Travelling is a great way to gain new experiences, relax and explore yourself. Unfortunately, travelling isn’t cheap. If you handle your money poorly while overseas, you might find yourself trapped in a bad situation. If you don’t have access to cash during your trip and you’re travelling with a group or with children, the situation can quickly become dire.
Feel free to follow the tips below to ensure you securely manage your money during your next trip abroad:
Cash is a universally recognized mode of payment. In fact, in countries that have weaker currencies, business owners will be more than happy to transact with you in foreign currencies such as US Dollars or Euros, or Pounds rather than in their own local denominations. If you have great negotiation skills, you can find awesome deals for little cash by making purchases in foreign currency. On the flip side, because cash is so highly valued, it is also risky to carry it around while abroad.
No matter what safety precautions you take, it is still possible to get your cash stolen or lost due to unforeseen circumstances. What’s important is to ensure you never carry all your cash in the same place. If your cash gets stolen or lost in one location, you can still rely on the other cash you have stowed away. You can separate cash by distributing it among your different pockets, placing some in your bag, or even hiding it in your shoes (most pickpockets and thieves don’t think about your shoes as a hiding spot). You can read more about the multi-stash method on Savvy Expeditioner. Furthermore, do not leave cash or credit cards back in your hotel room. Theft doesn’t only occur outside the hotel – but it can happen inside the hotel as well.
Managing Finances Online
Thanks to the internet, financial transactions can be performed securely online using your phone, laptop or computer. Digital banking services are becoming popular because most of them can be used anywhere in the world with the utmost convenience. But, what happens if your phone or laptop is stolen (along with all of your sensitive bank logins)? Such an incident can leave you severely exposed.
To avoid getting robbed of your savings due to a stolen phone or laptop, be sure to logout of all banking platforms immediately after using them. Also, do not to save passwords and other sensitive details on browsers, and ensure all of your devices have secure passwords. You can use a password protecting and encrypting tool or you can take it a step further by browsing with a quality VPN.
If possible, contact your bank immediately to report any theft so that online transactions on your account can be blocked until you say otherwise.
Debit and Credit Cards
A rewards credit card is probably the best option for traveling. With these bits of plastic, you can pay for items anywhere in the world. On the other hand, sensitive credit and debit card information in the wrong hands can spell trouble for you. Thus, keep you cards safe by protecting your debit card PIN or your credit card numbers from prying eyes.
In the event you suspect your credit or debit card details have been compromised, promptly contact your bank or other card provider to block additional transactions.
Be it cash, cards, or online transactions, each mode of payment has its own unique risks. The trick to avoiding excessive loss and being stranded is being prepared to properly manage loss by applying the above tips! Do you want to travel next holiday but aren’t sure where to start? Here’s how to save money to prepare for your next holiday travelling adventure!