How to Stay Financially Safe While Traveling

Ensure your vacation goes without a hitch by preparing your finances before your trip. The last thing on your mind will be paying bills but future you will thank yourself for taking the steps needed to make sure your bills are paid on time. Don’t miss a payment and remember to set up autopay. 

Avoid freezing your accounts and locking up your methods of payment by calling your credit card issuers and informing them you’ll be traveling. Notifying them will help you avoid any fraud alerts and allow you to spend freely without the need to take the time to get it all sorted while you’re on a beach.

Losing or having your wallet stolen can ruin a vacation. Make sure to backup important documents like passports, IDs, and credit card numbers in case any of them goes missing. Scan or take a photo of your items and upload them to somewhere safe and accessible to you. That way you’ll be able to obtain new documents or IDs and allow you to cancel your credit cards. It’s probably a good idea to also keep a record of customer service numbers so you’ll have them on hand if you happen to lose your wallet.

It’s fun to explore a new destination but getting lost or not being prepared with the right payment methods could ruin your vacation. Research your destination before arriving and give yourself a heads up on public transportation options and routes to help you get there safely. Be sure to find out if your credit cards are accepted and if there are any fees associated with using your cards internationally. If you’re worried you’ll be in a secluded area, map out where you can safely use ATMs. 

You’ve arrived and you’re ready to take in the sights and sounds of a new destination but before you go exploring, be sure your valuables are safe from thieves. Always lock up things like passports, IDs, cash, and credit cards in a safe. If you don’t have one of your own, ask the hotel if they have a safe. Try and equip yourself with clothing and tools that also make it harder for pick pocketers. Jackets and pants with pocket zippers are great for keeping your items safe. But pick pocketers have stepped up their game to digital pickpocketing, using radio-frequency identification to “skim” the chip in your card to steal your card information, all without any physical contact. Guard yourself with an RFID blocking wallet to prevent RFID theft. 

While it’s a good idea to have some cash on hand, try and stick to credit cards for the most part. Besides helping you keep a lower profile, credit cards help you avoid paying for fraudulent charges. The Fair Credit Billing Act protects the public from liability for unauthorized charges and other billing errors. But if you have to withdraw cash, make sure you stick to ATMs near your hotel and avoid late-night or early morning visits. 

It’s never a good idea to put all of your eggs in one basket–or in this case, it’s credit cards and money in one basket. If you happen to lose your wallet or bag with everything you have, you’re out of luck so it’s recommended you place some cash and a credit card away in the hotel just in case. While out exploring, it’s also wise to separate your money to help reduce theft, placing some in your wallet and some in a carrying bag, or even hiding some in your shoe!

It’s easy to relax and let your guard down while on vacation but it’s important to be aware of your surroundings at all times, especially when visiting ATMs. If you have to withdraw money from an ATM, make sure you travel with a partner or a group. Avoid unwanted attention by keeping your valuables out of sight and organizing your money before stepping out so you don’t pull out large sums of money in front of strangers.

Malicious technology is also something to look out for. If an ATM or point of sale scanner looks suspicious, avoid it. If you’re looking to go online to make purchases, log into your bank account, make reservations, and use private and secure networks only to avoid online theft.

Just like your wallet–your laptop, iPad, and phone also carry important personal and financial information that can be useful for thieves. Make sure you password-protect your phone and other electronic items to prevent thieves from accessing your information. 

Once you’ve made it safely back home, you’ll want to double-check your accounts to see that every transaction lines up. If you spot something that isn’t accurate, contact your bank, credit union, or credit card issuer and report it immediately. If you suspect that your debit card or credit card information has been stolen, change your pin. This will prevent scammers from using your information even if they’ve cloned your card. 

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