Latest / bit of a Rambler / 075 Banking Abroad

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075 Banking Abroad · bit of a Rambler

• 0:00
  Speaker 1: Hello. My name is Kai and I am a bit
• 0:02
  Speaker 1: of a rambler. I like to travel, learn and tell stories,
• 0:07
  Speaker 1: and this is more of a reassurance episode. Let's talk
• 0:10
  Speaker 1: about banking abroad bullet points. You can do it. It's
• 0:16
  Speaker 1: very easy, especially these days. I'll start with cash and
• 0:20
  Speaker 1: taking out cash and whatever country you're traveling to, since
• 0:23
  Speaker 1: that's what I usually do. Charging debit cards almost always
• 0:27
  Speaker 1: has a processing fee and a transfer fee, which can
• 0:30
  Speaker 1: add up pretty quickly, and you have to make sure
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  Speaker 1: if you're using credit cards that your credit card has
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  Speaker 1: no foreign transaction fees. So for the most part, I
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  Speaker 1: stick with cash because it's simpler and most countries still
• 0:42
  Speaker 1: use cash. Whatever country you're going to, you can check
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  Speaker 1: all of the ATM fees every single country I've been to.
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  Speaker 1: There are multiple places online that tell you all the
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  Speaker 1: different fees. Don't take the posted limits you see online
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  Speaker 1: as one hundred percent accurate very often and they have
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  Speaker 1: incomplete information. And it doesn't really matter anyway, because most
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  Speaker 1: ATMs in the country are going to have the same
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  Speaker 1: ATM transaction fees or very similar with drawal fees. Maybe
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  Speaker 1: you'll pay a three dollars surcharge if you take out
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  Speaker 1: your money at the airport versus in the city. But
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  Speaker 1: I personally generally find it not worth the stress to
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  Speaker 1: worry about finding the absolute best deal. Most of the time,
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  Speaker 1: I'll just take out my money at the airport and figure, like,
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  Speaker 1: even if I paid twenty extra dollars at an airport
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  Speaker 1: atm I'm only paying let's say four hundred dollars a
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  Speaker 1: month for a fully furnished hotel with all utilities and
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  Speaker 1: Wi Fi included and made service. I just add the
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  Speaker 1: twenty dollars to an actual convenience fee of living in
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  Speaker 1: a country with the low cost of living. If I
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  Speaker 1: know that I'm staying a longer time in a country
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  Speaker 1: and I already have a little cash for the next
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  Speaker 1: few days with me, I will also walk around to
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  Speaker 1: the different banks, like I did in Panama, just to
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  Speaker 1: see the different transaction fees and limits, Because if you
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  Speaker 1: can only take out one hundred and fifty each time
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  Speaker 1: and you have to pay a five dollars fee, not great.
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  Speaker 1: But if you can take out one thousand each time
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  Speaker 1: to pay a five dollar fee, much better. And there's
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  Speaker 1: almost always one bank that has a higher withdrawal rate
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  Speaker 1: than the others. So yeah, in Panama, the maximum you
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  Speaker 1: can withdraw US two hundred and fifty dollars, except at BAC,
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  Speaker 1: where you can withdraw five hundred. So if you're concerned
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  Speaker 1: about withdrawal fees, just check the different banks and I
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  Speaker 1: wouldn't even bother asking anyone. Just actually try to make
• 2:44
  Speaker 1: withdrawal and they'll tell you this is how much it is.
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  Speaker 1: The ATM will show a little message before you actually
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  Speaker 1: make the withdrawal. This ATM has a six dollars withdrawal fee,
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  Speaker 1: or this ATM has a twelve dollars withdrawal fee, and
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  Speaker 1: you can cancel the transaction if the fee seems too
• 3:01
  Speaker 1: high to you, and you're probably going to be able
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  Speaker 1: to find one with the higher withdrawal rate. I usually do.
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  Speaker 1: And again, always bear in mind what your time is
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  Speaker 1: worth to you and the cost of living in the country.
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  Speaker 1: How worth it is to you to save the transaction
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  Speaker 1: fee or find a higher withdrawal limit versus the stress
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  Speaker 1: or inconvenience of going around the city or town trying
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  Speaker 1: to save ten bucks when you're already saving hundreds just
• 3:25
  Speaker 1: by living where you are because of the cost of living.
• 3:28
  Speaker 1: Just look at everything in context. Another great way around
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  Speaker 1: this is to withdraw some cash, but mostly use a
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  Speaker 1: card with free international transaction fees. Purchase your room no
• 3:43
  Speaker 1: transaction fee. You can use your cash for the country
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  Speaker 1: you're staying in. You can use your card at the
• 3:49
  Speaker 1: grocery stores or the bigger stores most places, except credit
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  Speaker 1: cards in most countries and most cities in most countries.
