6 Good Ways to Protect your Finance During Travel

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The excitement of going on a vacation after working hard throughout the year is huge. You definitely deserve to have fun and relaxation. However, it is important to be aware of the potential dangers of going on a vacation. This is especially true when it comes to the safety of your funds, as having your wallet, purse or bag stolen could all too quickly turn well-planned vacation into a nightmare.

Below are some tips for keeping your funds safe when travelling:

1. Never Leave All Your Eggs in One Basket

There is a famous saying, “Don’t keep all your eggs in one basket”. Likewise, keep your cards stored in separate locations. If you are carrying cash, be sure to split them into smaller amounts and keep these amounts in separate pockets or bags as an extra layer of security. This way if you do get robbed you can afford to lose a small amount of funds without actually losing everything. This is also a good practice to store your money in your prepaid card account, as charging is easy and is a much safer way compared to carrying huge amounts of cash.

2. Try Using a Money Belt

Sometimes you will be amazed to observe how most men keep their valuables such as mobile devices and wallets poking out of their back pockets. Women on the other hand keep everything in their handbag zipper unzipped and loosely hung over their shoulder. Carry your cash, cards and passport in a money belt, which can be hidden under clothing, or even a zipped pocket. Keeping your valuables out of sight will definitely save you from a potential theft or loss. It is highly suggested that you keep your money in your prepaid card and only withdraw what you need. Certain Visa prepaid card has high load limits as high as USD 50,000 making it easy to store all or the majority of your holiday funds in one card.

3. Use Passwords on All Your Mobile Devices

When we go on vacation we usually take our mobile devices such as a notebook, tablet and smartphone. These devices contain all types of personal information, a true goldmine for online hackers and fraudsters. Be sure to have strong passwords on all these devices and program them to auto-lock after 30 seconds of inactivity. Certain devices even provide a function to erase personal data should someone attempt to enter the password incorrectly multiple times. This is a very useful feature that can help protect your personal data and passwords for your credit, debit and prepaid cards.

4. Keep Your Cash to a Minimum

Because of the convenience of having ATM machines virtually everywhere, most people prefer to pay with cash when going on holiday as they feel this helps control their spending. While this may be somewhat true walking around with a big wad of cash is exactly the opposite and making yourself vulnerable to theft. On the other hand, using credit cards can also be unsafe, as in the case of a lost or stolen credit card, the potential financial damage can be devastating. Instead of placing yourself in this risky scenario, why not use a prepaid Visa card for larger payments such as hotel bills, car rentals and restaurant bills. Prepaid cards function similarly to your traditional credit or debit card, allowing you to make purchases pretty much where traditional debit and credit cards are accepted. Unlike credit or debit cards though prepaid cards are not linked to either your bank account or any line of credit, this means that potential monetary loss will be kept to what was preloaded on to the card. Thieves, hackers and fraudsters will have no access to your main bank account nor will they have access to your personal credit score.

5. Always Keep Your Card Provider’s Hotline Number On You

Once you find out that your prepaid cards are lost or stolen, you will need to block the cards as soon as possible. It will be impossible to cancel or block your prepaid cards if the only place you can find the customer service number is on the back of the card itself. Record the important numbers and keep them in a safe place separate from your other cards. Inform your prepaid card provider about the loss of your card with the relevant identification information required. Customer support will then block all activities that involve the lost card account and will make arrangements for a new or replacement card to be sent to you as soon as possible.

6. Be Cautious of Your Surroundings & Avoid Secluded ATM Machines

Most prepaid cards are accepted around the world, this in turn makes it truly convenient for globe trekkers. Prepaid cards can be used anywhere traditional credit or debit cards are accepted. When you need to make a withdrawal of cash from your prepaid card, try to use an ATM machine in a busy area during daylight hours. If possible, bring a friend or a travel companion to accompany you to the ATM machine. It is highly recommended for you to use your prepaid card at an ATM machine that is located in your hotel as this would be the safest option.

Please visit www.transact24.com for more information about prepaid cards as a travel companion.

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