# banking choices



## xort (Aug 4, 2006)

Want to settle on a bank before committing to long term cruising. Need on-line banking, low fees, good access along the way.

Options are Chase, Citi and BofA for good access wherever we go. Range will be Bahamas, north to Canada; all along the east coast US.

Any suggestions?


----------



## webdood (Apr 28, 2000)

*Two Choices IMHO*

If you are cruising in the Bahamas much, you will find that Royal Bank of Canada is the pervasive bank there. You will not find a BofA in the Bahamas, but you will always be able to find an ATM that will take your card - although sometimes for a fee.

If you ask me, given your cruising choices, RBC is the best bet.


----------



## xort (Aug 4, 2006)

RBC...as an American? How is RBC along the east coast USA?


----------



## casioqv (Jun 15, 2009)

Find a local credit union with good online banking.

Many of the major banks are extremely dishonest. Bank of America almost left me stranded overseas once by charging me huge fees each time I used my card overseas- something they promised not to do when I met with them before my trip. They literally robbed me!

My experience with credit unions is that they generally will have much better service, and no unexpected fees. They have no conflict of interest with stockholders, executives, etc- they are customer owned and exist solely for the benefit of their members.

My credit union charges no fees for overseas ATM use, and no overdraft fees. When I travel overseas I use the local ATMs, and pay only the fee they add on, which is usually minimal.


----------



## wind_magic (Jun 6, 2006)

Xort, why not open another account at a bank in the Bahamas, then you can deal with local people while you are there and probably cut down on fees too. Just a thought.


----------



## CaptainForce (Jan 1, 2006)

casioqv said:


> Find a local credit union with good online banking.....


I think casioqv has the wisest answer. I've adhered to his choice with my livingaboard and fulltime cruising from Maine to the Bahamas for many years with no problems of any kind. 'take care and joy, Aythya crew


----------



## danjarch (Jun 18, 2007)

Xort, If your military or exmilitary then check out USAA, They're based in Texas and have a great online banking setup. Including being able to scan in deposits and covering most fees since their main focus is online rather then phisical branches. The only trouble is that you have to military or family of military who have an account with them. They also have really good auto insurance but not boat insurance. They go through progressive for that.


----------



## canadianseamonkey (Sep 4, 2006)

Here is the American side of RBC RBC Bank - Home
They specialize in out of the country accounts and will lend money for certain overseas property purchases.....if you ever feel the need to make an investment.


----------



## labatt (Jul 31, 2006)

Just make sure whatever bank you go with doesn't charge fees for "currency exchange" when you use your credit or debit card. We use HSBC, which is an international bank, and got a world card with no fees for outside the US use.


----------



## xort (Aug 4, 2006)

danjarch said:


> Xort, If your military or exmilitary then check out USAA,


Honorably discharged after 4 years. Does that count?


----------



## speciald (Mar 27, 2007)

We have stopped using our Citi bank card as they charge both an exchange fee and a foreign transaction fee. We now use a "world card" on our Morgan Stanley accounts + have an account with Orco (N.A. bank) for our St. Maarten place.


----------



## danjarch (Jun 18, 2007)

xort said:


> Honorably discharged after 4 years. Does that count?


Call them up, it should cover it. They don't advertise it but I pretty sure as long as you've served your allowed to join. They have a good web site. They're also very handy when it comes to paying your bills.


----------



## wind_magic (Jun 6, 2006)

labatt said:


> Just make sure whatever bank you go with doesn't charge fees for "currency exchange" when you use your credit or debit card. We use HSBC, which is an international bank, and got a world card with no fees for outside the US use.


