Funding hour building
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Funding hour building
Hello all,
I am looking for some advice regarding hour building. I have searched through the forums and have read a number of threads and noted a few points, along with doing my own research on the rest of t'internet. Still have one question though: funding.
Almost at the end of my PPL so I'm looking at going to America later this year for 2-3 weeks to get a piggy-back FAA license and do some hour-building (up to ~50 hrs. at most) somewhere in the States, haven't decided where yet but I'm still investigating this. However my question is: what is the best way to fund this?
I have managed to save up a fund for hour building so I have the means to do it but I'm a bit concerned to say the least about taking a suitcase full of $$$, would be utterly stupid.
So how have others funded their hour building abroad? Cards? Loans? AmEx? Credit is not a good idea at all at the moment though! So how do you pay for your hours overseas?
This may seem a silly question so I apologise however I am trying to research everything as thoroughly as possible and prepare as well as I can before I make any (expensive) decisions. I would appreciate any suggestions or advice anyone has.
Also, a second really daft question, for which I apologise; can you log FAA hours in your JAR logbook?
Regards
Smithy
I am looking for some advice regarding hour building. I have searched through the forums and have read a number of threads and noted a few points, along with doing my own research on the rest of t'internet. Still have one question though: funding.
Almost at the end of my PPL so I'm looking at going to America later this year for 2-3 weeks to get a piggy-back FAA license and do some hour-building (up to ~50 hrs. at most) somewhere in the States, haven't decided where yet but I'm still investigating this. However my question is: what is the best way to fund this?
I have managed to save up a fund for hour building so I have the means to do it but I'm a bit concerned to say the least about taking a suitcase full of $$$, would be utterly stupid.
So how have others funded their hour building abroad? Cards? Loans? AmEx? Credit is not a good idea at all at the moment though! So how do you pay for your hours overseas?
This may seem a silly question so I apologise however I am trying to research everything as thoroughly as possible and prepare as well as I can before I make any (expensive) decisions. I would appreciate any suggestions or advice anyone has.
Also, a second really daft question, for which I apologise; can you log FAA hours in your JAR logbook?
Regards
Smithy
This idea may not work but I've heard it does:-
How about paying the amount you expect to need into your credit card before you go? It's not often you will be in credit with a credit card!
You can then use your card to pay for the flying and living costs while in the US; you won't have to make monthly payments back home because you'll be in the black; and you will have the usual credit card protection.
Note: You must call your credit card company to let them know you'll be abroad before you go or they may stop your card due to the foreign transactions.
How about paying the amount you expect to need into your credit card before you go? It's not often you will be in credit with a credit card!
You can then use your card to pay for the flying and living costs while in the US; you won't have to make monthly payments back home because you'll be in the black; and you will have the usual credit card protection.
Note: You must call your credit card company to let them know you'll be abroad before you go or they may stop your card due to the foreign transactions.
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Many credit cards won't allow a "positive balance" - and I've seen many students/pilots trying to use a credit card but the bank denies them....despite them having told the bank(s) that they are going to the USA to spend an awful lot of money very quickly.
The banks often don't listen when people say, "Expect to see a sudden rush of high payments in the USA"
How about leaving your real money in the (British?) bank, opening a paypal account and then getting a PayPal credit card?
That would physically work - but I'm not sure if there would be any charges.
The banks often don't listen when people say, "Expect to see a sudden rush of high payments in the USA"
How about leaving your real money in the (British?) bank, opening a paypal account and then getting a PayPal credit card?
That would physically work - but I'm not sure if there would be any charges.
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Try fairfx.com, it's like a Mastercard, except its prepaid. You simply load the card at a predetermined Sterling / Dollar exchange rate, and can then use it to withdraw cash in the USA at a preferential rate or simply to make a payment as you would another card. I use this card for most of my transactions abroad.
I've certainly had a positive balance on a Natwest Credit Card and I've not had problems using my card abroad - in the US, Europe or many times in South Africa - after giving advance notice.
However, I suppose it is slightly risky because you might get unlikely, have all your cash on your credit card and find your card withdrawn by the issuer just when you have to pay up for your flying!
However, I suppose it is slightly risky because you might get unlikely, have all your cash on your credit card and find your card withdrawn by the issuer just when you have to pay up for your flying!
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AFAIK, Nationwide is the only bank in the UK that does not charge for using their DEBIT card abroad. That does not mean the bank/co owning ATM may not. Though it probably wouldn't be much, if anything, in the US. I don't know sure answer to this.
When going to the US, I'd go for part of the cash in AMEX cheques. In the US, you won't usually pay any fee for payment and in many affiliated or AMEX owned branches, nothing for cashing cheques.
Fairly good rate could be obtained with Travel Money Services. Daughter company of one of the forex companies in the UK. Though, I'm not pleased to see current USD/GBP rate..
Negative of having all funds in Nationwide account is that if you lose your card abroad, you could only get new one in person in the UK.
Beware, don't bring USD AMEX TCs back to UK, otherwise you lose out on buyback commission. Well, they claim 0%, but at crap buyback rate.. Ehm.
If using cards, make sure you let the banks know and keep your phone contact updated in case they wanna call you up. Even if roaming. Also, make note of their CS number in case of stolen card or having to remind them to allow the payment authorisations..
