Protecting Your Finances While Abroad

: Reese Baker & Associates

  Filed under: Money Management

Protecting Your Finances While AbroadTraveling to a foreign land is a thrilling and enriching experience. However, you must always be extra cautious of any pickpockets or thieves waiting to make their first move. Here are a few smart tips and tricks for protecting your finances while abroad.

Protecting your finances while abroad

  • Always notify your bank of your travel plans in advance. This will ensure that they do not freeze your cards in the event of an unusual spending pattern. Additionally, the reporting process of a lost or stolen card will also be faster when there is a travel alert on it.
  • Always determine the protection features on your credit card before traveling abroad. There are several credit companies that offer built-in protection features. These  are trip cancellation insurance, purchase protection, auto rental collision coverage, fraud protection and lost luggage insurance. Check with your bank or credit card issuer and know what kind of protection you will be traveling with.
  • Try to make a majority of your purchases with credit cards. In addition to being a safer and more manageable alternative to cash, credit cards also provide a more accurate record. You can track your expenditure for the sake of budgeting. You must check with your issuer about the standard time frames within which they can send a replacement in case your original card is stolen or lost on the go.
  • Most importantly, do no keep all your money in one place. For instance, if your entire travel funds are placed in one single account and by any chance you lose all access to it, you would be in for a massive trouble on a foreign land. Therefore, it is always advisable to split your funds into two different accounts, carry travelers checks and also keep some cash in handy for emergency situations.