Accessing Your Money Overseas

 

These days, accessing your money while traveling abroad, whether for business or pleasure, is simpler than ever.  Here are five things you have to know to keep your money safe, avoid expensive fees, and access money no matter where you are.

Speak with the Bank Before Traveling

Before you leave, email your bank to find out how much it will cost if you withdraw cash from an ATM abroad. The bank may also be able to give you a more attractive exchange rate on local currency instead of exchanging cash when you get there.  You may want to contact your credit card issuers as well to let them know you’ll be traveling abroad; some issuers will freeze an account if there is unexpected activity occurring a great distance from the billing zip code.

ATMs versus Travelers Cheques

While ATMs are fast and convenient for getting cash, if you’ll be going to a remote country or area where ATM access may be limited, consider getting travelers cheques.  Since you’ll usually pay more in exchange fees with the cheques, keep them as a backup in case you don’t have access to an ATM or credit card for some reason.

Don’t Keep All Your Eggs in the Same Basket

To minimize loss if you’re ever robbed or lose your luggage, spread your money around in different areas on you and in your luggage as well as in different forms of currency.  You may want to have a small amount of cash, travelers cheques and a few credit cards. Don’t carry it all in one place; keep some in different pockets of your luggage, your wallet and other spots on you.

Don’t Make an Attractive Target

Thievery and pick pocketing tend to be much more common abroad than in the states so it’s important you always be observant when it comes to your money.  Don’t make yourself a target by flashing around cash and never write down your PIN for your debit card.  Avoid doing online banking in public locations and carry a bag or purse that you can put across your chest instead of on your shoulder.  Your money and other valuables (e.g. your passport) should be kept deep in a pocket that would be hard to reach.

In The Event You’re Robbed…

If you are fortunate to have travel insurance, you will be able to replace what was stolen.  If not, you should report the theft to the local police right away and get a written report if possible.  Speak with your credit and/or debit card issuers to cancel your cards and if you don’t have any money, consider having a family member or friend send international bank transfers.  Also, most international credit card companies will be able to send (perhaps even overnight) a new credit card.