Cash on the boat
I'm changing all our credit cards, bank accounts and other financial records
to reflect our cruising lifestyle. This includes making a chart of what
accounts exist, how they are funded, verifying online access via unique
usernames and passwords and so forth. A question came out of this exercise:
How much cash is reasonable take on the boat. I know you can take $10,000
out of the country at a time. It seems that having a few grand around would
be a smart thing, in small bills divided up in different parts of the boat
(and written down someplace so you can find it). I'm curious how much
voyages use cash versus credit/atm cards, and if those credit or atm cards
have ever been hijacked?
Thanks, Scott Bulger
Alanui, N40II, Seattle WA
I would suggest that you have a sacrificial money box that contains a
limited amount of cash and some out of date credit cards. If you are
borded, you need to give something and that box (a simple one with
lock) may be the best insurance that you ever took out.
On 3/15/07, Scott E. Bulger scottebulger@comcast.net wrote:
I'm changing all our credit cards, bank accounts and other financial records
to reflect our cruising lifestyle. This includes making a chart of what
accounts exist, how they are funded, verifying online access via unique
usernames and passwords and so forth. A question came out of this exercise:
How much cash is reasonable take on the boat. I know you can take $10,000
out of the country at a time. It seems that having a few grand around would
be a smart thing, in small bills divided up in different parts of the boat
(and written down someplace so you can find it). I'm curious how much
voyages use cash versus credit/atm cards, and if those credit or atm cards
have ever been hijacked?
Thanks, Scott Bulger
Alanui, N40II, Seattle WA
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Scott,
Carrying cash - and how much of it - is very much a combination of available
wealth and life style.
For someone in the USA that has an "auto-pay" credit card - I average
carrying about $ 2000 in my pocket (with a minimum of $5 and a max of $500)
in the USA, I would estimate that my wife may average $100.
When I am in the EU (Euro zone) I typically carry about the same amount in
Euros, but I am much more careful to not get below about 100 Euros because I
can get surprised by a merchant that either won't take a credit card or will
not take it for smaller purchases.
In the UK (pounds) area of the world for the last 8 months I average about
150 pds in my pocket at any time. If I am traveling to a new currency area
and know the arrival city, I have no problem going to most of them with zero
of their currency and as near to zero as I can get of dollars.
I'm sure there are people who want to be SURE they have funds but I have
done to much traveling in this multi currency world to worry much about it.
In general the local currency is always cheaper when you buy it where it is
used, whether you buy it with a credit card (ATM) or some other way.
I rarely would consider US$ as a useful backup outside of a $ using country.
Travel to a remote island in the Pacific or Africa will produce a VERY
different answer. The above is for only first world countries.
Good traveling, John Harris
We have a small safe where we keep cash (around 2k), credit cards,
passports, etc. The one piece of advice I would like to add about cash is
to make sure you bring NEW bills. Older bills with small marks, tears,
wrinkles, etc. are usually rejected by foreign banks and exchange houses.
Gordon
Alchemy
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