Top tips for keeping money safe abroad

“Top tips for keeping money safe abroad”

by Economic Voice Staff via “The Economic Voice

According to research carried out by my Travel Cash, almost one in four Brits (23%) has been stranded abroad without access to cash, with 30% of those reporting that this was as a result of being a victim of crime.  Myles Stephenson, CEO of my Travel Cash, offers advice to travellers to avoid typical pitfalls when heading abroad:

Carrying cash

“To avoid repeatedly paying for ATM charges, travellers often opt to withdraw lump sums of cash when abroad, which could make them vulnerable to loss or theft. Using a prepaid currency card means that ATM charges can be avoided, removing the need for holidaymakers to carry lots of cash with them and giving them peace of mind.”

Dynamic currency conversion (DCC)

“When using a credit or debit card for shopping abroad, tourists are often given the option to pay for the transaction in their own currency rather than the local one – which is portrayed as being more convenient. Rather than DCC simply showing the customer what the amount translates to in their domestic currency, it usually uses a less favourable exchange rate meaning the traveller pays extra. Tourists are better off paying in local currency or with a prepaid currency card to avoid paying these additional charges, as this kind of expense can add up during the course of a trip.”

Wallet (PD)What to do with your bank card

“Prepaid currency cards, such as those offered by my Travel Cash, also come with the added benefit that if the card were to be stolen, the customer’s personal bank account is not linked to it in any way. We advise customers to take out two cards on their account, so a stolen card can be blocked as soon as the theft is reported and any unused balance can then be transferred to the spare.”

Spread the load

“A good tip for keeping valuables safe is to make sure they are not all in the same place. When out and about it’s advisable to carry only what you need. Keep valuables you don’t require, in a secure place such as a hotel safe. When you are out keeping some spare cash in various different places other than in your wallet could help if you were to run into trouble,  it is never a good idea to keep valuables in your back pocket.”

Be discrete

“It is easy to see how tourists draw attention to themselves rifling through the unfamiliar bank notes of another currency when making a payment. It’s best not to make a scene when doing this and carrying a prepaid currency card means it can be avoided altogether.

“We would always advise all tourists to be aware of their surroundings when on holiday, and to make sure they take the necessary precautions to ensure that their trip goes off without a hitch.”

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