Liveaboard Getting Hassled By Bank

[CodStewart]

Haro,
It's me. The *itch with a ketch over in Mexico. My bank, La Royal Bank of Wanchors, are really playing up with cheques I write, and won't do international bank transfers for me - like for big bills like rigging and the workyard. This is really causing problems for me. I was out of the UK for the past 15 years - for good reason - but kept my account with RBW and it's where most of my dosh is....but it's just soooooooooooooo hard to frigging get at, aside from being able to take out a paltry 150 quid each day from ATMs. Gee thanks.
Would love to hear of an alternative place to put my money - I don't have alot - twenty grand - and so can't go for offshore rich stuff, but surely, surely there's a way.
Hallso, I returned to the UK last year to sort stuff out with the bank, to tell them I was going to be a cruiser with NO address[I have no address I could use in the UK] and arghhhhhh.....I thought they'd understood and put notes on file but no, farking Lisa lied to me!
I can't believe it's so hard to spend my own money!

Look forward to hearing from anyone who can offer some advice on this matter.

Maria

 

[BrendanS]

Will local companies accept cards rather than cheques?

 

[CodStewart]

Nope.
/forums/images/graemlins/frown.gif

 

[roly_voya]

Can you open an account with a local bank and transfer budget for work to that then you only have the hassle of one international transfer? If not what about tranferring to the most international bank you can find, there must be some banks with branches on all continents!! - Would be very interested in wich though as I might be in the same position after next year.

 

[Bejasus]

Maria, we opened an account in the US when we bought our boat there last year, to take care of things like boat purchase and repairs etc. Easy as the wife is a US citizen.
I use an FX broker in London to transfer money from the Nationwide to the US account. We get a great inclusive rate(no hidden extras), transfer everything electronically and it's usually in the account in 5 days.
I would suggest this is the best way to go if you can open an account with a good bank in old Mehico. PM me if you need details.

 

[Grehan]

Transfers

Local bank is probably a good idea.
UK banks do not like/understand 'customers' (sic) who don't fit conventional view of residency in GB - e.g don't have a permanently manned UK address.
Watch out for the cost of bank transfers. When we transferred to an account in Spain we were stung (at the Spanish end) by unexpectedly huge charges. The FX brokers can do the transfers at a much lower cost. www.hifx.co.uk . . . www.currenciesdirect.co.uk (no connection whatsoever).

 

[douglas_family]

Re: Transfers

we got stung transferring money to spain at both end but this was due to the abbey's incompetence. we have since changed to Nationwide who provide free cash withdrawals abroad. i don't know if they would let you open an account without uk address though

 

[Sandyman]

Re: Transfers

Have you asked the RBW to increase your daily ATM limit.???

Had a similar limit with Abbey. Had a rant at them & they increased it to £800 a day. If they wont agree to up your limit tell them your taking your money elsewhere............then watch them change there tune. Good luck.

 

[CodStewart]

Re: Transfers

Thank you so much for all the advice.
I'll let you know what happens down the rum and lime.

 

[macd]

Re: Transfers

"i don't know if they would let you open an account without uk address though"

They let me.

 

[Koeketiene]

Faced similar problems in the past.

Went to Citibank in the end - free, instant money transfers anywhere in the world. Very good exchange rate too.
As long as it's from one Citibank account to another Citibank account.

Have a Citibank account in the US, UK, Belgium & somewhere offshore ( /forums/images/graemlins/wink.gif )
Got access to US $, GB £ and € anywhere in the world.
Amazing, isn't it, that someone with hardly any money should have 4 bank accounts /forums/images/graemlins/blush.gif /forums/images/graemlins/confused.gif

 

[Sea Devil]

Re: Transfers

Be very careful about closing that RBW account... I have found I cannot open a bank account in the UK without a verified UK address and or being resident there!

I also bank with the RBS... I always carry at least 3 credit cards + a debit card as well to get me around the cash problem you are having. Suspect it may be too late to go down this route...???

Next best solution is to open an account where you are - preferably an American one... Check before you open what they charge to process 'Swift' transfers.. should be around £10-15 tops... Get the RBS to post you some SWIFT forms or similar - fill one out for a lump sum post it back then the money should be transferred withing 48hours and you can draw cash... (swift costs £17!!) Only works if you are there for a while... Lots of credit cards next time you are in the UK is the way to go - all debiting your account monthly for the full amount - 4 X£100 every few days pays most bills.........

 

[Bejasus]

Re: Transfers

Michael, using banks to transfer cash overseas can prove to be expensive, which is why I use an FX dealer.
However, using my Nationwide Visa card I can draw a fair bit of cash every day at daily EX rates and no charges from the Nationwide. I also use 2 Nationwide accounts to enable me to double my daily allowance if I need to draw more.
Big lumps are somewhat different and more difficult, hence the overseas account and the FX dealer.

 

[RutlandMike]

Re: Transfers

Paypal any good to you? I do a lot of switching money between the UK and US (Florida rental) and while their rates are relatively high, can't be beaten for convenience. Good for 19 currencies (I believe). You can 'send' money to anyone with an e-mail address or mobile phone. Just a thought.

 

[CodStewart]

Re: Transfers

Re: various aboves
I tried to get a credit card last summer but came up against the same Catch 22 with regards to not having an address or adequate recent 'history' in the UK, further confounded by not having a regular income now that I have stupidly retired young and am facing engine problems.............arghhhhhhhhhhhhhhhhhhhhhhhhhhhh...the fuel injector pipe sheared orf.............currently hiding in a booth in a bar.

Why did I buy a boat?????

 

[Sea Devil]

Re: Transfers

I agree - I actually run foreign exchange accounts --- trouble is Codstewart has got into a bit of a muddle and the expensive way is perhaps the only way out = if all fails.

Generally you can pay for everything with credit cards and it is the least hassle way of financing a long trip --- and some cards are really cheap - most importantly you insist the cards pay of in full every month from your bank.... When you do need cash the having several makes that problem more or less go away...

The whole foreign exchange thing is a bit of a pain -- In the end I just used cards and accepted the cost as part of the cruising scene - like anti-fouling

 

[mainshiptom]

I tend to put a credit on a credit card and then spend it, its a good way of budgting as well.

Tom

 

[Bejasus]

Re: Transfers

just as a matter of interest, bought/transferred £5k worth of dollars today at an all inclusive rate of $1.989/£ /forums/images/graemlins/smile.gif

 

[rosipeter]

Just a thought, if you have a visa debit card you can go into most banks and get a Visa cash advance. You do this over the counter and as far as i know there is no upper limit on the amount you can withdraw. I can't remember what the charges are, but your bank should be able to tell you.