Bluewater Cruising - How do you pay for it all?

[NaClyDog]

I don't mean pay as in having sufficient funds, I mean pay as in having sufficient credit and / or the right kinds of funds. We plan to carry some Canadian cash and credit cards (likely useless) and some US cash and credit cards (hopefully not useless).



I get that the greenback is pretty much king in the Caribbean (also Panama) and the Euro makes things easy in Europe but how do you deal with getting currencies for more far off destination? How do you pay for checking-in when you first arrive?



Also, our plan would be to keep US cash on board but keeping a sufficient amount to cover many years worth of travel would be impractical (and me thinks unsafe??). Are there easy ways to replenish the cash from a source in North America in exotic locales? I'm sure a fuel stop for a few hundred litres of diesel at a foreign dock would put a serious dent in most petty cash boxes.

[LLCoolDave]

Most customs offices will have an atm nearby. Look for a debit card with no foreign transaction fees and atm fee reimbursement. Charles Schwab high yield checking is one. You need a US mailing address to get one.

I've only cruised a little bit in the eastern Caribbean and none that I can remember accepted US dollars. Usually if a shop does take US dollars the exchange rate is in their favor by 10%.

[chris mac]

We are Canadian as well. Last year and coming fall are east coast/Bahamas cruising.
We switched our bank to rbc to make things easier. They have an affiliate American bank so we have a us credit card and debit card. All transfers between our accounts can be done online. There is also rbc bank machines in the Bahamas, one at least in George town.
We do carry some us cash, less than a thousand. Its handy from time to time, but most places take credit, more so now with covid.

[yr2030]

If you have a BMO or Scotia Bank account you should be good

[Telesail]

I know several people who use TransferWise - they have a debit card and provide best exchange rate from ATMs (can also hold multiple currencies). French islands use Euros. The EC area accepts US$ without a problem. Normally EC$ to US$ is 2.6-2.7 range.

[NaClyDog]

Originally Posted by chris mac

We are Canadian as well. Last year and coming fall are east coast/Bahamas cruising.
We switched our bank to rbc to make things easier. They have an affiliate American bank so we have a us credit card and debit card. All transfers between our accounts can be done online. There is also rbc bank machines in the Bahamas, one at least in George town.
We do carry some us cash, less than a thousand. Its handy from time to time, but most places take credit, more so now with covid.

Thanks. We are all in with TD and have the "cross border" plan with a CC. We do not have a US debit card though.

[NaClyDog]

Originally Posted by Telesail

I know several people who use TransferWise - they have a debit card and provide best exchange rate from ATMs (can also hold multiple currencies). French islands use Euros. The EC area accepts US$ without a problem. Normally EC$ to US$ is 2.6-2.7 range.

Thank you, I will look into this.

[capn_billl]

I've never had an issue finding a bank, or exchange that can either exchange US dollars for the local currency, or an ATM that you can withdraw local currency.

Including Asia, India, South America, Europe.

If you make it to an airport, there is always a currency exchange place, (with varying reasonableness of fees).

[dfelsent]

Transferwise now issues cards to us addresses. They did not until recently. Revolut is similar to transferwise I am told.
I don’t think either is available in Canada yet but that can change rapidly so check with them.
I used transferwise when I bought Moonbeam. I have their debit card and have used it for European travel.

The exchange rate is where most banks get you. Transferwise is very fair and transparent in that department.

[NaClyDog]

Originally Posted by dfelsent

Transferwise now issues cards to us addresses. They did not until recently. Revolut is similar to transferwise I am told.
I don’t think either is available in Canada yet but that can change rapidly so check with them.
I used transferwise when I bought Moonbeam. I have their debit card and have used it for European travel.

The exchange rate is where most banks get you. Transferwise is very fair and transparent in that department.

Looks like transferwise is available here and is used by one of the online banks I use;


https://www.eqbank.ca/personal-banki...oney-transfers


I'll see about getting a debit card.


Cheers!

[boatman61]

Never had a problem with a Visa Card.. anywhere theres ATM's or Card payment machines.

[GreenWave]

Originally Posted by capn_billl

I've never had an issue finding a bank, or exchange that can either exchange US dollars for the local currency, or an ATM that you can withdraw local currency.

Including Asia, India, South America, Europe.

If you make it to an airport, there is always a currency exchange place, (with varying reasonableness of fees).

Exchanging currency in an airport is a good way to assure you get the worst exchange rate possible. Get into town and use anATM or bank.