Pacific transit // money transfers, making payments, etc

[boatsisboats]

Hello all.

We head out the canal in February and are trying to understand about banking- from the boat. Bare with me...
I have understood from other cruisers that (with Starlink or beachbar wifi) many financial institutions won't process simple bank transfers from afar. Yes, I could use a VPN, but they don't always work and I have not tried to do this from this far out of the country before.

For those that have crossed the Pacific sorta recently - Did you have issues with your banking? Can you make a Venmo payment to someone in the states while cruising far abroad? Can you make a credit card payment? Can you make a digital payment or balance transfer?

Thanks for your thoughts.

Trevor

[PaulSommers]

I recommend a long call with your bank(s), and some experiments with actual small transactions before you set out. This is a constant frustration of cruisers and other expats living outside the US. You can find other threads on this Forum relating to this topic. We use a Charles Schwab account for obtaining cash from ATMs while we are in Mexico half of the year, as Schwab Bank refunds any ATM fees at the end of each month. Payments to third parties can be a real hassle. Venmo - definitely not if you are outside the US, except possible if a VPN fools your bank's software re your actual location. I received money through Venmo at my US account from someone in Mexico who also had a US bank account; he was probably using a VPN to disguise his actual location. Zelle works - I have paid Mexican marina fees while in Mexico from a US bank using Zelle (April and May of this year), and I was not using a VPN. However, the marina in question has a US bank account, so that may be why it works. To make larger payments such as buying a house in Mexico, I had to use wire transfers (this was before Zelle) and we resorted to listing the phone of a daughter in the US as the recipient of a two-factor authentication text, then getting her on the line in a Zoom call at the same time as the on-line interaction with the bank; the text went to her, she told us the code and we entered it into the bank's online system. Others on this Forum have discussed getting permanent VOIP phone numbers so that they have a US phone number. That may or may not work with two factor authentication schemes requiring receipt of a text message. If you are staying in country X for a while, get a local phone number, and then try to get that phone accepted by your bank. They may or may not accept a non-US phone for their two factor authentication processes. Another option that may work is a USB security key - a small device that plugs into a USB port on your computer. Upon request for a two factor authentication code, you press a button on the security key. In my experience this works with some processes at my main US bank and not for others. That variation and the issues with non-US phones for text messages are why you need a long conversation with your bank and then experiment with actual transactions before you leave for really remote places. A trusted relative, friend, or lawyer back home may also be able to do certain transactions on your behalf. Again, questions for your bank. And expect whatever you set up to change while you are on your cruise - security for financial transaction is a rapidly evolving field, with one certainty - new threats will emerge and the financial institutions are forced to react.

[PippaB]

When we crossed the Pacific a few years ago we kept a Google Fi phone for this purpose (yes, restrictions on how long you are away from home, we had no issues/problems - but were not heavy users). Their flexible plan allows you to receive SMS messages to a US phone number, and their built-in VPN allows you to connect to banking systems. Worked for us, across three banks and four years.

There are a few island groups not included, but still works over WiFi when cell is not included. IIRC Cook Islands and Niue were two where cell did not connect/not included.

If you have a decent banking institution you can even call from a "US" phone and talk to them in person.

In reality, though, pretty much the only time we used it was making the bank transfer for Panama Canal fees I guess it depends on how much banking you need to do, for us cards worked most places, and when headed remote we would withdraw cash from an ATM when in "town". Make sure you understand your bank's foreign transaction fees - we primarly bank with a very nice credit union that charges nothing and provides wholesale conversion rates without markup or fee.

[wholybee]

I used an ATM card from my credit union, and it has worked fine everywhere worldwide. All the Pacific Islands, NZ, Indonesia, Australia, South Africa, you get the idea. My ATM card was a non-issue, it just worked.

However, I had friends that had problems in a lot of places. What will determine if it works or not, look at the back of the card, and there will be logos for what financial systems it works with. That is, if the card and the bank share a system, it will work. In many remote places, ATMs and Banks will have signs or stickers showing what systems they work with.

So, check your card, check your bank, and see what systems the card works with. My ATM uses the "PLUS" system, and that worked really well. YMMV.

I used wifi calling with Cricket (AT&T no contract phone) and that worked worldwide for having a US phone number as long as I had wifi. SIM cards are cheap, as are burner phones, for wifi access.

Zelle is nothing more than a normal wire transfer, but with an app to make it easier. It is bank to bank without a 3rd party money transfer company. I highly doubt Zelle would work with banks outside the US. My Credit union doesn't even work with it.

Venmo should work anywhere, but if you are a US citizen and receive more than $600 per year on Venmo, they report it as income for your taxes.

Lastly, if you really want to be prepared, wise.com is a worldwide bank setup for international travel and money exchanges. You open an account, put money in it, and you get a physical credit card. You can then change currency within your account so that when you use the credit card it will always be the local currency to avoid exchange fees. It also has functions for sending and receiving money similar to Venmo, but allowing you to select which currency to use. It is a bit complicated to learn to use, but several swear by it for saving exchange fees and working everywhere. I signed up and got a card from them, but never felt a need as my regular ATM card worked everywhere.

I highly recommend a good credit union. Banks are after profit, credit unions for the most part are not. Instead, they are about service, with less fees, cheaper exchange rates, and refunds from ATM fees.