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  Speaker 1: Even countries that are moving beyond credit cards, like China,
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  Speaker 1: still accept your international visa or MasterCard, but they will
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  Speaker 1: be like, oh, look a cave man. Okay. But banking itself,
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  Speaker 1: it's all online now, and if it's not based within
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  Speaker 1: the US. It's very rare that a customer service line
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  Speaker 1: is going to tell you what you are able or
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  Speaker 1: not able to do before you go there, because they
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  Speaker 1: don't know the laws of that country. It's just they're
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  Speaker 1: not allowed to give out advice because then you could
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  Speaker 1: say they gave you the bad advice and sue them.
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  Speaker 1: So I'm just going to tell you what I do
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  Speaker 1: and what I know all travelers do. Get a phone
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  Speaker 1: number that works abroad. I use text now, you can
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  Speaker 1: use Google Voice or any online phone number. Get it
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  Speaker 1: while you're still in the States. Check if you can
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  Speaker 1: receive confirmation codes and call your bank using that number,
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  Speaker 1: and once you find the app that works with your
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  Speaker 1: banking app and your confirmation codes and your bank done,
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  Speaker 1: your set. The Internet is always going to be available
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  Speaker 1: somewhere abroad, even in so called less developed countries. People
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  Speaker 1: have cell phones and there is data available, often much
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  Speaker 1: better than the Internet in the States, and almost always
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  Speaker 1: way way cheaper, usually a five dollars SIM card at
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  Speaker 1: the airport at the absolute most twenty bucks for a
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  Speaker 1: month of data, and then all you need is a
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  Speaker 1: VPN and you don't even need the data. If you
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  Speaker 1: don't want to, you can just use your Wi Fi
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  Speaker 1: at wherever you stay, because everywhere has Wi Fi. Like
• 5:36
  Speaker 1: I don't have a simcard right now. I just don't
• 5:38
  Speaker 1: use SIM cards sometimes so that I have to practice
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  Speaker 1: the local language more rather than translating with Google Translate,
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  Speaker 1: or if I'm in a city, I just don't need
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  Speaker 1: data really. But anyway, you get a app, a VoIP
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  Speaker 1: phone number that works with your bank, and every bank
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  Speaker 1: is different, so just try a bunch of them and
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  Speaker 1: then you'll find one that works and then get a VPN.
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  Speaker 1: Proton is great, astral is great. Just look up grade
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  Speaker 1: VPNs nor do all the ones that everybody else uses.
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  Speaker 1: Get one of those. It's five bucks a month or something.
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  Speaker 1: They'll have discounts every holiday. By the annual pass. It's
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  Speaker 1: always cheaper to get the annual pass. And then when
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  Speaker 1: you're in whatever country you're in, you click one button
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  Speaker 1: on the VPN. If your bank is from the US,
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  Speaker 1: then you can connect to the US. If your bank
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  Speaker 1: is from Spain, then you can connect to Spain. You
• 6:35
  Speaker 1: can choose the country and then click connect. Your banking
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  Speaker 1: app will report that you're in the correct country that
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  Speaker 1: the bank is from, and then you use the bank
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  Speaker 1: app like normal. If you want to call up your
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  Speaker 1: bank using Wi Fi, use your newly registered voice number
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  Speaker 1: that should be in an area code of the country
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  Speaker 1: your bank is from. To call up your bank, you
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  Speaker 1: can usually choose the area code for the number that
• 7:01
  Speaker 1: you're getting, so it'll always look like you're calling from
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  Speaker 1: wherever you want it to be calling from, even without
• 7:07
  Speaker 1: the VPN. The VPN is more for the app so
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  Speaker 1: that it looks like you're coming from the country that
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  Speaker 1: your banking is done in. It really is that simple.
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  Speaker 1: A new primary banking phone number that works online, and
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  Speaker 1: then a VPN so that you can use your banking
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  Speaker 1: app or website from whatever country you're in. You can
• 7:26
  Speaker 1: give a travel advisory to your bank to let them
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  Speaker 1: know that you're traveling. But if you forget to do
• 7:31
  Speaker 1: that and you land in the Bahamas and your card
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  Speaker 1: has declined from an ATM, it says you're blocked. Don't panic.
