Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Search this Thread Rate Thread Display Modes
Old 19-01-2020, 16:09   #1
Registered User

Join Date: Mar 2018
Location: Out West
Boat: Looking for
Posts: 10
Getting$$$ while cruising in the Caribbean

We are trying to find good information on the best, safest and what has the lowest fees, to get access to cash while in the Caribbean. ATM's, debit cards, cash advance cards, or wire transfers?

Thanks
__________________

devins is offline   Reply With Quote
Old 19-01-2020, 16:19   #2
cruiser

Join Date: Jan 2017
Boat: Retired from CF
Posts: 13,304
Re: Getting$$$ while cruising in the Caribbean

The two main factors are no foreign transaction fee, and your bank refunding the ATM charges.

If a US resident, Charles Schwab is great, but don't tell them you're gone for good - maintain a US address.

Always have backup cards, most make it easy to transfer online, takes a few business days sometimes, so keep at least week's spending in every account.

HSBC, Citibank & Chase

First Republic Bank

N26

Transferwise for forex if needed.

Credit cards: Capital One Venture Card, Chase Sapphire Preferred, United MileagePlus Explorer, Chase Visa

Believe it or not good old AMEX can be helpful in a pinch.
__________________

john61ct is offline   Reply With Quote
Old 19-01-2020, 16:20   #3
Registered User

Join Date: Dec 2010
Location: W Carib
Boat: Wildcat 35, Hobie 33
Posts: 11,700
Re: Getting$$$ while cruising in the Caribbean

Normally, ATMs give you the official exchange rate, issue local currency, and are very convenient.

Many banks now wont exchange money unless you have an account with them. Same for wire transfers and debit/credit card advances.

Money changers, whether reputable looking businesses or a shady character on the street, often rip you off big time.

POS terminals are quite common now, even here in the less developed W Carib...I just ran ashore for parts & groceries...all done with debit card.

I now use ATMS/POS almost exclusivley unless Im somewhere with niether (like the San Blas islands...in that case hit the ATM heavily & repeatedly before departure).
belizesailor is offline   Reply With Quote
Old 19-01-2020, 18:17   #4
Are you serious?
 
sailorboy1's Avatar

Join Date: Jul 2007
Location: currently in Boot Key/Marathon Fl
Boat: Hunter 410
Posts: 16,103
Re: Getting$$$ while cruising in the Caribbean

The biggest best way to control costs of getting cash is to make a few large transactions instead of many small ones.

People also do things like taking out $100 and pay $6-10 to do so, in order to avoid a 4% credit card surcharge thats crazy.

You need a combination of atm cards and cash back/reward/no yearly fee credits cards. Many credit cards have a cash back % that is more than their foreign exchange fee and you come out ahead.
__________________
jobless, houseless, clueless, living on a boat and cruising around somewhere
sailorboy1 is offline   Reply With Quote
Old 20-01-2020, 11:16   #5
Registered User

Join Date: Feb 2018
Location: Cruising Bahamas to Caribbean for now
Boat: Whitby 42 Ketch
Posts: 13
Images: 1
Re: Getting$$$ while cruising in the Caribbean

Cruising over the last year, I found ATMs to fairly available in the Caribbean with one caveat... don't wait until you run out to pull out more cash. In some locations, ATMs will run out of money or will be temporarily out of order when you most need them!
Klos2019 is offline   Reply With Quote
Old 20-01-2020, 12:23   #6
Registered User

Join Date: Dec 2011
Posts: 1,027
Re: Getting$$$ while cruising in the Caribbean

Credit cards sponsored by a US airline which have no foreign transaction charges are the best and safest even with their annual fees. US bank issued credit cards, including AMEX, Master Card and VISA, are insured by Federal law to $250,000 against fraud. Debit cards are not. Debit cards can get you cleaned out with little no recourse depending on which state law applies. Foreign issued credit and debit cards may or may not have some fraud protection.

Wire transfers are especially dangerous. $13,000 of my money ended up in Pakistan or Chechnya or someplace, when the wire to me was originated from the BVI. Not only do wire transfers have high sending and receiving fees but all banks and escrow companies now have caveats on their correspondence warning of wire fraud. Banks keep using wires because the fees are so profitable. A paper check sent through the US mail is slower but safer that wires.
jmschmidt is offline   Reply With Quote
Old 20-01-2020, 12:50   #7
Registered User

Join Date: May 2013
Location: St. John, USVI
Boat: 2003 Beneteau 423
Posts: 352
Re: Getting$$$ while cruising in the Caribbean

Schwab Bank has no ATM fees or foreign tranasction fees and refunds any bank fees. We tend to do the maximum transaction as well. We maintain an address through St. Brendans Isle.

Cheers, RickG
__________________
RickG & Sweet Christine
S/V Echoes - 2003 Beneteau 423
Coral Bay - St. John, USVI
RickG is offline   Reply With Quote
Old 22-01-2020, 04:35   #8
Registered User

Join Date: Dec 2010
Location: W Carib
Boat: Wildcat 35, Hobie 33
Posts: 11,700
Re: Getting$$$ while cruising in the Caribbean

Quote:
Originally Posted by Klos2019 View Post
Cruising over the last year, I found ATMs to fairly available in the Caribbean with one caveat... don't wait until you run out to pull out more cash. In some locations, ATMs will run out of money or will be temporarily out of order when you most need them!
True, unlike the developed world where ATMs never seem to run out, its common in less developed countries...often around holidays and may take days to be replenished...so always hit the ATM a few days before a major holiday.
belizesailor is offline   Reply With Quote
Old 22-01-2020, 05:03   #9
Registered User

Join Date: Dec 2010
Location: W Carib
Boat: Wildcat 35, Hobie 33
Posts: 11,700
Re: Getting$$$ while cruising in the Caribbean

Quote:
Originally Posted by RickG View Post
Schwab Bank has no ATM fees or foreign tranasction fees and refunds any bank fees. We tend to do the maximum transaction as well. We maintain an address through St. Brendans Isle.



Cheers, RickG
Fidelity charges no international transaction fees, but thet dont refund ATM fees charged by other entities (...as I understand Schwab does...not sure how they work that financially).

A big bonus is Fidelity does not charge for international wire transfers (by contrast my regular bank charges $50!). Not so much a bonus for most cruisers, but a big plus for expats w international bank accounts.
belizesailor is offline   Reply With Quote
Old 01-02-2020, 07:41   #10
Registered User

Join Date: Jul 2018
Location: on the water (currently in Caribbean)
Boat: Bali 4.0
Posts: 110
Re: Getting$$$ while cruising in the Caribbean

All of the above responses about ATM and withdrawals are spot on...especially about them frequently running out of money or being “down”.

We have found one of the best ways is to have visiting friend bring cash with them that you can reimburse them for...
__________________

__________________
Enjoy the Journey!
www.theDangerz.com
@theDangerz
theDangerz is offline   Reply With Quote
Reply

Tags
Caribbean, cruising, rib

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Insurance coverage while cruising in the southern Caribbean njoynthewater Product or Service Reviews & Evaluations 0 27-05-2019 10:49
Getting my meds while cruising from U.K. asistephen General Sailing Forum 12 14-08-2018 12:17
On getting liked and getting along.., s/v Beth Our Community 120 02-01-2016 09:43
Heat while cruising Caribbean an issue? tdxbunger OpenCPN 4 15-03-2015 19:52
How much does it cost to live aboard while cruising the Caribbean Islands ? Rachael Liveaboard's Forum 46 03-03-2013 16:15

Advertise Here


All times are GMT -7. The time now is 00:59.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2020, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.