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Protecting your finances while traveling isn’t exactly top of mind when people are planning their next vacation, whether it’s abroad or in the US. From my experience, people are less likely to consider ways to protect their finances while traveling in their home country, too. And that’s a recipe for disaster.
The reason for this is that some travelers often forget that regardless of where you go in this world, there will always be nefarious people who will try to put one over on you, especially if they know you’ve got money to spend on a vacation.
Any seasoned traveler will more often than not advise that aside from the standard safety practices recommended by the government and various travelling institutions, you should also take some extra precautions when it comes to your money –wherever you go on vacation or on a business trip.
And rightly so, it can happen to anyone, anywhere –even in the sky. In this post, I’m going to explore a number of ways one can protect their finances while traveling.
5 Ways to Protect Your Finances While Traveling
1. Credit Monitoring
Credit monitoring services like those from Credit Sesame are an ideal solution for tracking changes in one’s credit report and score at all times, including vacations and international travel.
Credit monitoring services notify the user whenever there is some sort of change in their finances and related accounts, alerting you wherever you are.
As a result, you will be able to review any account changes and confirm that everything is in order. In case of any problem, you will have the opportunity to take the necessary steps to resolve the matter before things get out of hand.
For instance, if you get a notification stating that a particular credit card has appeared on your credit profile that you didn’t ask for, you will be able to inform the relevant creditors or bank officials of a possible fraud case occurring with your financial accounts quickly.
With that said, Credit Sesame is one of the most reliable credit monitoring companies out there that will provide you with up-to-date credit information on a monthly basis to ensure everything is up to snuff.
2. Stay in Touch with Your Bank
Most banks and credit card providers are known to at one point or another freeze their client’s accounts whenever they see a spike in spending and withdrawals, or any other kind of unusual activity. The reason they do this is to prevent the depletion of account holders’ financial resources due to credit card theft.
As a result, if you want to be on the safe side and avoid any inconveniences, it is essential that you stay in touch with your bank or relevant financial institution so that they are aware of your travelling itinerary, so you don’t have the unfortunate experience of being cut off, mid vacation.
3. Get Yourself a Travel Debit Card
Whenever you travel outside the country, it is always a good idea that you open a temporary travelling checking account with your preferred bank so that you can leave your day-to-day cards at home.
However, you will need to set an expiration date based on the time you intend to return home and how much you would like to use during your trip.
In addition, having just one travelling checking account and card will enable you to maintain a certain level of discipline when it comes to your expenditures.
4. Keep your Phone Safe
Aside from keeping your credit and debit card safe, as well as your physical cash, it is also essential that you secure your phone so that it doesn’t fall into the wrong hands.
The reason for this is that criminals looking to steal your money can in one way or another get access to your financial accounts using your phone, even if they don’t have your cards.
This is because your mobile device will most likely have some pertinent information about your bank accounts and credits cards that criminals may use to rob you while you are on vacation.
Even having access to your email alone can reveal addresses and other sensitive information that can be used to verify a fraudster over the phone with your bank and gain access to your accounts.
5. Secure Your Cold Hard Cash
It is important that you keep your money safe whenever you travel since some people may take advantage of you if you happen to leave your cash or cards just lying around. Maybe you left it on a table with your spouse while going to the bathroom and they get caught up in a game of Angry Birds –who knows, even when trusted with someone you deem reliable, anything can happen. An unscrupulous waiter, a little sleight of hand, and the vacation is over.
As a result, once you arrive at your destination, it is highly important that you find a secure and accessible place where you can stash your petty cash.
How about you? Have you ever lost money or had your identity stolen while traveling? What are your best tips for mitigating it? Let everyone know in the comments.
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