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Tips to protect your money abroad

10/11/2013

4 Comments

 
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Carrying too much cash while traveling abroad in a new and foreign country is foolish, no matter where you are. But if you insist – keep in mind that it’s easy to draw attention to yourself if you’re carrying a wad of bills, so if you must carry a decent amount of paper money with you, split up your money and store them in several safe places – like hidden areas of your bag(s), in a hidden wallet-type bag, or even in your sock if you must. Either way, don’t carry more than you are willing to lose, and yet still be able to continue traveling.
The other option is setting up an international bank account or one of the many Online High Interest Savings Accounts available – you'll have to look at what's available for yourself, depending what part of the world you’re from. These accounts can allow you to have a bit more of a safety net, with more features catered to travelers and backpackers alike, as well as (typically) less fees on ATM withdrawals and far less hoops to jump through in managing your money and owning an account like that – because some banks tend to charge monthly or yearly fees for their accounts, and some travelers accounts have much more leeway. If you happen to have a bit of bad luck finding a good opportunity for a traveler’s account, try opening a separate account with your normal bank, because if you’re scammed on this account, you won’t have all of your eggs in the same basket, as they say, you will be able to put more money in if you start to run low, and you will have a fallback option, if ever the worst were to happen.

While traveler’s checks are a thing of the past, carrying an ATM-accessible credit/debit card with you is one of the safer things you can do. Although, it’s still possible to get ripped off, if it’s stolen or if your numbers are scammed somewhere, but you are typically guaranteed a bit of security from most banks – so even if you are scammed, you will usually receive your money back (but this can take several weeks, it depends on the bank, the amount and the circumstance – perhaps check out banks like BM Savings.)
4 Comments
David Chait link
10/11/2013 04:50:07 am

Couldn't agree more! Between your tips (e.g., international accounts) + technology today with digital wallet there is no reason to ever travel with lots of cash.

Reply
Brandon Elijah Scott link
12/12/2013 08:51:20 pm

Also, another thing that people tend to forget to do is clean out their car rental. I have heard many stories of travelers that have returned their rental car and forgot to clean out the glove compartment and lost their funds! This would be a terrible experience. ~Note to self--don't forget to clean out the rental!

Reply
Deia link
10/11/2013 07:30:29 am

Love it! Cash should only be used when there's no other option, like when you're at a market or something. Otherwise, credit and debit cards should cover it.

Reply
Brandon Elijah Scott link
12/12/2013 08:53:59 pm

Knowledge is power! I think it's important to get this information out there. Anyone can be a victim of this type of crime. Another important thing to remember is to limit the type of documents that you take with you on travels. Identity theft is a concern, and you don't want to be a victim of identity theft. Clean out the wallet and take only the essentials.

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