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Old 13-08-2018, 08:30   #1
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Banking on the go

I am looking at going almost full time on my Cat next year, mostly Carib, Puerto Rico, Virgin Islands. Looking for advice on best banking solutions, lowest fees, easy to deal with, best access to get cash, the usual stuff. Any suggestions ? Thanks !
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Old 13-08-2018, 09:10   #2
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Re: Banking on the go

Get accounts without international ATM charges, ideally that reimburse other banks'.

Good internet functionality of course, transferring in and out to other institutions, bill paying etc.

Definitely at least three separate institutions.

Ideally where you know humans you can contact at a personal level when hoops arise need jumping.

Seek assurance they will allow comms from overseas rather than requiring you or a POA authorised human in person for lost cards, reversing fraudulent transactions, resolving identity theft etc.

Give someone trusted a limited POA anyway.

IMO try to avoid red flags by doing large transactions from high-privacy tax avoidance jurisdictions.
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Old 13-08-2018, 09:26   #3
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Re: Banking on the go

Capitol One and Charles Schwab have no international fees. Capitol One has an easy online "vacation" system for reporting when you're out of country (when I lived in Mexico I just went online once every 60 days to renew my vaction setting).
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Old 13-08-2018, 10:10   #4
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Re: Banking on the go

+1 on Capitol One, both checking and credit card. Credit card not only no international fees, but you get the actual exchange rate of that day. Many cards screw you on the exchange rate.
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Old 14-08-2018, 09:03   #5
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Re: Banking on the go

For those of us from UK who might be reading this and sailing long term in Europe then take a look at Metro Bank.

No ATM fees, No transaction fees for using your card and a preferential "spot" exchange rate for all transactions when travelling throughout Europe and not just the Eurozone.

Great online banking and real humans at the end of a real telephone number if you ever need them. Plus you don't have to tell them you are going abroad everytime if you phone them and tell them you travel a lot in Europe.

Also no fees when in credit and some of the best interest rates on the high street for savings (still not brilliant but better than most high street banks)

Yes I do bank with them and yes I am happy I switched account from one of the big banks.

Keiron
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Old 14-08-2018, 09:03   #6
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Re: Banking on the go

It's really hard to beat the cash management account at Fidelity. They have fair currency exchange rates, and reimburse you for any ATM fees. We have used this card up and down the Eastern Caribbean without any problems whatsoever.
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Old 14-08-2018, 09:21   #7
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Re: Banking on the go

Agreed if you are needing to purchase in other currencies, getting the actual exchange rate is key. A couple of other items Id add are: i) having more than one option with you; ii) again if you are venturing into non-home currency areas, having a multi-currency bank account - these are easy to set up now (take a look at TransferWise, which might be right for you or at least indicate the questions to ask when choosing another provider).
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Old 14-08-2018, 09:38   #8
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Re: Banking on the go

You can't beat USAA - online everything, outstanding customer service, no ATM fees anywhere, and if you're military connected in someway, low insurance rates.

I recommend them highly.
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Old 14-08-2018, 11:48   #9
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Re: Banking on the go

Capital one 360. No brick and morter, no atm fees, no international transaction fees.
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Old 14-08-2018, 12:35   #10
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Re: Banking on the go

Relinda and I retired 10 yrs ago and basically ran away. . All checks are direct deposit. Mobile app takes care of any we may random.ly get. Quicken takes care of almost all our banking and accounts. Bills are paid through it, most bt auto pay. Capital one is the card used out of country for many reasons. We just try to make sure we only use secured wifi connection. Sometime hard to find but worth having to pay for at times. Never sit in Mickey D's and use open wifi for banking.
Ted.
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Old 14-08-2018, 19:32   #11
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Re: Banking on the go

If you are a couple, get many accounts set up as joint accounts so when you break a card you have another option

AND

when you need to pay that boatyard bill when they will not accept credit cards or charge extra for using one, you take take out enough cash from the ATM in one go using more than 1 card
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Old 17-08-2018, 19:46   #12
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Re: Banking on the go

We use Charles Schwab for ATM, no fees. Paypal to pay individuals and Western Union with for a family member when we get in trouble we use Paypal to refund them. On Isla de Cedros off of Mexico, there were no ATMs.
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Old 18-08-2018, 00:50   #13
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Re: Banking on the go

Quote:
Originally Posted by JeffBr View Post
We use Charles Schwab for ATM, no fees. Paypal to pay individuals and Western Union with for a family member when we get in trouble we use Paypal to refund them. On Isla de Cedros off of Mexico, there were no ATMs.
Be careful with PayPal if you are overseas. I tried to pay a US company with my PayPal UK account when I was in the US and PayPal not only blocked it but told the US company it was a fraudulent payment based on the fact I had accessed my account from overseas therefore it couldn't have been me.

It seems there is a clause in PayPal's regulations that allows them to do this if you access your account from out with geographic area of use. So outside North America is you have a US account, EU if you have a UK or EU account, Australasia if Australian or New Zealander. And not it doesn't matter if you register on the dot com site as it is based on your address and usual geographic usage which they obviously track.

Be warned
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Old 18-08-2018, 07:38   #14
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Re: Banking on the go

I would think you could contact their CS in advance?
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Old 18-08-2018, 12:44   #15
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Re: Banking on the go

I use a VPN and set my location for USA for all financial or secure communications. This way PayPal and others think you are in the US. or whichever country you want.
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