Cash or credit card in the Bahamas

[ohdrinkboy]

my plan when cruising is to have multiple checking accounts with debit cards. I'll keep very small amount in the accounts and transfer funds as I need from my main account. That way if a debit card is compromised I can shut it down, and start using a different one. I'll never get stuck without a card if i'm a victim of card fraud......and of course some cash.

[wingssail]

Originally Posted by MicHughV

yeah....American Express Traveler's Checks....the Visa Card of the day.....you're right...gotta be at least 30 years or more since I seen or used them....wonder if they are still around ??

Still available from some banks, used less frequently and may be hard to cash since the place where you present it hasn't seen them much, and they might charge an additional fee or refuse altogether.

[wingssail]

Originally Posted by ohdrinkboy

my plan when cruising is to have multiple checking accounts with debit cards. I'll keep very small amount in the accounts and transfer funds as I need from my main account. That way if a debit card is compromised I can shut it down, and start using a different one. I'll never get stuck without a card if I'm a victim of card fraud......and of course some cash.

It's a very good plan to have more than one card, from more than one banking institution, in the event that your bank decides to cut you off, for some reason, usually "Sorry for the inconvenience, this is for your protection, we're really sorry your card was not accepted at the restaurant where you just finished a $100 meal, The card was blocked due to an unusual transaction. Oh, you've been doing that transaction every week for a year? Sorry for the inconvenience. Oh, you had to put time on your phone to make this call, Sorry for the inconvenience. Oh, you had to wait 27 minutes to get through and that used up the time you just bought? Sorry for the inconvenience..."

That's when you whip out the other card.

As much as I hate the banks, and I really do even though I worked for them for 20 years, it is not necessary to have multiple debit cards. In fact debit cards are less protection then credit cards except when you have them linked to an account with very little money in it. Once money has been taken from your account, it is gone, and much harder to get back from the bank. Credit cards, transactions on the other hand, made fraudulently, are usually refunded to you instantly and new cards sent to you overnight.

Then there is the expense and hassle of managing several checking accounts as you described wanting to use. Mostly there are fees for each of them, maybe not always. But anyhow, in my opinion, it is not needed.

I met some guys in Fortaleza Brazil dong a delivery and their only bank card stopped working and they were stuck and could not buy anything. Finally the guy who owned the boat sent them some money or they would have starved.

[redneckrob]

Originally Posted by wingssail

Still available from some banks, used less frequently and may be hard to cash since the place where you present it hasn't seen them much, and they might charge an additional fee or refuse altogether.

I still see the occasional person who either doesn't realize or is in denial that it's not the 1950s anymore trying to get them cashed at a hotel, so they must still exist somewhere. It's the same demographic that insists on writing checks in the grocery store because they think credit cards are unsafe, not realizing that their full bank account number (and usually their address as well) is written in plain language on the bottom of the check. Hint, they're not the millennials everyone loves to hate.

As for the original topic, it has been fairly recent that credit cards were widely accepted on a lot of the family islands. As a result, it's very possible to pick up a 5-7 year old guidebook or thread and have someone quite honestly say that a given island has no ATM machines and no-one accepts credit cards, but if you went today you'd find that everyone accepts credit cards except as mentioned maybe the little roadside vendors. So any information on the subject that's more than a couple years old is probably outdated, and keep in mind that often times the 2020 version of a guidebook originally published in 2000 often contains much of the 2000 version of the book and might not have updated the cash section.

[gamayun]

Originally Posted by wingssail

Actually, I can't say for Bahamas, haven't been there (can't float in too many places with our draft) but we gave up carrying cash in the 1980's when we discovered ATM's in foreign lands. Wow! they even take our local debit cards from the US.

Since the 1990s, I often (well used to) fly into a country with no cash, just cards, just to see how difficult it might be. I enjoyed the challenge. Which is not to say there weren't any. There was the time in Jordan eating dinner and I couldn't pay because their machine was down and the ATMs were closed because the banks were closed. No worries, the owner said, just come back in the morning. Then the time to leave an airport in Palau when I'd used up all my cash and then found out the exit fee could only be paid in cash. That ATM charge hit me on both ends. I haven't cruised my boat as widely, but I too have a stash spot (two actually; one is waaay easier for me to access) that would be very difficult for anyone to find. I also agree about just sucking up the 3% charge mark-up on credit versus cash to offset the banks' hit on the vendors - this is common at many taco stands here in Oakland, too. Now, I see more Square and other apps being accepted. I'm sure this is becoming more widely used throughout the world too. Sorry if this is a thread drift, but I can't wait for a world of cashless societies!!!!

