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Educational Resources

Protect Your Money While Traveling7/1/2019

Traveling can be exciting, but no matter how excited you are for your next trip, it is always crucial that you plan wisely and take precautions when it comes to your money. Nothing will bring your vacation to a halt faster than losing your cash or wallet. Tourists are often popular targets for thieves as they are in an unfamiliar location, and distracted. Here are some tips for you to keep your money safe on vacation.

Set Travel Alerts

Before you even leave, contact your bank and credit card companies for any cards you plan on using so you may alert them of your travel plans, especially if you are traveling internationally. This will ensure that your cards do not run the risk of being flagged for potentially fraudulent purchases that can cause them to be frozen.

Use Credit, and Limit Cash

Credit may make it harder to stick to a budget, but it is still the safer option for purchases. Cash is irreplaceable if it is lost or stolen. Ensure your card will be an acceptable payment method where you are traveling. Check your cards website to see which countries will accept them. When traveling internationally, save some money with a card that won’t charge foreign exchange fees, like Sandia Area’s World Rewards Mastercard.

Use the Multi-Stash method for Cash

If you must use cash, don’t keep it all in one place. Have small bills handy so you aren’t pulling out large amounts of cash for purchases. Search ahead of time for ATMs in your area that you can access for little or no fees, and only get more cash as you need it. Just be sure to avoid ATMs in secluded areas, and be aware of your surroundings when pulling out cash.

Record Your Account and Customer Service Numbers

If, in the unfortunate event, your wallet is stolen, the sooner you report your stolen debit or credit cards, the better. Make copies of the front and back of your cards, or write down account numbers and phone numbers. Keep these in a safe location separate from your wallet.

Use a Money Belt

These are more secure means for carrying your money than a wallet or purse. Money belts will keep your money in front of you, and can be worn under your clothing. This is also the best place to keep your ID and passport. Several companies also sell anti-theft bags that are specifically designed for travel. There have features like cut-proof, steel-cable-reinforced shoulder straps, and locking zippers.

Protect Your Devices With Passwords

Losing your phone or laptop can give people access to your financial apps and personal information if they are not properly secured. Password protect each device, and set them to relock after a short time of inactivity.



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