When you travel abroad you are always excited to visit new countries, experience new cultures and return home from your trip with a lot of wonderful memories to share with your friends and family. However, when traveling abroad, managing to access your money can be a challenge and cause a lot of stress. This stress can be avoided by learning how to safely manage to access your money while you are traveling abroad.

When traveling abroad, there are a number of ways to make payments for goods and services, and it’s often a case of using a combination of different methods to get the best results. For many travelers, cash is still the most widely used method for making payments whilst abroad, but credit and debit cards are also very popular, and it’s also very common for people to use online money transfer services to send money from the USA to India and other countries for example. One of the most popular services for sending money abroad for all types of travelers is Ria Money Transfer. Whether you are traveling abroad for business or for pleasure, it’s always a good idea to have access to funds should the need arise, whether that be to support family and friends whilst abroad or to pay a bill that’s become due. Using an online money transfer service is one of the easiest and most cost effective ways to send money abroad.

Prepare before you leave

Inform your bank and all of your credit card companies of your trip before you leave for your destination. The bank and the credit card companies use sophisticated software to attempt to identify possible instances of fraud. If a transaction is detected to be possibly fraudulent because it was in a different location than normal for you, the bank or the credit card company may put your account on hold until they have confirmed that the transaction was legitimate. Knowing when you will be traveling to different destinations and informing your bank and all of your credit card companies will allow them to take your traveling into consideration when reviewing transactions.

Also, take the time to look into any international fees your bank will be charging for foreign transactions. You may find that by using a different credit or debit card for your foreign transactions, you can save a lot of money.

Before you depart for your trip, be sure to make digital copies of your financial documents, (front and back of your cards, passport, etc.), as well as a list of your emergency contacts with their contact information. This will save you a lot of time in case something happens to you abroad.

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Carry more than one payment option

Always carry more than one payment method to a destination. Two credit cards and two debit cards from different banks are recommended. That way, if one of your cards is lost, stolen or not working, you can use the other cards to withdraw cash from ATMs. In addition, if a merchant is not able to process your credit card transaction, you can try to pay with your debit card. There are also instances where a hotel, car rental agency or other business only accepts larger payments by credit cards. So, it’s always a good idea to bring a credit card along. For withdrawing cash from ATMs, it is recommended to use your debit card.

A credit card is better for large transactions made whilst abroad, such as hotel bills and car hire, as they have better exchange rates than debit/ATM cards and some even offer rewards for spending. A debit card with a cash back facility is better for withdraws from an ATM as this allows you to have your money back as cash. So as you would have two cards, two separate places on you, and if you lost one you would still have access to funds.

Cash, local currency: Even though most shops, restaurants, hotels and other businesses these days accept credit or debit cards for payment, there are places and situations where you are more likely to be asked to pay in cash using the local currency. Some of the places and situations where this is more likely to happen include: local markets and shops; taxi drivers; bus and train ticket booths; street vendors; etc. It is a good idea to always carry some local cash with you.

Use ATMs carefully

Using an ATM abroad to withdraw cash in the local currency is generally very convenient. Also be aware of potential fraudsters trying to pull money out of your account by various means when using your card at an ATM abroad. To minimize potential risk when withdrawing cash with your debit or credit card when abroad always use an ATM in a bank, in an airport or in a well-lit public location. Make sure the ATM itself and the card reader are not tampered with before inserting your card. When entering your PIN always cover the numbers with your hand so that no one can peak at your PIN from behind you. It is also wise to keep an eye on the maximum amount of cash you would lose in case your card is stolen and used to withdraw cash afterwards. So withdraw smaller amounts of cash to keep the potential loss as small as possible.

Always be on the lookout for devices that may have been attached to the card slot or the keypad of the ATM. If you do discover a device, withdraw your card immediately and report the matter to your bank’s 24 hour emergency service. To prevent others from seeing your PIN as you enter it, always cover the keypad with your hand. The same is true for any online PIN entry process (e.g. online banking). If you suspect that your PIN has been seen by a hidden camera, or by someone who was standing very close to you, change your PIN as soon as possible.

Similarly, when using a debit card to withdraw cash, don’t withdraw too much money at one time. In the event that you lose your wallet or it is stolen, you would then have to carry a lot of money around with you which could be very risky.

Protect your cards and personal information

Another aspect of financial security is the protection of your credit card details and your personal information from online fraud. When you are traveling abroad and connect to the Internet via public Wi-Fi networks found in cafes, airports, etc. you should avoid accessing your on-line banking service and online shopping as these services could be hacked into. Access your on-line accounts only by connecting to a private data network through https (the prefix indicates a secure site). In addition, it is wise to activate the 2-factor authentication (2FA) for your on-line financial services.

Online Security for Your Financial Info. Secure your info online for your financial accounts and payment processes. When checking your accounts online or processing payments, make sure you’re using a secure website. Also, have your accounts set up for 2-factor authentication (2FA) so only you can log in online.

Another important step to consider when you are traveling abroad is monitoring your accounts for suspicious activity. Online banking services of most financial organizations provide a mobile application to their clients, which can immediately inform them of any transactions that were made using their card.

Understand local payment customs

In many countries around the world, there are ways of paying for goods and services that are different from those you are used to in your own country. In some countries a large proportion of retailers are cash only, whilst in others it is common to make contactless payments with your credit or debit card. It is therefore a good idea to research your destination before traveling to understand how payment is typically made in the

In order to avoid situations like the one previously described, it is very important to become familiar with local payment customs and practices when traveling abroad. The last thing you want to deal with while visiting a foreign country is a wallet full of cash that cannot be spent because your credit cards are not accepted by local businesses.

Keep emergency funds available

If your card, wallet, etc. gets lost, stolen or even doesn’t work anymore, an emergency fund can be of great value. It is wise to keep such an emergency fund in a separate part of your wallet and/or in hidden parts of your luggage. Many travelers even bring a second card with them and keep it in the safe of their hotel.

Having an emergency fund of cash (separate from the rest of your luggage) and an extra card (separate from the rest of your luggage) and keeping them in your hotel safe is also a good idea.

If whilst abroad you lose or have your card stolen it is helpful to have the telephone numbers of the bank and/or card issuer’s international customer service department. Should your card be lost or stolen whilst abroad the customer can immediately report the loss/theft and obtain further assistance to obtain funds to complete your trip.

Avoid common travel scams

Many scams of tourists happen because they are unaware of the local customs and can be cheated of money. This is particularly true when withdrawing money from a cash machine. Someone may appear to be very helpful and say they can help you with your transaction at the ATM but be very cross when it is clear that they are trying to cheat you. You must be firm but polite and complete your transaction alone if at all possible. You should also be aware of your surroundings in crowded places such as train stations or tourist hotspots and be aware of pickpocket gangs. These gangs create a diversion and one of the gang members will pick your pocket and steal your wallet, credit cards etc. Try to keep a close eye on your belongings at all times and report any loss or theft to the police as soon as possible.

When in crowded places, like markets and on public transportation, be very aware of your surroundings as pickpockets often work in teams. The main person creates a diversion, while the other(s) pick your pocket or take your wallet or credit card. Never let your bags or wallet out of your sight.

Double check receipts, etc. to make sure that the correct amount has been charged for small purchases.

Having money to spend while traveling abroad is so much fun, but it also has a lot of financial risks. Therefore, with some preparation, caution and flexibility, you can minimize the financial risks when traveling abroad. If you bring several payment methods, use your ATM card with care, keep an eye on your personal data and have some emergency funds ready, you will be able to enjoy your trip to the full.