groceries...all done with debit card.

I now use ATMS/POS almost exclusivley unless Im somewhere with niether (like the San Blas islands...in that case hit the ATM heavily & repeatedly before departure).

[sailorboy1]

The biggest best way to control costs of getting cash is to make a few large transactions instead of many small ones.

People also do things like taking out $100 and pay $6-10 to do so, in order to avoid a 4% credit card surcharge thats crazy.

You need a combination of atm cards and cash back/reward/no yearly fee credits cards. Many credit cards have a cash back % that is more than their foreign exchange fee and you come out ahead.

[Klos2019]

Cruising over the last year, I found ATMs to fairly available in the Caribbean with one caveat... don't wait until you run out to pull out more cash. In some locations, ATMs will run out of money or will be temporarily out of order when you most need them!

[jmschmidt]

Credit cards sponsored by a US airline which have no foreign transaction charges are the best and safest even with their annual fees. US bank issued credit cards, including AMEX, Master Card and VISA, are insured by Federal law to $250,000 against fraud. Debit cards are not. Debit cards can get you cleaned out with little no recourse depending on which state law applies. Foreign issued credit and debit cards may or may not have some fraud protection.

Wire transfers are especially dangerous. $13,000 of my money ended up in Pakistan or Chechnya or someplace, when the wire to me was originated from the BVI. Not only do wire transfers have high sending and receiving fees but all banks and escrow companies now have caveats on their correspondence warning of wire fraud. Banks keep using wires because the fees are so profitable. A paper check sent through the US mail is slower but safer that wires.

[RickG]

Schwab Bank has no ATM fees or foreign tranasction fees and refunds any bank fees. We tend to do the maximum transaction as well. We maintain an address through St. Brendans Isle.

Cheers, RickG

[belizesailor]

Originally Posted by Klos2019

Cruising over the last year, I found ATMs to fairly available in the Caribbean with one caveat... don't wait until you run out to pull out more cash. In some locations, ATMs will run out of money or will be temporarily out of order when you most need them!

True, unlike the developed world where ATMs never seem to run out, its common in less developed countries...often around holidays and may take days to be replenished...so always hit the ATM a few days before a major holiday.

[belizesailor]

Originally Posted by RickG

Schwab Bank has no ATM fees or foreign tranasction fees and refunds any bank fees. We tend to do the maximum transaction as well. We maintain an address through St. Brendans Isle.



Cheers, RickG

Fidelity charges no international transaction fees, but thet dont refund ATM fees charged by other entities (...as I understand Schwab does...not sure how they work that financially).

A big bonus is Fidelity does not charge for international wire transfers (by contrast my regular bank charges $50!). Not so much a bonus for most cruisers, but a big plus for expats w international bank accounts.

[theDangerz]

All of the above responses about ATM and withdrawals are spot on...especially about them frequently running out of money or being “down”.

We have found one of the best ways is to have visiting friend bring cash with them that you can reimburse them for...