How Can You Protect Your Money While Traveling Abroad?

How Can You Protect Your Money While Traveling Abroad

Whether you go on and find an RV you can travel the country in, backpack across Australia, or cruise around the world, millions of people each year travel to help explore what the world has to offer. With more and more transportation methods becoming available to people these days, even more people are booking vacations. Some are even looking into empty leg flight prices to see if they can explore the world on a private jet. Whilst exploring the world is usually an amazing experience, it can be ruined if their money or belongings are stolen, leaving them stranded in the middle of nowhere. Pickpockets are one of the biggest threats that come with traveling. 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.

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. Whether you use Personal Credit Cards business credit cards, whatever you choose, let it be a credit card. It’s far safer. However, 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. It is definitely worth researching the best travel credit cards before you go as this can help you make your money go even further. You don’t want to be losing money on crazy high transaction fees when you get there!
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.

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.

Learn more by visiting Yuri Vanetik on Crunchbase.

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