These days, managing your money while traveling abroad, whether for business or pleasure, is easier than ever.  Here are five things you must to know to keep your money safe, avoid outrageous fees, and access money no matter where you are.

Let Your Bank and Credit Card Company Know You’ll Be Traveling

Before you leave, call your bank to find out how much you’ll be charged if you withdraw cash from an ATM abroad. The bank may also be able to give you a better exchange rate on local currency instead of exchanging cash when you get there.  You may want to contact your credit card issuers as well to let them know you’ll be traveling overseas; some issuers will freeze an account if there is suspicious activity occurring a great distance from the billing zip code.

Should You Take Travelers Cheques or Use ATMs

While ATMs are easy and accessible for getting cash, if you’ll be going to a remote country or area where ATM access may be limited, consider getting travelers cheques.  Since you’ll probably pay more in exchange fees with the cheques, keep them as a backup in case you prefer not to use an ATM or credit card for some reason.

Keep Your Money Safe: Diversify

To minimize loss if you’re ever robbed or lose your wallet, spread your money around in different areas on you and in your luggage as well as in different forms of currency.  You may want to carry a small amount of cash, travelers cheques and a couple credit cards. Don’t carry it all in one place; keep some in different pockets of your luggage, your wallet and other spots on you.

Protect your Information

Thievery and pick pocketing tend to be much more common abroad than in the states so it’s important you always keep your guard up when it comes to your money.  Don’t make yourself a target by carrying around expensive items and never write down your PIN for your debit card.  Avoid doing online banking in public locations and carry a bag or purse that you can put across your chest instead of on your shoulder.  Your money and other valuables (e.g. your passport) should be kept deep in a pocket that would be difficult to reach.

If You’ve Been Robbed…

If you purchased travel insurance, you will be able to replace what was stolen.  If not, you should report the theft to the local police as soon as possible and get a written report if possible.  Call your credit and/or debit card issuers to cancel your cards and if you don’t have any money, consider having a family member or friend send international bank transfers.  Also, most large credit card companies will be able to send (perhaps even overnight) a new credit card.

Related posts:

1. The Important of Safe Travel
2. Why Going Abroad Will Save You a Huge Amount of Money
3. Annual Travel Insurance Is Safe For Regular Traveling

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