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Cruising and Sailing with Children All things sailing and kids related, from safety to life aboard.


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  #21  
Old 05-05-2014
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Re: Canadian Credit cards to travel with

Think about it. Why would a bank invest in all the staff and systems and take the risk to exchange foreign currency, not to mention complying with ever increasing regulation, and not charge you for it? It will be in there somewhere. One may charge more or less than another, but no one is doing it for free. Would you?
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  #22  
Old 05-05-2014
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Re: Canadian Credit cards to travel with

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Originally Posted by killarney_sailor View Post
One thing with bank charges is that they will get you one way or another. A real annoyance is that in many countries the amount you can take out of ATM at any given time can be very limited so you need to make many withdrawals - often you can only do one withdrawal a day because there is only one ATM around. ...
Thanks for all the hard earned advice KS. We're moving into our new life slowly (the way we do everything) so hopefully we can learn the skills we need without feeding the financial industry too much.

Do I understand that you operate in US dollars in most places you travel? I've always thought it was better to operate in local currency ... that's what I've done in my land-based travels.

Funny story losing money on board ... I haven't had to hide things yet, but I can easily see me forgetting where I stash stuff. Good thing my wife has a much better memory than me .
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  #23  
Old 05-05-2014
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Re: Canadian Credit cards to travel with

bingo to what other guys have said...I had varyong levels of success and my atm trips where as infrequent as I could possibly make them

I would go to the same ATM if I was in a place for more than a month...cause I also had the mosfortune of getting the card canceled for security reasons once and had to call and wait for a new one...

that was bad

atms have all sorts of weird fees, max withdrawal amounts, curremcy exchange fees, withdraw after hours fees I mean around the world its endless

I became quote good at seeking out the better atms and better banks that were at the least consistent in their fees...but ever country has a different or slightly different rules with your bank back in canada

sometomes I would learn that I got charged $20 at my end at wells fargo in california for taing money out of a weird atm in yemen or something plus the fee at the atm, currecy exchange etc...at the atm side

so my advice is always to take out a max amount and use that cash till you run out...

low denominations, and spread around the boat in watertight bags so that if you ever do get a thief the stash they can take at one time will be less than if you have a big pot of gold waiting for them...

anywhoo

dont know about canada banks though...sorry

regarding us dolars yes...

low denominations, 1s and 5s will work ANYWHERE

euros too...but not as prolific

local currency is great for bus rides, entrances, buying stuff on the markets and streets but out there cruising a dolar can be used anywhere

a funny story regarding this...when I remet my friends in thailand to start the last leg of their circumnav they specifically asked me to go to my bank back in the US, and get $500 in dolar and 5 dolar bills...

and I forgot! they were so pissed, and so dissapointed in me that it really took a while for them to forgive me...

THE REASON was they wanted to avoid all the damn fees, and currency exhchange rates of and converting big bills into little ones, bank fees, etc...

a dolar is great, 5 dolars for bigger stuff etc...

it even happens down here fling a 20 to buy a dolars worth of veggies or whatever and youll get stared down or something like you have to wait till I make change, never mind a 50 dolar bil or 100

they are not even accepted in places like gas stations and such, but that has more to do with money laundering and fake bills so they avoid them like the plague

anywhoo
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  #24  
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Re: Canadian Credit cards to travel with

Quote:
Originally Posted by killarney_sailor View Post

It is also a good idea to have a couple of hundred dollars US in small bills ($1 to $10). Some countries use US currency (Panama and Ecuador come to mind) and $100 bills are useless unless you can find a bank. Ask us how we know.
add el salvador to the list

$100 bills are ok in some places(the new ones)

$50 FORGET ABOUT IT

20 and down is the standard...
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  #25  
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Re: Canadian Credit cards to travel with

We typically used local currencies, but in most places where travellers go you can use smaller US bills as well. There can be problem when you get to a new country and have not found the ATM (it may be a bus ride away) and need to pay for the entry or just want a beer. Small US bills will usually be accepted. If you try to use a $100 for a $37 entry, chances are not good that you will get any change.

My wife's memory is better than mine but she could not remember where this stash was (I think we had about four of them in different locations, along with a wallet and some expired credit (and library cards) and about $100 in smallish bills and foreign currency (I always wondered what a thief in, say, Indonesia, would do with the equivalent of about $4 in Peruvian currency) in the chart table.
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  #26  
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Re: Canadian Credit cards to travel with

Mike,
The Caribbean is littered with Canadian banks. Not sure if that helps on the exchange. We've always just used the credit card and the rate seemed competitive ( 3% ish )
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Re: Canadian Credit cards to travel with

Actually in the Caribbean it seems to be Scotiabank and RBC. TD seems to be focused on taking the US retail banking sector. I notice they leave out the Canada Trust part of the name in the US.
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  #28  
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Re: Canadian Credit cards to travel with

Thanks abarth, KS. I was planning to open either a Scotiabank or RBC account. I'm currently with our local credit union (being the good socialist that I am ), but will probably move over to one of those two before we head south.

Any preference? Anyone have experience with either? What about beyond the Caribbean?
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  #29  
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Re: Canadian Credit cards to travel with

scotia bank is big here...they are decent, we have a card with them

we also use citi

cheers
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  #30  
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Re: Canadian Credit cards to travel with

I think Scotiabank is quite a bit bigger in the south. Once you are out of the Caribbean it does not matter. I find it mildly astonishing that I can go to an ATM in Vanuatu or Lesotho and it will give me money from my account half way around the world.
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