|
|
07-02-2014, 05:52
|
#1
|
S/V rubber ducky
Join Date: Jul 2007
Location: heading "south"
Boat: Hunter 410
Posts: 20,362
|
Exchange Rates & Credit Cards
I read on another thread that the AUS dollar has dropped 20% to the US dollar. I never have thought about it a lot, but exchange rates have to play a pretty big part of cruising from place to place on a fixed budget. Anyone have a good easy to use method to hedge against this for a cruiser?
Everytime I travel to another country I end up wasting money on exchange fees on my credit card. I did some research for exchange fee free credit cards, but they all seem to have a yearly fee so now need to compare to 2 (my feeling is that long term with a lot of travel that a $50/yr card fee is less than the reoccurring exchange fees). But anyone know of a good credit card with no annual fees, no exchange fees, and which doesn't make up for it by giving you a crappy exchange rate?
__________________
Don't ask a bunch of unknown forum people if it is OK to do something on YOUR boat. It is your boat, do what you want!
|
|
|
07-02-2014, 05:55
|
#2
|
Registered User
Join Date: Nov 2008
Location: Round Bay, Severn River
Boat: Formerly Pearson 28-1, now just a sailing dinghy
Posts: 1,332
|
Re: Exchange Rates & Credit Cards
USAA if you can get it.
If not, start an account with Bank of America and deal with cash. They have relationships with other banks in many parts of the world to use their ATMs and waive any charges and unfair exchange rates.
|
|
|
07-02-2014, 06:14
|
#3
|
Elvish meaning 'Far-Wanderer'
Join Date: Jan 2008
Location: Boat - Greece - Me - Michigan
Boat: 56' Fountaine Pajot Marquises
Posts: 3,489
|
Re: Exchange Rates & Credit Cards
Most travel sites show Capital One as the best card for exchange rates and fees. You can google search it as its much more common a worry for frequent world travelers than sailors. A little fyi, if possible pay in the current countries currency instead of taking the option of US dollars. It's cheaper.
__________________
Our course is set for an uncharted sea
Dante
|
|
|
07-02-2014, 06:19
|
#4
|
Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,131
|
Re: Exchange Rates & Credit Cards
Are you talking about the conversion fee most cards charge? Usually around 2%? If so, I researched the same question a few months ago. As a Canadian I face similar issues. If found a very few options (there were more in the US). I found three options, one being the Amazon VISA card. It is a no-fee card, including zero foreign currency conversion fee.
|
|
|
07-02-2014, 06:46
|
#5
|
S/V rubber ducky
Join Date: Jul 2007
Location: heading "south"
Boat: Hunter 410
Posts: 20,362
|
Re: Exchange Rates & Credit Cards
Quote:
Originally Posted by Mike OReilly
. I found three options, one being the Amazon VISA card. It is a no-fee card, including zero foreign currency conversion fee.
|
Well there sounds like there is an answer. What were the other 2 options?
__________________
Don't ask a bunch of unknown forum people if it is OK to do something on YOUR boat. It is your boat, do what you want!
|
|
|
07-02-2014, 06:51
|
#6
|
Registered User
Join Date: Sep 2011
Location: Good question
Boat: Rafiki 37
Posts: 14,131
|
Re: Exchange Rates & Credit Cards
Quote:
Originally Posted by sailorboy1
Well there sounds like there is an answer. What were the other 2 options?
|
http://www.cruisersforum.com/forums/...ml#post1380792
|
|
|
07-02-2014, 06:52
|
#7
|
Registered User
Join Date: Aug 2011
Location: Petersburg, AK
Boat: Outremer 50S
Posts: 4,229
|
Re: Exchange Rates & Credit Cards
There are several of the large players that offer annual fee but no foreign exchange fee cards. However, if you are in the US I would try a credit union. Mine offers a no annual fee, no foreign exchange fees card that is great. And their service is outstanding. You won't find them through advertising, have to dig around a little (or even a lot), but I find the credit union in general extremely helpful when I'm traveling.
|
|
|
07-02-2014, 08:00
|
#8
|
S/V rubber ducky
Join Date: Jul 2007
Location: heading "south"
Boat: Hunter 410
Posts: 20,362
|
Re: Exchange Rates & Credit Cards
Bank of American and Capital One seem to have the best cards for traveling (no annual fee, no foreign exchange fee, rewards). For various reasons I hate both these companies, but money talks and I probably will sheeple (word of the week) my way to change.
Now on the first part of question of currency exchange rates?
