When traveling there are many things to consider when it comes to keeping your money safe. More often then not, travelers are bringing more money on their trip than they would usually carry at home which can put them at significant risk for robbery when traveling abroad.
When traveling to a place where the currency is different than your home country, there are many hidden costs and fees associated with using ATM and credit cards which the traveler should be aware of and plan for.
Look at the top 3 Travel Money Mistakes so your dream vacation doesn’t quickly turn into a nightmare!
Let your bank know you are traveling
Many banks now have extremely tight security for all customer accounts and will be notified immediately if your account has “irregular” transactions. If your customer profile states that you reside in Dallas, TX and you have transactions from London, England, your bank may suspect fraudulent activity and freeze your accounts until they can reach you.
Having your accounts frozen while traveling leaves you in a strange place with out access to money! This is never good.
Avoid this by giving your bank and credit card company a heads up when you are planning to travel. Most banks and credit card companies have an online form to fill out that allows you to enter your travel dates, destination, and any other changes to your regular spending habits.
Beware of ATM and Bank Fees
When traveling abroad it is important to remember that your bank and most ATM’s are going to charge you a fee to complete transactions in a foreign currency.
Several factors play into how much fees you pay, such as whether the ATM or Bank is within your banks “network”. This information can be obtained from your bank or credit card company beforehand and you may discuss the possible ways to reduce the fees charged on your foreign transactions.
Here is a great article from Independent Traveler on foreign ATM’s and how fees are calculated:
DO NOT use public Wi-Fi for any Financial Transactions
Often while traveling you have access to free Wi-Fi in your hotel or at specific places such as: cafes, malls, and libraries. While these are great services, they are not secure connections and your sensitive information could be at risk. It is always best to avoid using public Wi-Fi when entering sensitive passwords or completing financial transactions online.
While the risk is low, there is always the chance that keystroke loggers being installed in public places offering Wi-Fi or even a fellow lodger in your hotel who is a seasoned hacker looking to make a quick buck.
Now that you know the top 3 money mistakes to avoid while traveling, you can plan accordingly to keep your money safe and enjoy your much-deserved vacation.