There is nothing quite as exciting as travelling to remote and authentic places, diving deep into exotic cultures, or setting off on the ultimate wildlife adventure. But no matter where your next journey will take you, travelling isn’t free of worries – especially when it comes down to keeping your money safe.
After all, when exploring remote locations, you might be more vulnerable to crime or you might inadvertently lose money due to unfamiliar systems such as foreign ATMs, fees, and exchange rates.
In this guide, you’ll learn how to protect your money on the go and make the most of your next adventure.
Start by letting your bank know about your travel plans
When travelling, your debit or credit card will be your lifeline. After all, aside from some cash that you might be carrying with you on your trip, you are likely to use your card for digital transactions, POS payments and withdrawals at your destination, as well as other payments such as https://www.auditox-accountancy.uk/accountants-durham/.
However, for the automated monitoring system your bank uses, a transaction completed in a foreign country represents a red flag. And, if fraud is suspected, your bank won’t think twice about blocking your card and declining the transaction.
Luckily, you can avoid this issue by simply notifying your bank about your travel plans.
Use a credit card with an app so you can check your balance easily
There are multiple ways in which using a credit card (as opposed to a debit card or cash) can protect you and your money while travelling.
Firstly, credit card issuers often offer travel insurance, consumer protection and liability coverage. So, if you fall victim to fraudulent activity, you might be able to recoup the money lost through unauthorised transactions.
What’s more, when choosing the best investing credit card, you’ll be able to download a user-friendly app that allows you to keep track of transactions, spending, and balance. Don’t forget that identifying fraudulent activity in advance is key to preventing further losses!
Invest in new digital solutions that can help you keep your money safe
As we have seen above, mobile banking apps can help you safeguard your finances while travelling. But there are some other digital solutions for travellers and hikers to consider to keep their money and belongings safe, such as eWallets, currency converters, mobile WiFi hotspots, and VPNs (vpn service uk).
If you are going on a longer or multi-country trip, you might also benefit from budgeting apps that can help you keep track of your expenses.
Keep cash safe with a money belt or anti-theft bag
In some situations, you will need cash. For instance, if you are visiting a country with a cash-based society, you might not be able to pay using your card. In some countries that have widely adopted digital payments, cash transactions are still popular, accounting for 37-88% of all transactions in European countries and just under 20% in the UK and the US.
But, when carrying cash, it is important to keep it safe. You can do so by using an anti-theft bag or a money belt secured to your waist (ideally under your clothes) or your leg.
Know you ATMs – and beware of secluded cash machines
Not all ATMs are created equal – and the growing volume of losses related to cash machine fraud, such as transaction reversal fraud and ATM skimming, prove that.
To keep your personal, financial, and banking details when withdrawing cash, make sure to follow a few best practices. These include avoiding Dynamic Currency Conversion (DCC), learning about the most reputable local banks, and choosing ATMs that are attached to physical banks or in city centres.
Always have a back-up plan in case of crime
Even when taking all the precautions above, the risk of becoming a victim of crime is higher when travelling than when you are at home. And, theft and pickpocketing are unfortunately very common crimes!
Before leaving for your adventure, learn what to do if you fall victim to criminal activity, take note of the local emergency numbers, and have a copy of your documents. If you are planning a prolonged trip, you might also consider investing in a second credit card.