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  Speaker 1: Go to somewhere with Wi Fi or use your data
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  Speaker 1: if you have it, use your number in the app
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  Speaker 1: to call up your bank. Just make sure you register
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  Speaker 1: that phone number with the bank so they know that
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  Speaker 1: it's you calling like it's that's the number they'll use
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  Speaker 1: to send you confirmation codes and confirm your identity and
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  Speaker 1: all that. I actually didn't do that before I left,
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  Speaker 1: and I just called them up and confirmed my identity
• 8:02
  Speaker 1: other ways. It's just more convenient to confirm your identity
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  Speaker 1: with your registered phone number. So I went back to
• 8:09
  Speaker 1: the States to visit my family a couple Christmases ago
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  Speaker 1: and went into the bank in person and changed my
• 8:17
  Speaker 1: phone number to my text now app phone number. There's
• 8:21
  Speaker 1: always a way you can fix these things, but it's
• 8:25
  Speaker 1: always easier and more convenient to solve these problems before
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  Speaker 1: they come up. So just find a phone number that
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  Speaker 1: you can register with your bank and receives banking codes.
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  Speaker 1: Then you can call up your bank and talk to
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  Speaker 1: them from any country in the world. Get a VPN
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  Speaker 1: so that you can use your banking app. That's it,
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  Speaker 1: and then you just do your banking like completely normal.
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  Speaker 1: If you want, you can give them a travel advisory.
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  Speaker 1: If your bank card is frozen, you call them up
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  Speaker 1: confirm that it's you. They will unfreeze your card. I've
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  Speaker 1: had that happen to me several times because I don't
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  Speaker 1: worry about the travel advisories. I've been traveling so long
• 9:02
  Speaker 1: now that I don't even think about it. I just
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  Speaker 1: moved to the next country. And it doesn't happen in
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  Speaker 1: every country, but every I don't know two years or something,
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  Speaker 1: my card will get blocked and I'll be like, what
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  Speaker 1: the heck, and I'll be, oh, yeah, I didn't talk
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  Speaker 1: to my bank in two years, and I've been traveling
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  Speaker 1: all over the world. I called them up from the
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  Speaker 1: phone number that I've registered with the bank. I confirmed
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  Speaker 1: that it's me, my card is unblocked, and things go
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  Speaker 1: right back to normal. The last time this happened to
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  Speaker 1: me was actually in Thailand. I was able to call
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  Speaker 1: up the automated system and enter my card number and
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  Speaker 1: pin some other identifying information and have the card unlocked
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  Speaker 1: automatically in a few minutes. I have notifications set up
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  Speaker 1: so tells me when any charge is used on any
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  Speaker 1: card of mine, so I know immediately whether it's my
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  Speaker 1: own valid transaction or some fraudulent transactions. I haven't had
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  Speaker 1: a fraudulent transaction yet anywhere, knock on wood, But if
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  Speaker 1: you are concerned about that traveling, just set up notifications
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  Speaker 1: for every charge your card uses, and then if you
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  Speaker 1: see a weird one, you can halt the card, also
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  Speaker 1: automatically through the phone, or you can call up your
• 10:11
  Speaker 1: bank if you like and result the issue. And if
• 10:14
  Speaker 1: you're using your card or your debit or credit card online,
• 10:18
  Speaker 1: you can use the VPN. Usually you don't even need to.
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  Speaker 1: It doesn't make a difference. You can just use your
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  Speaker 1: cards normally. But some bank sites might not like it
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  Speaker 1: if you're using your bank cards outside of their country,
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  Speaker 1: so it's a good backup to have the VPN there
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  Speaker 1: in case you need to look like you're banking from
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  Speaker 1: a specific country. You'll be able to get the VPN
• 10:39
  Speaker 1: in whatever country you are in, so if you don't
• 10:41
  Speaker 1: have it. You can always get one once you're in
• 10:43
  Speaker 1: the other country, but it's easier to have it before
• 10:46
  Speaker 1: you go, and you'll probably need it at some point
• 10:49
  Speaker 1: traveling abroad. I just prefer having cash, so I'll usually
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  Speaker 1: take out a chunk of it with my debit card
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  Speaker 1: and that's how I get around the country. But you
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  Speaker 1: can probably merrily is or cards if you want to. Yeah. Really,
• 11:03
  Speaker 1: the only thing you have to do is make sure
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  Speaker 1: your VoIP app number is registered with your bank. Test
• 11:10
  Speaker 1: it before you leave the country, and make sure it
• 11:12
  Speaker 1: works with your bank. Have a VPN, so you're definitely
• 11:16
  Speaker 1: going to be able to connect to the United States
• 11:19
  Speaker 1: using Wi Fi when you're out of the country, and
• 11:21
  Speaker 1: then bank like normal using phone calls or your banking
• 11:25
  Speaker 1: app on your phone or your computer with their website.
