subject: Protect Your Money on Holiday [print this page] If you are travelling, especially in a foreign country, it is important to keep your money safe. Losing, or having your money stolen, is a major inconvenience but with a spot of forward planning you can minimise the likelihood of this happening.
One of the main ways to reduce the impact of your money being stolen is to bring different types of funds with you, for example cash, credit card and pre-paid travel cash cards.
By splitting your funds across various sources you reduce the impact if the worst happens and you do lose something or are robbed.
ATM machines are available all over the world and credit cards and pre-paid travel cards can both be used in them, therefore diversifying the way you carry your travel stash should be simple.
If you do plan to use your credit from abroad, make sure you can pay the balance off remotely so you don't lose out paying interest. It is also important to check what fees you will be charged for using your card abroad so you avoid any nasty surprises when your statement arrives.
When you are using an ATM to withdraw cash, keep your pin shielded from view as you would at home and wherever possible, use an ATM inside a bank so staff are on hand if anything goes awry.
If possible, try not to carry all of your valuables in the same place. You could keep your credit card in your wallet but have your debit card elsewhere. By doing so, if you are a unfortunate enough to lose your wallet or have it stolen then all is not lost.
It is also a good idea to keep a small amount of local currency in your wallet so if it does go missing you won't be severely losing out. Any larger amounts of cash should be kept elsewhere on your person or in a safe in your accommodation.
It goes without saying that you should be discreet and avoid flashing a lot of money around in public. Try to pay for items with small denominations of the local currency and keep any larger amounts of cash elsewhere, in a money belt for example. If you need to get more cash from your money belt then go to a bathroom or somewhere shielded from view.
Last but not least, keep photocopies of your credit, debit and travel money cards just in case you are separated from them. It can be helpful to take one copy for yourself and leave another copy at home with a trusted friend, relative or loved one. This will make getting in touch with your credit card issuers and other authorities much easier if need be.
Protect Your Money on Holiday
By: Paul Buchanan
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