Travelin' Money

[joe cool]

I've been readin' and learin' but have not found the answer to one of my questions. When I finally get to start sailing how do I take care of the money. I really don't want to carry several thousand in cash, do most places have ATMs? How about changing to different countries money?
Thanks.

[JanetGroene]

Travelers cheques have gone out of favor but they are still available and are still one safe way to carry funds at home and abroad. Comparison shopping is in order. Some banks provide free travel checks, especially if you have a premium account or large balance. Some ATMS are free, some pricey. Look into the pro and con of both credit cards and debit cards and also compare your credit card for foreign exchange. Some don't charge extra for the conversion, some do.

[westsail374]

Find safe secret spots on yer boat and secrete cash away.

Note - inside bedding materials not good idea.

[barnakiel]

Cards and small amt of cash (USD and EUR accepted nearly everywhere).

That's today because tomorrow we might have alternative ways.

b.

[Hudson Force]

We cruise in a similar manner as Barnakiel decribes. We usually have less than $500 cash tucked away and a couple of cards. We have found that it is necessary to keep two credit cards separately. It is very easy to quickly deactivate a compromised card, but not so quick for the cruiser to replace the card. It is also necessary to keep your cardholder services or customer services aware of your travel expectations. Without clear communication with the card security agencies you can quickly find your card useless while traveling. I apprceciate all the efforts to prohibit fraud, but if you are cruising you must be proactive. We recently deactivated one of our cards when a statement online showed that it was used at an inland location over a period of time when we were offshore while our cards remained in our possession. I hope we can soon tie card use to a postive biologically based ID,- prints, scans, etc., on a regular basis.

[sv Winterlude]

Depending on where you're cruising, travelers checks are never accepted! So do your research ahead of time!

We carry more cash than some, stashed in several places inside the boat -- never the mattress.

When we're out of the country, we have one VISA card specifically for the purpose of using outside the country. We set it up for an automatic monthly payment of $100 so that way we're never "late" with a payment because we weren't in internet range to make our payment.

We also have the normal credit card we use in the US for a backup, just in case the "out of the country" VISA is compromised and has to be de-activated. Not easy to get a replacement card in the places we've cruised.

Be sure to shop around for the ATM fees for whatever VISA card you choose to take internationally.

Also, before you leave, be SURE to call and let the VISA folks know you'll be traveling in these out of the way countries and to PLEASE not flag your card as fraud because charges come in from the Rey Supermercardo in Portobello Panama!

Enjoy!

[Auzzee]

There is quite a variety of sneaky safes available through the internet. Here's a nifty one JB Oil Treatment Diversion Can Safe Do a bit of creative googling and you will find them as bean cans, beer cans etc.

[onestepcsy37]

lots of good advice given. good to know that the dollar is widely accepted, especially in the bahamas and caribbean. in the bahamas the us dollar and bahamian dollar are 'on par' (the bahamian national bank guarantees an equal exchange rate) and used interchangeably. it's a little weird but not uncommon to pay for something, or receive change for a purchase, in a combination of us and bahamian money.

we keep cash on the boat, well hidden. we use one debit card and one credit card, although we have several more. the debit card is on an account in the usa which is topped up monthly by uncle sam (social security). the credit card is on an account in the usa that has the monthly minimum payment amount automatically paid to it every month, so i don't have to worry if i miss a monthly payment. i can pay more if i want to.

try to keep track of your accounts by internet whenever possible. also, be sure to notify your cardholder that you will be traveling. once we didn't and they nearly closed our account for suspected fraud when they had charges coming in from foreign countries and couldn't reach us on the phone.

if you're only traveling in the usa then it's no different on the boat than it is on land.
travelers checks, by the way, have pretty much gone the way of the dodo bird....

[virginia boy]

Originally Posted by Auzzee

There is quite a variety of sneaky safes available through the internet. Here's a nifty one JB Oil Treatment Diversion Can Safe Do a bit of creative googling and you will find them as bean cans, beer cans etc.

Very cool little safe!

[daddle]

The simple life dictates one carries cash for all the regular purchases. It is not uncommon for a yacht to have several thousand aboard. Secreting it on the boat is easy ... don't put it in anything that might get tossed out.

[The Other Gary]

I have a proper electronic safe thru bolted and 5200 in place in a salon cupboard where it is easy to find. It contains my insurance policies, copies of boat papers
and less than $100. The real stuff is elsewhere.

[carstenb]

Actually it is a good idea to keep copies of you boat papers etc hidden along with you cash. That way if your "proper" papers get lost or stolen, you have a back-up set.

It is very easy to find places to hide cash on a boat. Just make sure it is waterproof.

[joe cool]

Thanks every one ,I only need 126,000 more pieces of information about sailing and I can qualify as a rookie!!

[carstenb]

we were all there once...........