How to protect your money when traveling

 How to safeguard your travel money


Traveling is all about having fun and seeing the sights. If you relax while on vacation, your money could be at risk.


Sandra Bernardo from Experian, the manager of consumer education said that thieves are always on the hunt for unsuspecting tourists and waiting for the chance to steal wallets or other personal items, such as smartphones and tablets. Experian's ProtectMyID identity fraud service found that 39% of respondents were victims of theft while traveling.


You can take precautions to ensure your money and information are safe while you travel. You'll enjoy your travels more if you take these precautions.


1. Tell your bank that you are traveling


Nicole Lorch (senior vice president of retail banking at First Internet Bank), said that banks often have sophisticated fraud detection systems that will flag purchases made out of your usual geographic area. The bank could freeze your account if you use your debit card or credit card in New York while you're on vacation in Florida.


Lorch advised that you inform your bank or credit card company of where and when you'll be traveling. You can still spend while you are on the road as your financial institution won’t mistake your purchases with fraudulent ones. You should also ensure that your bank has your current telephone number so it can reach you in case of fraud.


2. You can lighten your load on your wallet


Don't forget to take out any loyalty or credit cards that you don’t use before you get on the road. Lorch stated, "Stay at the core of it." If your wallet is robbed, you will only need to cancel the cards that you had rather than many.


Bernardo advises that you make sure to keep important documents, such as your Social Security Card, at home. She stated that losing valuable personally identifiable information (which can be priceless) will make it very easy for ID theft or fraud.


You might be able to keep your passport in the hotel safe, rather than in your pocket.


3. Keep a list of important documents


Katelyn O’Shaughnessy is the CEO of TripScope. She suggests scanning your passport, driver's licensing, and other personal identification documents before you leave for a trip.


"If you lose them this will save time and money," she stated.


Experian recommends that you also keep track of everything else in your wallet. Experian suggests scanning your credit and debit cards and writing down the account numbers and contact information of your financial institutions. This will allow you to identify what is missing in your wallet, as well as your contact information for your financial institutions. You can also cancel accounts if stolen cards are found.


4. Don't keep cash in one spot


O'Shaughnessy stated that you should always take some cash along with you when you travel. You can keep some cash in your pocket, wallet, or money belt, and the rest in safe places like a hotel safe.


Solo Trekker 4 U founder Elizabeth Avery says that cash shouldn't be put in luggage. If you have some money in your carry-on bag, you may be asked to check it before you board. Avery stated that cash should be retrieved before the bag is placed.


5. Be careful about where you receive cash


You should be cautious about where cash is taken if you are traveling and you require it. Lorch advised that only ATMs that are attached or inside a bank should be used as they will be more easily monitored. Avoid ATMs with parts that are loose, tampered with, or that look like an after-market device. In other words, anything that can be attached to your card's data.


O'Shaughnessy stated that if you're travelling overseas, you should avoid changing currency at tourist destinations such as airports. You'll be charged higher fees. Converting currency at a local banks may result in a lower exchange fee. How to Keep Your Money in Vegas

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