There are many benefits to travelling, but also there are some risks that go beyond travellers’ diarrhoea and lost documents in their inconvenience. Are you afraid of being stranded in foreign lands? It is important that you make sure your money and identity are safe.
It takes more than standard diligence to do so. The most important part, in fact, begins well before you even get on an aeroplane because it related to your choice to credit cards as well as your knowledge of your destination. Part of this research should include speaking with your bank officers about recommendations in terms of the best type of credit card to carry, cash and traveller’s checks. They also may be able to provide country-specific tips based on your destination and your need to monitor your finances while you’re overseas.
Here are few ideas that can get you started on the right track.
Protection
Before you go, check with you bank to ensure your credit cards will be working abroad. Many banks are alarmed when an unusual activity hits a card and automatically suspend or block it. Your bank may require you to notify them of your travel plans prior to your travel dates to avoid this block.
As important as is this notification, it is also important that you — and your bank — keep an eye on your card activities afterward. Many stolen cards’ transactions may not appear until well after your return. If you notice any such suspicious activity, you must report it right away.
With that, you need to know the extent of fraud protection your bank provides. Don’t take it for granted that the bank will take any hit on your behalf — even though many do. In addition, ask about what sort of proof your bank will need for your claims of any fraudulent spending made on your card.
Carry less cash
As mentioned, having the right credit card with proper protection is a good idea. Cash has no such benefit. When it is lost, it is gone with no way to trace it or stop it. That is why carry as limited cash as possible for your trip. In addition, follow your common sense as far as how much cash you flash when you’re paying for something or let others know about it. In many tourist destinations, scammers follow intricate schemes to get their victims off guard. So be careful in discussing your plans to purchase souvenirs, do extra travel or pay for any big item in cash.
Disconnect
Try as much as possible not to use the internet banking from abroad unless you’re certain of the security of your connection. If you connect over a public network, like in a coffee shop or a hotel, you may put your personal information at risk. The danger here goes beyond stealing your bank details and using them for purchase. Bank accounts typically include sensitive information that scammers can use for identity theft. That is why unless you absolutely have to, try not to connect to your bank except when your connection is secure.
Review transactions
Overseas transactions may lag until they show on your bank statements. Still you must review them thoroughly one by one to make sure that you’re responsible for them. With possibly a different language and exchange rate, it may not be easy to recall where and when each transaction was made. Keeping your receipts can help you remember the location and the approximate amount paid.
Ask about what kind of alerts you bank provides. Many banks offer you instant notifications of activity on your credit card — by text or email. Although texting may not be the most economical solution if you’re roaming, emails may be less costly and provide a record that you can check your statement against — and also refer to it while you’re still abroad.
Rania Oteify, a former Gulf News Business Features Editor, is currently a Seattle-based editor.
