Is Your Cash Safe When You Travel?
When planning a bit of international travel, be sure to protect yourself from becoming a victim of fraud or theft.
A fun holiday can turn into an international nightmare if you forget to take the necessary precautions with your finances. MasterCard suggests five ways to protect your travel funds:
Check that your chip-and-PIN Card is valid
Have you checked that your card is valid and isn’t going to expire while travelling? EMV-enabled chip-and-PIN payment cards are the most convenient for cashless travels and can help prevent fraud. Remember to ensure that transactions are done in front of you.
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Have you told your bank where you are going? Remember to alert them to the fact that you will be travelling out of the country, so that they don’t think your irregular transactions are fraudulent.
Pack your ‘Payment Passport’
A prepaid payment card is a lot safer than travelling with cash. Packing your chip-and-PIN protected prepaid card gives you flexibility when paying with U.S. Dollars, Pound Sterling, Australian Dollars or Euros.
Ask for help
It is sensible to travel with as little cash as possible, but you may need to take a small amount of cash in the local currency for tipping, for example. When you land, ask an official at the airport to direct you to a safe ATM, or make use of the ATM locator with your smartphone.
Be smart about currency conversion fees
Some merchants and hotels may ask you if you’d like to be charged in either your home or local currency. Rather choose the local currency, so that you don’t incur foreign transaction or conversion rate fees.
SOURCE: MasterCard. Images: Pixabay