• 11:29
  Speaker 1: That's how I've been banking for fifteen years and everybody
• 11:32
  Speaker 1: else does abroad. Also, a new phone number and the
• 11:35
  Speaker 1: VPN will allow you to continue banking as you're used to.
• 11:39
  Speaker 1: Find a phone number that works with your bank. Registered
• 11:43
  Speaker 1: with your bank is the primary account phone number, Test
• 11:46
  Speaker 1: it and make sure it receives codes before you leave
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  Speaker 1: the country. I would get a VPN just to make
• 11:52
  Speaker 1: sure you look like you're coming from the States, because
• 11:55
  Speaker 1: a lot of banking apps are geolocked to the bank's country,
• 11:59
  Speaker 1: like mine are. It won't work if I'm in France
• 12:01
  Speaker 1: and I'm trying to use my American banking app, So
• 12:04
  Speaker 1: I click on the VPN and then I'm in the
• 12:06
  Speaker 1: United States technically, and i can use the banking app.
• 12:09
  Speaker 1: But as long as you have your registered phone number
• 12:12
  Speaker 1: and the VPN, all of your banking will be normal.
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  Speaker 1: It will just work. If you're going to stay in
• 12:20
  Speaker 1: a country for a long time, you can get a
• 12:22
  Speaker 1: bank account, especially if you have a work visa. You
• 12:25
  Speaker 1: just have to prove some kind of residence. But I
• 12:28
  Speaker 1: honestly wouldn't go to the trouble unless you're planning on
• 12:31
  Speaker 1: living there for like a long time, like a decade,
• 12:35
  Speaker 1: because it's just the hassle of opening up a new
• 12:37
  Speaker 1: account and then having to explain yourself every time you
• 12:42
  Speaker 1: talk to that bank, if you have to change a
• 12:44
  Speaker 1: phone number or whatever that yes, you are a non
• 12:46
  Speaker 1: resident with a bank account in that foreign country. There's
• 12:50
  Speaker 1: really no reason to open a bank account in a
• 12:54
  Speaker 1: second country unless you are absolutely going to live there
• 12:57
  Speaker 1: for a very long time. Because you you can still
• 13:00
  Speaker 1: take out money from ATMs, you can still use your
• 13:04
  Speaker 1: credit and debit cards, and you can still bank online
• 13:08
  Speaker 1: whatever country your bank is from. I guess it should
• 13:11
  Speaker 1: be noted a lot of countries have other payment systems.
• 13:15
  Speaker 1: Like I said, China's moved beyond credit cards. They use
• 13:18
  Speaker 1: all QR payments now. If you're in the Philippines, they
• 13:22
  Speaker 1: have like Dragon pay. I can't remember. Every country has something.
• 13:26
  Speaker 1: You don't have to use any of those. If you
• 13:28
  Speaker 1: want to, you can go through all the hoops and
• 13:30
  Speaker 1: sign up for their whatever. I have done that a
• 13:32
  Speaker 1: couple times, but it's usually hassle and I just don't
• 13:35
  Speaker 1: do it because there's no need to. The local payment
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  Speaker 1: systems aren't going to prove an actual impediment to you
• 13:41
  Speaker 1: using cash or using your credit or debit cards. I
• 13:45
  Speaker 1: can't think of much more to go over again. The
• 13:47
  Speaker 1: bullet points are you can definitely do it. There's nothing
• 13:51
  Speaker 1: to worry about. We all do it. It's just normal.
• 13:55
  Speaker 1: You just happen to be abroad while you are banking.
• 13:59
  Speaker 1: Every bank is different. Try a whole bunch of different
• 14:02
  Speaker 1: app phone numbers. Find the one that your bank sends
• 14:07
  Speaker 1: confirmation codes to without any issue registered with your bank,
• 14:12
  Speaker 1: so that when you call up the bank, that number
• 14:15
  Speaker 1: indicates you're the account holder. Test it. If you're sure
• 14:19
  Speaker 1: it works, you're good. Get a VPN, any popular one
• 14:24
  Speaker 1: is good. Then you'll be able to use your banking
• 14:27
  Speaker 1: app wherever you are in the world. And if you
• 14:30
  Speaker 1: want to avoid those transaction fees, get one of the
• 14:33
  Speaker 1: no transaction fee credit cards. Bibity boppity boo. Yeah, I'll
• 14:38
  Speaker 1: end the said bipity bopity boo. If you have any questions,
• 14:42
  Speaker 1: I am a bit of a rambler at gmail dot
• 14:44
  Speaker 1: com or all the socials. Thank you for listening and
• 14:48
  Speaker 1: have a great rest of your day.