Worthless Canadian Dollar

Getting ready for a ten day charter the first of MArch. The Canadian dollar has been rapidly dropping with no end in sight. Now below 80 cents US. Fortunately I started an American bank account back when the dollar was at par with the US. MAybe these questions are better asked at a bank but here goes.I want to use the money in my American account but a little uneasy about carrying a lot of cash to and around the BVI. Will the bank issue me American travellers cheques? Is there places in the BVI to cash them? What are other options? Every other trip we just charged everything, but this time that would add about %25 to everything we spend.Mind you boat and flights are paid for. Any ideas?

Travelers Checks are dead. Go with a debit card from your American bank. Our approach? $100 per person per day cash. I'm still living on the leftover from our two week trip, but we cooked on the boat a lot more than normal.

Cheers, RickG

Brent, We will be down Mid-March and I'm sure your trip will be a blast. First off, I agree with Rick in that AmEx trav checks are mostly dead. Check with your US financial institution first however, what their international charge fees/rates are. Some can and will charge a hefty sum(%) per transaction for CC usage. I personally am a cash guy with a CC/DC as backup.
Cheers, and enjoy your trip!~

Great question about how much cash to bring. Was wondering same thing. I know we'll have to pay cash for mooring fees. Planning 3 lunches and 3 dinners out - assuming restaurants take CC (we use a capital one visa with no foreign trans fees). Any cash only places that might surprise us?

The only things we use cash for are taxis, mooring balls, bags of ice or trash pick-up by small boats, food from the Deliverance boat, tips for dockhands, small things like that. Lately, due to credit card fraud at some ferry terminals, we use cash for all ferries too. Never had a restaurant or bar not accept credit card, and like you we only use our Capital One card down there (although I have about 5-7 cards active at any given time working the FF and points offers). We usually take about $500 in cash but always have leftovers. As to the OP question about cash safety, never been worried about it. Just take normal precautions (hide it on the boat, don't carry a lot at once, etc).

CottageGirl,
You've probably already taken this into account but cash for Taxis and FERRY trips. Also for provisioning boats around the harbors if you choose to use them (ice, sundries). If I recall correctly, you have a fairly large group headed down in March so the Ferry cash outlay could be substantial depending on your itinerary/legs required.

Most restaurants do take CC but just be prepared to pay cash, sometimes their CC machine is down, so they can only except cash.

Also, some restaurants add a 5% fee for using a credit card.

Just to clarify. I have an American account at my Canadian bank. Im not sure I can get a Debit card for it but I'll check right now. I guess with precautions its not a big deal to take cash but thought I'd find out any and all options.Understand that if I use my credit card Visa will charge me whatever there exchange rate is on that given day. There exchange rate is usually a few percentages worse than the bank rate so that will make the Canadian dollar worth $75 for $100 US.

I know most people think Travelers checks are dead, but as far as I know they are still accepted at most if not all BVI establishments. The businesses like them since there is no 3-5% processing fees (like credit cards).

With a US account you should be able to pull cash from ATM's..that's how we survive down here..

Pull your cash out at ATM's. Carry what you need for the first day or two on the flight down and pull out enough for the next several days when you're in Road Town.

Here is a handy-dandy link to a list of the ATM's around the islands.

We have an account with Bank of America, which we learned through this board, and confirmed via phone call to our bank, has a relationship with Scotia Bank. This enables us to pull cash out at Scotia ATM's fee free.

No need for traveler's checks or carrying huge rolls of cash, just take out enough for a couple days and stop and get more when you need it.

Never thought about using cash for the ferries. That alone will be about $240 each way for us. Thanks for the tip! Will check with our credit Union on fees for withdrawing cash down there.
As for dock hands, I hadn't thought of that either. We're using a slip once - at Leverick. Is it customary to tip a dock person if they help you in?

Several months ago, a lot of people had their credit cards scammed when they used them in CA for the ferry. Advice now is to only use cash for ferries.

Yes, tip the dockhands. Not absolutely necessary, but I figure they could use the extra cash. Also, I really like the guys at Leverick, especially LeRoy.

Anybody who helps me put a $million boat into a slip without damage and safely ties the lines is worth $20...

BRAVO!!! Totally agree! I've been doing mono-hulls and small fishing boats all of my life and when I chartered a Cat in 2013, the thought of bringing it in a slip was concerning to me. Leroy and Tito (think those are their names....I am HORRIBLE at names) guided me in in 2013 and 2014 and their tips reflected the help they gave me. I actually found the Cat to be easier for slips and balls because I let the engines do all the work/steering. Remember...you are getting a VERY reasonable slip, free ice and free water...not to mention the help these guys offer! <img src="http://www.traveltalkonline.com/forums/images/graemlins/handshake.gif" alt="" /> (SORRY....I know this is off topic OP.....)

Another vote for a tip for the dockhands. "Dave" at Leverick helped us secure our 47' powercat in high winds and his help was invaluable.

Dave's comment?

"You LISTENED". Things go well when you listen!"

Hi Brent - the easiest way to work it (assuming you have a Canadian bank and a US dollar account) is to get a US dollar visa or master card - then when the bill comes in pay for it with your USD deposit account. FYI - we built our villa when the CDN dollar was 67 cents so the appreciating CDN dollar worked against us. cheers Brian

Following up on Brian's advice, Capital One charges no foreign transaction fee and their Venture card offers 2 to one miles.

both of my american credit card companies said that there is no transaction fee if the purchase is done in us$..i am pretty sure i read somewhere that US$ are used in the BVI..is that right?

Yes, US $.