[ohdrinkboy]

Originally Posted by wingssail

Once money has been taken from your account, it is gone, and much harder to get back from the bank. Credit cards, transactions on the other hand, made fraudulently, are usually refunded to you instantly and new cards sent to you overnight.

Most large banks cover debit cards just like credit cards for fraud. They don't have to legally, but do it to encourage use. Keep $50 in the checking accounts just to keep them open. Limited exposure. Transfer money over the phone because it's pretty secure. I'll probably have all the accounts with the same financial institution where my investments are. If my phone is gone, I call my broker's assistant to move the money.

[MicHughV]

I would imagine that with modern day online banking and available internet service, using and paying for your credit card, transferring cash, etc, is as easy as pie.....

I can't remember the last time I stroked a check...
money is deposited electronically, and with drawn electronically, transferred electronically, etc, etc.....

I will add this though.....if you know you are going to be travelling to a foreign country....give a call to your credit card company to give them a heads up to let them know...so when they start seeing transactions from a foreign country to won't put a stop on your account due to possible fraud, etc...

[JayH]

Originally Posted by UFGator

Agree with both of you, but most marinas I have called have said that they charge 3% (or more) for using a credit card. Seems like this would add up to a lot when buying fuel.

They aren't taking advantage of you. Credit card processors charge businesses 3% to handle the transaction. The same thing happens in the US. There is the cash price that they advertise and a higher price they charge when you use your credit card.

There are ATM cards that will refund bank fees. I have one from CapitalOne.

[MicHughV]

me to broker" can you transfer that 0.05c in my trading account to my checking account....
broker to me" yessir, what about the 0.0000001 c interest you earned...."
me to broker " keep it, it's your tip"'
broker to me " thank you so much, it's been a pleasure serving you"....

see.....easy peasy...

[MicHughV]

I don't believe they add a "sales tax" to charges in the B'mas as they do here in the USA...gotta always allow for that..

[UFGator]

Originally Posted by MicHughV

I don't believe they add a "sales tax" to charges in the B'mas as they do here in the USA...gotta always allow for that..

They do. It's 12%

[UFGator]

OK. This has been helpful:

1. By safety I meant that I don't think it is good to go to a marina office anywhere and say OK, here is the $2,800 for the fuel I just bought. Flashing cash like that to me is just not a good idea. Not in the US, not in the Bahamas, not anywhere. The thing is that would save the 3% charge marinas in the Bahamas charge. And yes, I understand that are not doing it to be mean, they are getting charged that amount from the credit card companies. I own a business and see it every day. I guess it's less than $100, but that would certainly add up over time.

2. Looks like the consensus advice is to use a CC, but find one that provides cash back or at least has no foreign transaction fees exchange fees. And, use an ATM card with no exchange fees when you need cash.

3. Bottom line is it looks like most people are not using a lot of cash.

Thanks everyone. Let me know if I missed anything. This forum is really great for getting to the bottom of things!

[Nickodemus]

We were in the Bahamas for the winter/spring season for the past four years. Typically, the charge is 5% if you charge something, but not everywhere. Sometimes we use a card and pay the fee, but sometimes we pay with cash to avoid it. Always ask first.



Secondly, make sure you have a credit card that has no foreign transaction service fee. Otherwise you'll end up paying that AND the 5%. Not every card offers no fee, so call and double check.


Thirdly, with regard to the debit card issue - if the money is fradulently taken out of your account, you will EVENTUALLY get it back, but not right away - sometimes months. We never use a debit card for that reason. If you use a credit card and it's fraudulently used, you don't have that issue.


ATM's are around, but you won't find them on the smaller islands. Not sure where you are planning on cruising, but if you're doing the "main islands", it shouldn't be a problem.



As another member said - there is no conversion fee - it's US dollar for Bahamian dollar. From a safety point of view, we don't lock our boat or dinghy either unless we're in Nassau (haven't been to Freeport).

[Ken Z]

cash but not large bills, may be hard to make change at times. credit for large amounts. never had a safety problem, stash extra cash in a couple of baggies in, under, next to something, plenty of places to hide it on a boat.

[Ranger2727]

After Dorian Hurricane, the Abacos had limited phone service and almost not credit cards were accepted, cash only.