Ideas for Traveling With Money Safely

An issue many travelers encounter when away from home is how to move around with their money in a way that is both safe and allows them the best exchange rates and preparedness. Traveling safely with money in today’s world is important, since there’s nothing worse than getting stranded on vacation having lost your funds, or worse, suffered at the hands of a thief. Luckily, there are plenty of ways to travel safely with money, depending on where you’re going and the length of your stay. Some of these solutions are age-old nuggets of wisdom which have served travelers well for years, while others are newer solutions that owe a debt to improving technology.

1. If you can avoid carrying more than a day’s worth of cash at a time, DO IT. When traveling in western/modernized nations, most shops accept credit or debit cards, and while you might be charged a small fee if you use your debit or credit card outside of your country of origin, credit and debit cards are easily replaced and difficult to have stolen. Use them whenever possible, as they also provide a record of your expenses. Keep in mind that you will need to let your credit or debit card company know you plan to leave the country to avoid having their security measures kick in and prevent you from spending on your card. By calling ahead of your trip, you can notify them of your intent to travel and prevent your card from having a stop put on it while you’re on your vacation.

2. Carry both local and internationally accepted currencies, but try to stick to paying with local currency whenever possible. In some African and Eastern countries, American dollars may be preferred to the local currency thanks to local stability issues, but it’s never a good idea to flash your money around strangers (even when you’re at home) and you should be prepared to have a few dollars separated from the bulk of your money ahead of time so you don’t show off a roll of twenties to the cab driver who makes only a few dollars a week in Sri Lanka.

3. Keep your money close to your person. My grandmother used a fanny pack every time she traveled abroad – a result of growing up hearing horror stories of purse-snatchings in New York back in the seventies. It didn’t make her a fashion icon, and there is some evidence that something as conspicuous as a fanny pack actually advertises where your money and passport are being stored to potential thieves, but the principle of her action holds true – don’t use long, swinging bags to carry your money, and spend a few extra dollars on AAA and other travel agencies’ under-clothes wallets and purses to keep your money out of sight and safe.

4. If staying with friends, leave a portion of your money in their home while you’re out during the day. I qualify this with “if staying with friends” because if you’re staying in a hotel there will be maids and other cleaning personnel in and out of your room during the day, and unless there’s a safe where you can lock your money (and sometimes, even if there is such a safe) you shouldn’t leave large amounts of cash where they could go missing.

5. Use traveler’s checks wisely. It can be difficult to have traveler’s checks cashed, especially in third world countries, and you must be prepared to pay a fee for doing so. However, they are replaceable if lost and since they must be signed in the presence of a teller or sales person, they are not an attractive option for thieves looking to make a quick buck.

6. Use local ATMs to get the days’ best exchange rates, but also be aware that you may have to pay a fee for each withdrawal.