Brent
your questions really seems to be around not wanting to be carrying cash
As many have said.. forget travellers cheques - grief
All the Cdn banks issue USD VISA cards.. almost overnight
with no nonsense surcharges like the US banks pull
Then pay with your USD account and you are done

Otherwise... bring cash
Trouble can always be found, but this is a peaceful island for the most part... normal common sense... and you are good

Note to self: Tip the dock hands at Leverick. Got it!
Thanks!

Good points on using credit cards, but keep in mind, you will still need a fair amount of cash. We pay everything on credit cards that we can, and I still budget about $30-50 per person per day in cash. Mooring fees, cabs, departure taxes, places where "the credit card machine isn't working", dropping trash, etc. Also, it's often just easier and more convenient to be able to pay in cash when you're just buying a drink or two, or when a place is especially busy.

Net, net, good to pay with credit cards when you can, but you gotta have greenbacks too, no matter what.

I would advise against using a debit card. Stick with a good credit card. If your debit card does get compromised you could loose it all, not so with a credit card. You have better protection with the credit card.

it depends on the card and the bank-- the " debit" card I have with my ( US) bank account is a branded Mastercard. Same regs apply as if it were a " credt" card, same security of funds. ( and I was hit in a data breech several times, the bank was AWESOME in being on top of it, they knew before I knew).

I have seen and handled hundreds upon hundreds of traveler card transactions from all over the world, and tourists from every ( yes, EVERY) continent have presented cards that are either Amex, Visa or Mastercard, marked as USD or US Funds.

Interac, the Canadian bank STRICLTY debit card, that one would use solely at a bank associated ATM, is not affiliated with any credit card network, and does not function as a " purchase" card, it only works at at an ATM.

So, yes, the OP needs to know exactly what he is carrying/using.

Breeze.

The above is not actually true. A card is either a debit or a credit card. It can be managed by various networks such as Visa or MasterCard but it is still a debit or credit card. If your card debits funds directly from your account it is a debit card. Debit cards enjoy no protection under the law. Credit cards have very robust legal protections.
In practice most banks extend protections to their debit cards but it can still be a mess to unravel things when your account is wiped out. Cobranded debit cards can actually open you up to more abuse because they can be run through without a pin. Best practice is to use a credit card and if you have to use a debit card make sure it never leaves your hand.
G

George.....I do not know what exists in the USA
But, often... not always... but often, depending on the client:
A Cdn bank card can be BOTH a credit card AND a debit card
The user chooses which to apply to a transaction....
at the time of the transaction.

The user never touches my CC machine. How does user decide if the money comes out of a checking account (debit) or billed through a CC service?

same as not having to provide a signature...
While inputting a PIN... you select C/C or debit

We have no option to put in a pin on our processor. Sounds like your talking about a gas station, not a restaurant.

Most of the rest of the world has moved to chip (EMV) and pin for credit card transactions. The pin is used in place of signature. In the US there are very few chip and pin options, but more and more chip and signature credit cards. Visa and Mastercard have set deadlines for change over to chip and signature cards by the end of 2015, but banks are grumpy about it. I just got a replacement Bank of America credit card with the EMV chip. Capital One hasn't done the upgrade yet.

Cheers, RickG

Evan, the mag strip on the back of a card carries that information. It isn't something a merchant with your set-up needs to think about. Not every merchant has the same set-up as you have, and most merchants are going to find that their in-house CC processing is going to change to accomodate the EMV chip standard being phased into common useage. The US CC industry is being very slow to adopt the EMV -chip standard, but it IS COMING. Cards that I see from the EU, from Asia, from South Africa, and Scandinavia, and many from Canada, mostly have both the chip and the mag strip, so for now they all work in the swipe technology most of us have in the US. Swipe cards ( mag strip only) are on their way out.

Some larger merchants, especially retailers, and chainstores, use a different swipe processor, requiring interaction with the customer for selesction of debit or credit and input of PIN. Especially when you get into the EBT network, there are whole other levels of authorization and particularly, item acceptance. That is not something you have to deal with in a restuarant.

Breeze

My processor said my machine is chip ready. Capital One said they will have chip cards by 2016. When we were in Europe no unattended machines, like the trains and Metro all required chip cards. We did get a British Airways card for the Avios and the trip.

CC news flash, there is legislation to remove the sales tax from the processing fee. This is huge for high ticket items, like people who buy cars with CC's for the mileage. Example a $30,000 car at 8% sales tax is $2400 not being charged for processing. However the logistics of this state to state with different % of sales tax is staggering.

SeaSea rider,
very interested in your ferry comment. Twice in my BVI travels, had my CC compromised. I mostly pay cash, so in tracing my steps both times, the consistent charge had been the ferries.....now you mention it and I think.... I must have been right. <img src="http://www.traveltalkonline.com/forums/images/graemlins/Yikes.gif" alt="" />

What ferry company? I use a CC with speedy's and Roadtown Fast Ferry with no problems.

It seemed to be happening a lot with Native Son last year. We've gone to using cash to pay our ferry fare.

Was it just Native Son or was Smith's (Tortola Fast Ferry) also suspected? I can't recall which one of those, perhaps it was both. Never heard of it in relation to Speedy's or RTFF.

I had only heard of problems with Native Son, but maybe there were problems with both. Seemed like they were being compromised on the STT side.

The big compromise in 2014 was widespread. I've heard from merchants that their payment processor was compromised. The article below also points to malware on POS systems. It hit a lot of folks in the VI. I haven't seen any news of a resolution.

http://virginislandsdailynews.com/news/r...crime-1.1732675

That doesn't mean that individual merchants don't have their own problems.

Cheers, RickG

We too have a US dollar account in a Canadian Bank. We also have a US dollar mastercard - BMO to be exact. Saves carrying a lot of cash and then when the bill comes, we just pay from our US account - very handy if you do any amount of travelling, and there's no service charges. Only 89 days 'til BVI - can't wait