Keeping Your Money Safe Abroad

NathalieM By NathalieM, 15th Jan 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/2f9gpui3/
Posted in Wikinut>Money>Travel & Transport

What can you do to increase the safety of your money while travelling? Keep reading for some practical tips to keep your money safe, as well as information on the different ways to pay abroad.

Keeping Your Money Safe Abroad

Keeping an eye on spending money while abroad can sometimes be a nerve wracking experience.
When you’re in an unfamiliar city, it might be tempting to withdraw or exchange a larger amount of money at one time. Be it to save time on looking for ATMs or cut costs in foreign exchanges fees, carrying large sums of money could leave you susceptible to pickpocketing or simply losing the cash.
And depending on where you’re travelling, card fraud is also a possibility – while this may be a worst case scenario, it’s one worth protecting yourself against.
So what can you do to increase the safety of your money while travelling? Keep reading for some practical tips to keep your money safe, as well as information on the different ways to pay abroad.

Think Practically

Just because you’re on holiday, doesn’t mean you shouldn’t apply the same logic to making a purchase as you would at home. It’s not uncommon to be taken advantage of as a tourist so this could be as simple as trying not to let your card out of your sight when paying, or checking that an extra zero hasn’t been added to a bill- so a $50 dinner doesn’t become a $500 disaster. If you encounter any errors when paying by card – such as payments not going through or having money refunded onto your card, be sure to keep hold of any receipts for confirmation. And just like at home, avoid using an ATM that looks like it’s been tampered with.

If You’re Carrying Cash

•Avoid carrying all your money with you at one time. Take only what you need with you and leave the rest in a safe place, such as in your hotel’s safety deposit box with other valuable items like your passport
•If you’re using a handbag, keep wallets or coin purses in a zipped pocket
•Be alert at ATMS – when you’re withdrawing money, be wary of your surroundings and any suspicious behaviour
•If you’re out at a bar or restaurant, avoid leaving your wallet in clear view of others, such as on the table as opposed to in your pocket or bag

Travelling With Cards – Weighing Up Your Options

If you want to avoid relying on withdrawing or exchanging cash while abroad there are a number of options available, such as:
•Credit or Debit Cards – many High Street banks or other payment providers offer cards that are accepted worldwide. It’s worth checking what usage fees apply before you commit to this payment method as some cards come with high foreign ATM or purchase fees
•Travellers cheques – available in multiple currencies, travellers cheques are accepted at thousands of locations and don’t have an expiry date. And if lost, they can be replaced within 24 hours
Prepaid Travel Cards - these are an increasingly popular option for storing money while abroad. Like any debit card, these require a PIN to withdraw money or make purchases and additional details are required to access your account via online or mobile banking
Prepaid currency cards offered by banks, foreign exchange firms and travel agents allow you to top up the card at competitive exchange rates when you choose. So while you save money on foreign exchange fees, you can be sure you know exactly how much is on the card at one time. And, these cards have no links to your other bank or credit accounts, so you can avoid losing large sums of money at once.
If a prepaid travel card is lost or stolen, unlike cash, the card and the amount that was on it can often be replaced, so long as it’s been used in line with the issuer’s Terms and Conditions.
While withdrawing cash on holiday may be the easier option, with some forward planning you could save yourself some money on foreign exchange fees and keep your money secure – with a prepaid travel card.

Tags

Money Abroad, Prepaid Credit Cards, Safe Money, Travel Money Tips

Meet the author

author avatar NathalieM
Hello! I'm Nathalie and I love writing about what makes my world tick! Fashion, weddings, interior design, health, property..You name it, I will write about it!

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