Offshore/Other Accounts For Cruisers

[CodStewart]

Hello, My name's Maria and I'm an alcoholic......but to get down to the nitty gritty, I'll be leaving for a life of cruising in March 2006. I'm not very clever about grown-up things like money and therefore wondering if any of you wise sages out there could recommend the best kind of account for a cruiser.
Here's my set-up.
If I put my money into a high interest account that requires 90 days notice to withdraw, I worked out that I'd get around 180quid a month in interest. I have a flat in SA that will also bring in around 300 bucks a month. I wouldn't need to touch the SA money nor the interest because I will have 30K US in my paws at the beginning of the trip that I'd hope would keep us going for a couple of years.
I've been looking at HSBC. Do you have any other recs for offshore kind of banking that is good for cruisers?
Thanks for any help and sorry if the above sounds a bit twisted.
Ja ne. /forums/images/graemlins/confused.gif

 

[snowleopard]

I would suggest that $30k will mean a pretty frugal lifestyle. It can certainly be done but no marinas, no hire cars, seldom eating ashore and nothing for emergencies.

What you really need is an internet bank account. They generally have good interest rates and you can go into any internet cafe and transfer cash to an account with a debit card to draw cash or pay for goods with plastic. There is no need to use 90-day notice accounts.

It all depends where you want to hold your money. In the UK the undoubted front runner is a Nationwide Flexaccount because there is no exchange commission and good exchange rates.

 

[Talbot]

$30k with a new boat 2 people, and getting used to the lifestyle is not going to last the distance without some earnings during the period.

 

[Norman_E]

I also recommend the Nationwide Flex account, as you can draw cash from machines anywhere with no charges. Interest rate is fairly low so why not put bulk of money in a high interest account with regular monthly transfers to the flex account?

 

[pragmatist]

Yup - another fan of the Nationwide - have a flex account linked to an internet deposit account - goodish interest rate and extremely efficient.

 

[Das_Boot]

People in mozambique get by on $600 per year that gives you 50 years if you stick to the poor countrys.

 

[CodStewart]

Thanks for the advice. We don't intend to use marinas, have bought ferro to minimize upkeep costs, and the 30K is pocket money to begin with. However, I'm great with being frugal - hence being able to buy this boat in the first place at the tender age of 37. My other savings will net me 200 quid[ish] per month in interest and then there's the rent from the flat in SA. I reckon we'll have around 400 bucks a month - quite a bit for hippy cruisers with a sound boat to start with.
The advice I've been given so far, both within this forum and via a PM, is that the First Direct sounds like the way to go. If, that is, they have a high interest account that mirrors the HSBC one. I reckon that I can juggle the 30K so that we never need to withdraw from the high interest account and thus lose interest. I'm also a firm believer in being able to work if times hit rock bottom. Being born in a First World country leaves us in a very good position! We can always stop off in Bali and become English teachers for a while.
Back to the point - just wanted to hear about the best way to keep our money making money. Internet banking is a blessing, or so it seems.
Thanks again for the advice. We are going to be frugal cruisers and we look forward to sharing our back-to-basics cruising lifestyle with this forum when we hit land now and again.
Ja ne.

 

[Talbot]

If you are really intending a full back to basics approach, I would recommend some study of recent books by the Pardey's. Personally I like my comforts a bit more than that.

 

[janie]

[ QUOTE ]
[The advice I've been given so far, both within this forum and via a PM, is that the First Direct sounds like the way to go. If, that is, they have a high interest account that mirrors the HSBC one. I reckon that I can juggle the 30K so that we never need to withdraw from the high interest account and thus lose interest. I'm also a firm believer in being able to work if times hit rock bottom. Being born in a First World country leaves us in a very good position! We can always stop off in Bali and become English

[/ QUOTE ]Having just chatted to First Direct this afternoon, they told me that if I did my banking on the Internet, then I should be changing my Bonus Savings account to an e-savings account, because the interest was better. However, this isn't for regular withdrawals, but for savings, so it may not be what you had in mind. Not sure which HSBC account you meant. However, check out the First Direct website for accounts and interest rates.

 

[CodStewart]

Morning,
Talbot - Yup, the Pardeys have been our bedfellows for the past few months.
Janie - Thanks. That's good news to hear. I'll do some more research. By the way, the HSBC account is a high interest savings account but one would have to keep fingers off it for at least 90 days at a time - which, I think, we can. However, First Direct keeps popping up in LBW and so I will give it some serious consideration and more than likely make the change.
Thanks agian to all who replied. This forum is invaluable for beginners like myself.