Money in Honduras

[mamerrin]

Greetings all

I am planning on going down to Utila in September and am planning on staying down there for at least 5 months.

I was wondering what the best way to deal with money would be???

I obviously do not want to bring all the money with me in cash that I will need for rent, expenses, etc for the 5 months. I was thinking of getting a joint account with my mother in the states. I could get a visa debit card connected to the account and leave some money here with her to put into the account for me to access from the banks in Utila.

Any other people have do deal with this? Any advice would be helpful

 

[RTBDiver]

I have not dealt with the exact same thing as i have a Honduran bank account as well but have done similar to what your suggesting in order to have money on hand for my caretaker if something comes up. I simply opened a separate account with my US bank and gave him an ATM card. I keep a little in the account and if he calls me and needs something before my next visit i just transfer money into the account and he can withdraw it.
I am sure they also do Western Union or similar if the ATM thing does not fit your needs.

 

[GoProHonduras]

I use my Visa debit account time to time on the ATM here, or for larger amounts get a cash advance, just check the fees your bank may charge for overseas withdrawals. Some apartment owners may take $US travelers cheques if issued by AMEX, and there's 1 place that changes them on the island.

Warm regards.
Andy

 

[Jack Scuba]

If you have all the money you need already saved in the bank you could set up regular automatic transfers into the account with the ATM card. And if you're in a pinch you could always call your bank and get more transferred over, or do it online. You could then give your mother your account number and she can deposit money in there as well. Most banks allow email money transfers too at relatively low cost.

I would avoid using a credit card for any transactions as they add on that ridiculous surcharge of 16 or 18%.

 

[sololady]

My trips are 3 mo at a time...note that if you plan to stay for 5 months, you will have to do the border hop thing at 90 days...Tourist visas are only good for 30 or 90 days. I take a couple hundred with me in 20's and then use my MasterCard debit card at the "red machine" ATM for the rest of the trip. The machines I use allow me to take out L. 5000 per day. If I need more for a building project, etc. I just have to go inside the bank. The banking on Utila is limited. You will need a card that is compatible with the banks there. I haven't ever needed to get cash when I was on the island, so I don't know which card to suggest. Ask whoever you will be diving with about that and the border thing.

 

[sololady]

Oh, and using travelers checks in Honduras is a real pain...I tried that once...never again...brought them all back and cashed them at my local branch. Also if you are just visiting (i.e. not planning to buy/live on Utila) getting a Honduras bank account is also a pain. I've spent a lot of time in Honduras for 5 years now. My debit card and online banking works perfect for me.

 

[RTBDiver]

Atm is probably easiest

 

[Robertcrockett]

Greetings all

I am planning on going down to Utila in September and am planning on staying down there for at least 5 months.

I was wondering what the best way to deal with money would be???

I obviously do not want to bring all the money with me in cash that I will need for rent, expenses, etc for the 5 months. I was thinking of getting a joint account with my mother in the states. I could get a visa debit card connected to the account and leave some money here with her to put into the account for me to access from the banks in Utila.

Any other people have do deal with this? Any advice would be helpful

I never had any problem with the ATM on Utila...some days it may run out of cash early though, so i always took out more then i would need for a few days at a time. Travelers checks are good for paying for dive cert courses and depending on where you are, some lodging. I figured out all my cert charges etc..checked beforehand about paying with Traveler checks and then took that amount in American Express checks, leaving my bank account open for smaller day to day withdrawals and never had to worry about reaching a daily limit or anything. As already mentioned, watch out for the usage fees card companies charge for using your card out of country. They can be extremely high. If you have a credit union in the area consider opening an account with them.There are several CU that do not charge any fee at all for using your card abroad (People's CU doesn't and its who i use). The advice to contact your bank and make sure the card is flagged to allow international use before you leave is priceless, in fact i would check again even after they say its fine. Mine was supposed to be fine but i called again before I left and someone had changed it back to US only. I also recommend having someone whom you can trust placed on the account with you. That way if something happens they can take the steps to fix it in your absence. When I arrived in Utila, my card was still denied so I made a quick call to the US and had my father, who I gave joint status to, call them and rectify the sitch for me. otherwise they would not have even spoken to him about the matter and Im sure I could have reached them but cell service is spotty at best and would have been damn expensive for the 30 minutes it took my father to get it fixed.

 

[LavaSurfer]

I have not dealt with the exact same thing as i have a Honduran bank account .

LOL, I am sorry!
I have one too, Gotta love HSBC

To the OP. Just some advice, in most cases you get a better deal paying cash. Many places will not tax you for cash but you get a hefty tax penalty with credit and or debit cards. Right or wrong, that is reality down there. What I do is pull out a large wad of cash at the ATM and then pay cash for most things when I am on Island. Personally, I wouldn't deal with a local bank account unless your into frustration, banks in Roatan are one step up from a Pawn Shop. If you do decide to get an account, there is a guy in the French Harbor Branch of HSBC that speaks English (I think his name is Doward), The HSBC branch in Coxen Hole will give you no love unless you speak Spanish. Keep in mind, my experience is in a business account and I hear that personal accounts are a little better.

 

[RTBDiver]

LOL, I am sorry!
I have one too, Gotta love HSBC

.

By no means would i suggest an infrequent visitor even for an extended time, open a local account. They can be brutal to deal with, especially if you do not speak spanish, It is just how i deal with most of my larger money issues within the country. For small things, such as previously mentioned, I use the ATM route and simply pay the fees.
It's funny these days how many people still complain about the Roatan fees but will still visit a rinky dink ATM at home and pay 2-3 dollars to withdraw 40 dollars or so.