Banking Abroad

[Silverbow]

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!

[goboatingnow]

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.

[maxingout]

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.

[jackiepitts]

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

[Silverbow]

Dav,

I love your video's!!!!

They make me miss my dad. He was an awesome adventurer like you!

[gbanker]

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.

[Lancerbye]

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.

[Silverbow]

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]

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

[Surveyor]

Originally Posted by Lancerbye

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.

[Surveyor]

Originally Posted by Silverbow

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!

[Silverbow]

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?)

[Surveyor]

Originally Posted by Silverbow

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!

[FSMike]

Originally Posted by Silverbow

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.

[Silverbow]

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!