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  1. #11
    Join Date
    Jun 2001
    Location
    Dover
    Posts
    5,301

    Default Re: How to manage money as a liveaboard

    My approach has been a little different. I am now less inclined to use Nationwide cards as the charges have gradually mounted. If I am staying in a country for 6 months or more, I open a local bank account and use Transferwise to transfer funds from the UK. As an EU resident, one can open an account in any member country. Also banks in old Commonwealth countries allow UK residents to open accounts.

    Advantages: (i) Avoids international transfer charges and sub-par currency exchange rates on individual transactions. (ii) ATM withdrawals are free - in many countries now there are charges for cash withdrawals using the card of another bank.

    Issues: (i) The bank will need a provable residential address for communication and mailing bank cards, but usually your UK address will be acceptable. (ii) Make sure the bank offers internet banking, with a website in a language which you know (many offer English versions). (iii) Some European banks make extraordinarily high charges for running a current account and/or issuing a debit card. Avoid these, even though the cost may be partly offset by interest. (iv) After Brexit, we may be asked to close European accounts.
    Last edited by AndrewB; 09-04-19 at 16:03.

  2. #12
    Join Date
    Jan 2004
    Location
    Med
    Posts
    5,685

    Default Re: How to manage money as a liveaboard

    I think the op as Been given some good advise and other to say manage money with care and don't go overboard with buying stuff you don't need there no more I can add ,
    Money don't last for ever and If you can't replace what you spend then you really have to take care of what you spend .
    Or may end up having to cut your dream shorter then you think ,
    Warning forumite dyslexia near by
    www.bluewatersailorcroatia.webs.com

  3. #13
    Join Date
    Sep 2004
    Location
    Ionian
    Posts
    154

    Default Re: How to manage money as a liveaboard

    Plus 1 for the nationwide flex plus. The account also comes with free travel insurance for 30 days max, but it can be extended for a reasonable extra fee (max 190 days any one trip). The insurance can be tailored to your requirements. I have a feeling that the flex+ account is only available as an upgrade so may not be available to new customers. I have been with nationwide for over 30 years and they have always given me good customer service.

  4. #14
    Join Date
    May 2001
    Location
    North Wales, sailing Aegean Sea or Menai Strait
    Posts
    21,570

    Default Re: How to manage money as a liveaboard

    Having lived in Holland for a while we have a Dutch bank account with ABN Amro that I retained when I retired. This has proved invaluable: we can almost always pay for supermarket purchases with the card and ATMs have never refused us. We transfer money from our UK account at the start of each season, while the Dutch government kindly pays us both a pension into the account. And we pay our marina bills using IBAN, also without any exchange rate or service charges.
    Answers to some technical queries at new website http://coxeng.co.uk

  5. #15
    Join Date
    Jun 2013
    Posts
    164

    Default Re: How to manage money as a liveaboard

    Another vote for Revolut.

    We've been using it for sometime now and it is very good. You can also transfer to European back accounts at no cost.

  6. #16
    Join Date
    Jul 2006
    Location
    Emsworth Hants
    Posts
    12,297

    Default Re: How to manage money as a liveaboard

    One tip is if you move to different countries buy a local sim card thy are cheap and the calls are much cheaper.

  7. #17
    Join Date
    May 2001
    Posts
    15,153

    Default Re: How to manage money as a liveaboard

    Quote Originally Posted by jamiepyoung View Post
    Another vote for Revolut.

    We've been using it for sometime now and it is very good. You can also transfer to European back accounts at no cost.
    Agreed, the Revolut app is great, constantly updated exchange rates, daily summary of spending, all so easy to use. I will be cancelling my Lloyd’s account, no longer use it.

  8. #18
    Join Date
    Jan 2010
    Location
    Mediterranean
    Posts
    1,212

    Default Re: How to manage money as a liveaboard

    We’ve successfully used Revolut in the Med and SE Asia over the last three years.

    It’s a prepaid credit card but the phone app is excellent and quick if you want to credit the card at a supermarket checkout (we’ve tested that a few times!).

    The only problem we had was a money laundering enquiry from them when my wife transferred £10,000 into the card rather than £1000!

    However, they have now reduced the cash withdrawal limits and will charge for most withdrawals at ATMs.

    Starling bank does not charge for cash withdrawals at ATMs so we have just opened a bank account with them. It’s a slightly different arrangement than with Revolut but given that we put about £20k through the card each year, the new charges make it worth trying another solution.

    We are a bit old fashioned and so we often take out cash and pay for many day to day expenses with cash - especially restaurants, bars and coffee shops etc. This caution comes from many years of work travel where my wife’s cards have been cloned several times. This is often no problem if you return to the U.K. to sort it out, but more difficult if trying to sort it out whilst overseas.

    Anyway, we’ve just received our Starling cards (within a few days) for the new account so we will know if it works for us later this season. We have though kept the Revolut card as a back up.

    Garold

  9. #19
    Join Date
    Apr 2018
    Location
    Mooring, Faro
    Posts
    1,337

    Default Re: How to manage money as a liveaboard

    We have local account and transfer lumps via Transferwise. Account has quarterly charges but easiest way if direct debits need setting up.

    Martin Lewis (Money saving Expert) has an article today about overseas spending - https://www.moneysavingexpert.com/cr...&utm_content=8

  10. #20
    Join Date
    Sep 2004
    Posts
    1,206

    Default Re: How to manage money as a liveaboard

    I managed on Nationwide debit and credit cards for 12 years as a liveaboard in Spain, and would caution against opening a Spanish bank account on two grounds.
    Firstly, their charges are high and they have a nasty habit of debiting first and asking questions second.
    Secondly, if you only have UK bank accounts it reinforces your undoubted claim that you are a British and not Spanish resident.
    The advice to maintain a UK address is very sound - it removes all sorts of complications.

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