Everyone deserves a chance to take a break from the day to day and take a vacation. Vacations are a time to relax, maybe explore a new place and enjoy some of the things that life has to offer with your discretionary income. You shouldn’t have to worry about keeping your money safe while on vacation, but unfortunately, that’s just a fact of life. Today, there are more ways than ever for things to get out of control while you’re on vacation. Here are some tips to keep your money safe while on vacation.
Notify Your Bank And Credit Card Companies
Before you leave for your vacation, let your bank and credit card companies in on your plans for travel. Certain algorithms are used today that help financial companies pick up fraudulent activities, including the origin of transactions. If you let these companies know ahead of time where you’ll be traveling, this will prevent them from flagging your transactions as suspicious activity and potentially freezing your accounts unnecessarily. Provide them with the dates and destinations of your trip to ensure a smooth financial experience. Many companies have a way of doing this online through their platform; otherwise, you may need to give them a quick call.
Use a Combination Of Payment Methods
Rather than relying solely on cash or credit cards, consider diversifying your payment methods. Carry a mix of cash, credit cards and debit cards with you while on vacation, but don’t bring them all with you when you go out for a day excursion. This way, you'll have options in case one method isn't accepted. Also, keeping one or more payment methods safely at your hotel or Airbnb will help ensure that if you lose a credit card you’ll still have a backup so your vacation isn’t ruined.
Limit The Amount of Cash You Carry
While it's a good idea to have some cash on hand for emergencies or situations where cards aren't accepted, it's important to limit the amount you carry. Much of the currency overseas is made of materials that are literally slippery. It’s too easy for this currency to slip out of your pocket just by walking down the road. Of course, you also have to be wary of pickpockets. One way or another, if cash finds its way out of your possession, you’ll be glad you didn’t lose all the cash on hand while you were out enjoying the day on your vacation.
Only take what you'll realistically need for a day or two and keep the rest in a secure location, such as a hotel safe or a hidden money belt.
Secure Your Valuables
Whether you're out exploring or relaxing by the pool, never leave your valuables unattended. Use the hotel safe to store your passport, extra cash, and expensive jewelry when you're not using them. Most countries will have a policy stating that foreign travelers need to carry their passports at all times. However, this makes it too easy to lose your passport or have it stolen. The spirit of the law is that they want foreign travelers to have ID on them. It’s a better idea to carry a photocopy of your passport and keep the original in the hotel safe or simply tucked somewhere safe in your Airbnb. That way, you can avoid the hassle of having to worry about identity theft and having your money stolen.
Use Only Secure ATMs
ATM skimmers are more common abroad. If you’re traveling overseas, be sure to only use secure ATMS. This means using machines located in well-lit, populated areas, such as inside a bank or major stores such as Walmart. Avoid using ATMs that look suspicious or have any signs of tampering. Avoid using ATMS in tourist areas, as these are common targets for thieves who want to target tired, unsuspecting tourists. Inspect the ATM for tampering before inserting your card. Be sure that the ATM has completely reset for the next customer before walking away.
Beware of Pickpockets
Petty theft and pickpockets are ubiquitous in some overseas locations. Keep your money inside a money belt somewhere on your person. If you carry a backpack, carry it on the front instead of the back, where a pickpocket in a crowded location could easily unzip a pocket and steal from you. Don’t display your wallet in public. Always tuck it away before exiting the store where you used it to pay for goods.
Be Careful of Scams
Be wary of strangers who approach you with overly friendly gestures or offers that seem too good to be true, as they might be attempting to scam you. In some countries, scammers will use children to take advantage of tourists who are taken with the child’s innocent-seeming charms. If you haven’t initiated the conversation, be very careful of foreign strangers who approach you, as they could just be acting as a distraction for a snatch and grab.
Use Only Secure Wi-Fi Networks
When dining out, avoid logging onto your bank or other financial institution on public Wi-Fi. In general, don’t use public Wi-Fi. Only use secure networks that are made available through your hotel or Airbnb. Consider using a VPN, which is available at a very low cost.
Keep Copies of Important Documents
Make photocopies or take pictures of your passport, credit cards, and other important documents before you leave for your trip. Store the copies securely in a separate location from the originals and let someone trusted in your family know where they are. In case your documents are lost or stolen, having copies will make it easier to report and replace them.
Regularly Check Your Accounts
While on vacation, monitor your bank and credit card accounts on a daily basis, from your secure Wi-Fi connection. Check your receipts against amounts that were debited from your account. Set up alerts on your accounts to receive notifications for transactions, if possible. Report any unauthorized charges or discrepancies to your bank immediately.
Using these tips, your money should be safe and sound while you’re enjoying your vacation. Just a few simple steps will give you the peace of mind you need to enjoy yourself, knowing your money is secure.