Paypal may be cheap, but not free. I wouldn't bother using it for wiring between my own accounts/cards.
I keep my accounts in the US for future use
They could also be used if any hassle with UK accounts etc. Not applicable in your case. Most banks in the US are more stringent now when opening accounts, paperwork wise.
You could always have a forex company wire money to US account, but you have to be careful as to your access to that account and presuming it's school, how to sort closing your balance if you don't get on for whatever reason.
As for opening account in the US, I researched it before I set off over in June, and found Wells Fargo do so-called IPB service. Plenty paperwork, filling out forms, printing, sending over again. I gave up on it as used mostly AMEX TC.
50 hours FW? It better be good flying holiday :-P Not much flight time if you want to fly only with crap rate as is now, plus all the travels.
RE: logging hours, I've read myriads of posts regarding that. For you as PPL would be problem if you are 'safety pilot' for someone doing 'hood instrument' flying as PIC and according to FAA rules you could log PIC. Not in JAA system.
Prepaid cards should do, but then, fees and charges..
In any case, have 2 or 3 ways to pay for flying and way to access your cash via swapping it through online banking in UK etc.
When going to the US, I'd go for part of the cash in AMEX cheques. In the US, you won't usually pay any fee for payment and in many affiliated or AMEX owned branches, nothing for cashing cheques.
Fairly good rate could be obtained with Travel Money Services. Daughter company of one of the forex companies in the UK. Though, I'm not pleased to see current USD/GBP rate..
Negative of having all funds in Nationwide account is that if you lose your card abroad, you could only get new one in person in the UK.
Beware, don't bring USD AMEX TCs back to UK, otherwise you lose out on buyback commission. Well, they claim 0%, but at crap buyback rate.. Ehm.
If using cards, make sure you let the banks know and keep your phone contact updated in case they wanna call you up. Even if roaming. Also, make note of their CS number in case of stolen card or having to remind them to allow the payment authorisations..
Paypal may be cheap, but not free. I wouldn't bother using it for wiring between my own accounts/cards.
I keep my accounts in the US for future use
They could also be used if any hassle with UK accounts etc. Not applicable in your case. Most banks in the US are more stringent now when opening accounts, paperwork wise.You could always have a forex company wire money to US account, but you have to be careful as to your access to that account and presuming it's school, how to sort closing your balance if you don't get on for whatever reason.
As for opening account in the US, I researched it before I set off over in June, and found Wells Fargo do so-called IPB service. Plenty paperwork, filling out forms, printing, sending over again. I gave up on it as used mostly AMEX TC.
50 hours FW? It better be good flying holiday :-P Not much flight time if you want to fly only with crap rate as is now, plus all the travels.
RE: logging hours, I've read myriads of posts regarding that. For you as PPL would be problem if you are 'safety pilot' for someone doing 'hood instrument' flying as PIC and according to FAA rules you could log PIC. Not in JAA system.
Prepaid cards should do, but then, fees and charges..
In any case, have 2 or 3 ways to pay for flying and way to access your cash via swapping it through online banking in UK etc.
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I did my time building in Florida, rented a private aircraft for my 100 hours flown in 16 days 
I flew everywhere with no limits or owner's restrictions...
was very cheap...if you want more informations I can give you in PM
Bye Matteo
I flew everywhere with no limits or owner's restrictions...
was very cheap...if you want more informations I can give you in PM
Bye Matteo
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What about a debit card? Deposit the funds into your account then just use it overseas. Make sure the bank won't rip you off on fees.
As far as hour building, don't prepay anything to anyone unless you know for sure that they are a safe company to do business with.
Good luck, have fun with it and make every hour count.
As far as hour building, don't prepay anything to anyone unless you know for sure that they are a safe company to do business with.
Good luck, have fun with it and make every hour count.
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If you have over $10,000 of cash or cash equivilent on you when you enter the US you have to declare it. Be prepared for a long iand tedious nterview with a Customs Officer. Watch him get agitated as you tell him it is to fund flying around the country.
Of course the other option is to not declare it, effectively smuggling the money in. Sods law is you get pulled for an interview and they find the undeclared cash. now you are in trouble.
First they confiscate the money, second you risk a difficult interview and prosecution, third if they dont prosecute you go home on the next available flight and banned from entering the US.
Dont lie either. Lying to a federal official is a felony offense - at the top end of the range. The other thing, if they ask a question just answer the question- dont offer more than they have asked, you just confuse them.
My advice would be to get a Nationwide Credit card use it and transfer money from your bank account as as when by the internet.
Take about $1000 in cash / travellers cheques.
Of course the other option is to not declare it, effectively smuggling the money in. Sods law is you get pulled for an interview and they find the undeclared cash. now you are in trouble.
First they confiscate the money, second you risk a difficult interview and prosecution, third if they dont prosecute you go home on the next available flight and banned from entering the US.
Dont lie either. Lying to a federal official is a felony offense - at the top end of the range. The other thing, if they ask a question just answer the question- dont offer more than they have asked, you just confuse them.
My advice would be to get a Nationwide Credit card use it and transfer money from your bank account as as when by the internet.
Take about $1000 in cash / travellers cheques.
