Protecting Your Money Abroad: 6 Essential Tips for Safe Travel

To keep your money safe while traveling, inform your bank, credit union, and/or credit card companies of your travel plans to avoid legitimate transactions being flagged for fraud. Set up account alerts for suspicious activity to spot potential issues early on. Avoid using non-bank ATMs, especially standalone machines in isolated areas, to reduce the risk of ATM skimming. Use a money belt or secure wallet to protect your cash and credit cards. Be cautious when using public Wi-Fi and avoid using public computers to access sensitive information. Keep your valuables secure and be aware of your surroundings to prevent theft.

Traveling can be an exhilarating experience, but it also presents unique financial challenges. According to a report from the Mastercard Economics Institute, the travel industry is one of the sectors most susceptible to fraud, with fraud rates spiking up to 28% during peak seasons [1]. To ensure a smooth and secure trip, consider the following financial safety tips.

Inform Your Financial Institutions

Before embarking on your journey, inform your bank, credit union, and/or credit card companies of your travel plans. This proactive step helps legitimate transactions avoid being flagged for fraud, which can disrupt your travel plans. Additionally, notifying your financial institutions of your travel details can aid in detecting fraudulent activity that may occur once you’re back home [1].

Set Up Account Alerts

While many banks have fraud detection services in place, they are not foolproof. Enhance your security by setting up bank alerts that notify you of suspicious activity. For instance, you can enable text or email alerts for transactions over a certain dollar amount or when your account balance falls below a certain threshold [1].

ATM Safety

When you need cash, avoid non-bank ATMs, especially standalone machines in isolated areas, as they pose a higher risk of ATM skimming. Instead, plan ahead and withdraw cash from ATMs located inside reputable banks, airports, and other well-lit, high-traffic areas. Consider purchasing foreign currency before you set off for your trip, but avoid carrying the full amount once you reach your destination [1].

Secure Your Wallet

Keep your wallet close and secured at all times. Avoid walking around with your wallet in your back pocket or an unzipped purse, especially in crowded areas or tourist attractions. Carry only enough cash to cover daily expenses and store the rest in your hotel safe [1].

Public Wi-Fi Caution

Public Wi-Fi networks can be risky, as they may be unsecured or set up by scammers to intercept sensitive information. Avoid using public Wi-Fi to access online banking platforms. If you must log on to your account while abroad, rely on your mobile data or a VPN to keep your information secure [1].

Have a Backup Payment Method

Carry a second credit card or extra cash as a backup payment method. If your primary payment method is compromised, having a backup ensures you always have access to your money [1].

By following these best practices, you can significantly reduce the risk of financial mishaps and enjoy a worry-free vacation.

References:

[1] https://finance.yahoo.com/personal-finance/banking/article/avoid-travel-fraud-210941708.html
[2] https://www.caseystate.bank/2025/07/14/how-to-stay-safe-from-fraud-while-traveling-this-summer/