How to keep your money safe overseas
Traveling abroad can be an exciting and enriching experience, but it can also be a time when you’re particularly vulnerable to losing money. Here are some tips for keeping your money safe while traveling overseas:
- Notify your bank of your travel plans: Let your bank and credit card companies know that you’ll be traveling overseas. This will help prevent your card from being blocked due to suspicious activity.
- Make copies of important documents: Before you leave, make copies of your important documents, including any travel cards, or credit and debit cards. Keep one set of copies with you and leave another set with a trusted friend or family member back home.
- Use a travel money card: Travel money cards are prepaid cards that you can load with a specific amount of foreign currency before you leave. These cards can be a good way to budget your spending and protect yourself from fraud, since they can’t be charged with more than the amount you’ve loaded. Some popular choices are:
- The Travelex Money Card is a popular choice, it can be loaded with up to 13 different currencies and comes with chip and pin protection, as well as 24/7 customer service.
- The Commonwealth Bank Travel Money Card is a popular choice for CommBank customers. It can be loaded with up to 10 different currencies and can be used to make purchases and withdraw cash at millions of merchants and ATMs worldwide. The card also comes with chip and pin protection and 24/7 emergency assistance.
- The Qantas Travel Money Card is a great option for Aussies who are also Qantas frequent flyers. It can be loaded with up to 10 different currencies and can be used to make purchases and withdraw cash at millions of merchants and ATMs worldwide. The card also comes with chip and pin protection, and you can earn Qantas points on eligible transactions.
- The Cash Passport Platinum Mastercard is another solid option that can be loaded with up to 10 different currencies and can be used to make purchases and withdraw cash at millions of merchants and ATMs worldwide. The card also comes with chip and pin protection, and come with a accompanying app that allows you to manage your account.
- Do your research on currency rates: Before you travel, make sure you are familiar with the current exchange rate for the country or countries you’ll be visiting. This will give you a better idea of how much things will cost, and can help you budget your spending more effectively. You can find current exchange rates on websites such as the Reserve Bank of Australia, or by using a currency conversion app on your smartphone. Knowing the exchange rate will also help you to recognise a good deal when you see one and avoid any potential scams.
- Be discreet about your money: When you’re traveling abroad, it’s important to be discreet about your money, as flashing cash or credit cards around can make you a target for thieves. Keep your cash and cards in a safe and secure place, such as a money belt or a hidden pocket in your clothing. Avoid carrying large amounts of cash, and instead use your travel money card or credit card for purchases where possible.
- Use ATMs from reputable sources: When you’re withdrawing cash from an ATM, make sure to use one that is located in a well-lit and busy area. Avoid using ATMs that are in isolated or poorly lit areas, as they may be more likely to be tampered with. Try to use ATMs that are affiliated with a reputable bank or institution, as they are generally more secure than standalone ATMs. If you’re unsure about an ATM, trust your instincts and move on to another one. And also don’t forget to use the ATMs during the business hours of bank or affiliated institution, using them in non-business hours can increase the risk of skimming and other types of fraud.
It’s also worth noting that if your card gets skimmed or you suspect any suspicious activity on your account, contact your bank or card issuer immediately. Many travel money cards come with a 24/7 customer service to assist with such cases.