__________________
Don't ask a bunch of unknown forum people if it is OK to do something on YOUR boat. It is your boat, do what you want!
|
|
|
07-02-2014, 08:06
|
#9
|
Registered User
Join Date: Mar 2007
Location: Santa Cruz
Boat: SAnta Cruz 27
Posts: 6,683
|
Re: Exchange Rates & Credit Cards
Quote:
Originally Posted by sailorboy1
Bank of American and Capital One seem to have the best cards for traveling (no annual fee, no foreign exchange fee, rewards). For various reasons I hate both these companies, but money talks and I probably will sheeple (word of the week) my way to change.
Now on the first part of question of currency exchange rates?
|
'
I put up with Bank of America while I'm in the US, but their overseas fees are among the worst I've seen. Check out a Schwab or Fidelity brokerage account.
There was a class action lawsuit about 10 years or so back about the hidden fees. I filled out some forms for the money I spent with my Visa out of the US, but have not seen a dime of the settlement--it went to buy more suits for the lawyers.
|
|
|
07-02-2014, 10:49
|
#10
|
Registered User
Join Date: Mar 2010
Location: Living aboard and cruising
Boat: Island Packet 40
Posts: 276
|
Re: Exchange Rates & Credit Cards
Quote:
Originally Posted by donradcliffe
'
Check out a Schwab or Fidelity brokerage account.
|
Fidelity charges currency exchange fees but Schwab bank does not on their ATM cards. Not sure of the credit cards but I'll bet it is the same.
__________________
Smooth seas never made an experienced sailor.
Bill
|
|
|
07-02-2014, 10:58
|
#11
|
CF Adviser Moderator Emeritus
Join Date: Sep 2007
Location: Virginia
Boat: Island Packet 380, now sold
Posts: 8,942
|
Re: Exchange Rates & Credit Cards
I use a Bank of America card--no annual fee, no currency exchange fees, and the same exchange rates that you get in banks. It's the "Travel Rewards Signature Visa" card and gives 1.5 points for each dollar spent. I also have a Capital One card with the same features for backup.
__________________
Hud
|
|
|
07-02-2014, 12:39
|
#12
|
Registered User
Join Date: Nov 2006
Location: Back in Northern California working on the Ranch
Boat: Pearson 365 Sloop and 9' Fatty Knees.
Posts: 10,466
|
Re: Exchange Rates & Credit Cards
Quote:
Originally Posted by sailorboy1
I read on another thread that the AUS dollar has dropped 20% to the US dollar.
|
I'm not seeing that. Maybe 3%
XE.com - USD/AUD Chart
__________________
"Life is not a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming: Wow - what a ride!"
|
|
|
07-02-2014, 13:21
|
#13
|
S/V rubber ducky
Join Date: Jul 2007
Location: heading "south"
Boat: Hunter 410
Posts: 20,362
|
Re: Exchange Rates & Credit Cards
Quote:
Originally Posted by Celestialsailor
|
Hey I didn't look it up to fact check as I thought it had to be true if it was posted on the internet, now I don't know what to believe
__________________
Don't ask a bunch of unknown forum people if it is OK to do something on YOUR boat. It is your boat, do what you want!
|
|
|
07-02-2014, 13:44
|
#14
|
Registered User
Join Date: Nov 2006
Location: Back in Northern California working on the Ranch
Boat: Pearson 365 Sloop and 9' Fatty Knees.
Posts: 10,466
|
Re: Exchange Rates & Credit Cards
It's still a good topic but I was ready to order some Arco winches had it been 20%...
__________________
"Life is not a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming: Wow - what a ride!"
|
|
|
07-02-2014, 14:00
|
#15
|
Senior Cruiser
Join Date: Nov 2013
Location: Port Moresby,Papua New Guinea
Boat: FP Belize Maestro 43 and OPBs
Posts: 12,888
|
Re: Exchange Rates & Credit Cards
Quote:
Originally Posted by sailorboy1
Hey I didn't look it up to fact check as I thought it had to be true if it was posted on the internet, now I don't know what to believe
|
It's true enough - it's gone from over 1.05 to as low as .87 over the last 9 months or so.
XE.com - AUD/USD Chart
|
|
|
|
|
Thread Tools |
Search this Thread |
|
|
Display Modes |
Rate This Thread |
Linear Mode
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
Advertise Here
Recent Discussions |
|
|
|
|
|
|
|
|
|
|
|
|
Vendor Spotlight |
|
|
|