Pickpockets are one of the biggest threats that come with traveling abroad. They are common in many of the bigger cities around the world, and they are always on the lookout for some unsuspecting traveler to victimize. It’s a good idea to remain attentive while abroad, and there are strategies that you can take to keep from losing their money.
Keep a Slim Wallet
Many Americans keep all sorts of ID cards, credit cards, cash, and other assorted items in their wallets. That’s a bad idea when traveling abroad. Bigger wallets are easier to locate. They can also become hazardous when an unsuspecting tourist has to fumble around to find a credit card. Thieves are more than happy to take over some of the clutter.
Keep Your Wallet in a Front Pocket
Experienced thieves can sneak up behind tourists and slip a wallet out of a hip pocket without notice. Keeping a wallet in the front pocket is a good way to alleviate this threat. Thieves have to steal from the front in that instance, and it’s a much more difficult maneuver to make.
Keep Money Close
Keeping money in a big over-the-shoulder purse is a bad idea. It’s an invitation to a would-be thief just to grab it. Instead, keeping a purse with a strap that fits across the body will make it less likely a scammer will try to grab the purse. It’s a more difficult target, so thieves are more likely to go after the easier ones.
Use Credit Cards
Protecting money does not just mean avoiding thieves who engage in illegal activities. By using cash abroad, travelers have to pay foreign exchange fees. These fees take a pretty large percentage of the money that’s traded in. Those who overestimate the amount they need while abroad might get hit again when leaving a country and transferring their leftover foreign currency back to their home currency.
Use the Right Credit Card
Avoiding the use of cash abroad means using a credit card. Some credit cards come with foreign exchange fees built into their pricing structure. Some of these fees can reach nearly 3% of the purchase price. When traveling abroad, it’s always a good idea to use a credit card that comes with no foreign transaction fees. This can help you make your money go even further.
About The Author
Yuri Vanetik is an Entrepreneur, Private Investor, Coalition Builder, and Philanthropist in Orange County, California. He is the Managing Partner of Vanetik International, LLC, a management consulting firm which offers advisory services and strategic planning to businesses and industries. He is also the Managing Partner of Dominion Asset Management, a technology-driven opportunity real estate fund that invests in undervalued real estate throughout the United States. Yuri Vanetik brings over 20 years of professional experience in a variety of roles, and has been in featured in notable publications, including the Wall Street Journal, California Business Journal, Bloomberg Law, and Forbes.