You can probably do this same thing by using two banks, one in the U.S. and one in the country you are in. Basically you would transfer $us currency from your U.S. bank to a brokerage account, make a forex trade on your brokerage account (converting to a foreign currency) and then do another transfer from your brokerage account to the foreign bank account. That is probably the best way to cut down on transaction fees, by doing the conversion yourself because then your "fee" is the brokerage commission on the forex trade which can be very low. This strategy also has the added bonus of allowing you to keep money in either $us or whatever foreign currency your other bank deals in, gaining or losing money due to currency exchange rates and allowing you to purchase certificates of deposit in the foreign country which may have higher interest rates than in the U.S.

Edit - would only work with the major currencies of course, you probably can't trade the Argentine Peso, for example, but you could probably trade the Brazilian Real.


----------



## bubb2 (Nov 9, 2002)

Xort, just send me all your money! When you need money along the way give me a call. Maybe, I will get back to you.


----------



## xort (Aug 4, 2006)

Bubb
The phone call would not be worth it!


----------



## PBzeer (Nov 11, 2002)

I use the local bank I had before retiring. (Doesn't hurt that I know the head of customer service!) I use a Visa debit card from my bank (which refunds ATM fees) which is acceptable anywhere the credit card is. And yes, they have online banking. You don't have to go with the "big" guys.


----------



## Ragdoll2 (May 27, 2009)

*Banking choices*

Hey Xort,

I have to post a few more postings so I can reply to your email.
So here is one.

Ragdoll2


----------



## Selkie60 (Apr 24, 2009)

danjarch said:


> Xort, If your military or exmilitary then check out USAA, They're based in Texas and have a great online banking setup. Including being able to scan in deposits and covering most fees since their main focus is online rather then phisical branches. The only trouble is that you have to military or family of military who have an account with them. They also have really good auto insurance but not boat insurance. They go through progressive for that.


I just received notice from USAA indicating they are expanding their eligibility requirements: "USAA membership is now open to anyone who has honorably served in the U.S. military." So if you didn't qualify in the past, you may now.

Also, the Navy Federal Credit Union (navyfcu.org) is another low-cost nationwide banking option to consider if you qualify.


----------



## alwheeler98 (Oct 6, 2008)

danjarch said:


> Xort, If your military or exmilitary then check out USAA, They're based in Texas and have a great online banking setup. Including being able to scan in deposits and covering most fees since their main focus is online rather then phisical branches. The only trouble is that you have to military or family of military who have an account with them. They also have really good auto insurance but not boat insurance. They go through progressive for that.


Another vote for USAA.

If you have an IPhone, they have a great app. You can even use the phone to make deposits.

I've worked for 5 different banks on the retail side, and I think USAA is heads above any one I've worked for as far as an online presence.


----------



## osirissail (Oct 27, 2009)

xort said:


> Honorably discharged after 4 years. Does that count?


Yes, if you were honorably discharged. Check out the qualifications page at:
https://www.usaa.com/inet/ent_utils...gibility_main&wa_ref=wcu_main_is_usaa_for_you


----------



## RainDog (Jun 9, 2009)

After years of disgust with banks, I finally found a bank I really like: etrade bank. No fees of any kind, unlimited ATM refunds, on-line banking, good customer service, they never shut down your account for "fraud prevention" when you are shopping overseas, they pay interest on all your accounts, they offer pretty much any service you could ever want, and they have exceptional on-line tools. The only caveat is you need to keep $1000 combined in all of your accounts. If you can do that, they are ideal.


----------



## Architeuthis (Mar 3, 2008)

Yeah it depends on what is important to you. If you have ever had any security issues then you will like RBC and VISA. Someone stole my CC number and all I got was a call to confirm and new cards sent to address of my choice. I also have accounts and CC cards in the two countries I sail so have a choice. I also get to play the money markets when I transfer money. So far that has worked for us. 

Maybe the answer is diversification, more than one account with more than one bank.


----------



## osirissail (Oct 27, 2009)

It seems all banks from the super largest ones to the little ones and every size in between are having problems as almost 200 have gone out of business in this year of financial meltdown. So keeping track of things going on with your favorite is important.
E-Trade Bank Going Bankrupt?


----------

