- Checking or Savings Account….If you haven’t already, get a checking or savings account connected to an ATM card. ATM cards are the best way to access local currency wherever you are, and you will get the current exchange rate.
And make sure that it has a 4 digit security code as there are are some ATM’s around the world that do not use the traditional 6 digit security code. Also, be sure that your card will work anywhere in the world.
- Which Bank?….It would be best to have your bank accounts with one of your MAJOR local banks at home, or an international bank like HSBC who have relationships with other banks world wide.
- Get a Credit Card….They are great for emergencies, and you pretty much need one these days for booking things online, unless you have a debit card with a visa logo. But know how much your credit card company charges for international fees.
Visa is the best option as it is the most widely recognized. If possible, get a card that offers reward points and travel benefits, it adds up overtime!
- Credit Cards V Debit Cards….For a helpful article on credit & debit cards Click Here
- Call Your Credit Card Companies….before leaving home call your CC companies and tell them of your travel plans so your cards don’t get flagged due to suspicious activity and get shut down! This has happened to us and is painful. Also, ask them what to do in the event your card gets lost or stolen.
Sometimes credit card companies will not send you your card just anywhere, they will usually only send it to your registered address on the account, or possibly to a family member in your home country and then get it forwarded on. Get someone you trust!
- International Contact Numbers…..Ask your credit card companies for international contact numbers. If your card gets lost or stolen, you need to cancel it ASAP!
- Use With Confidence – BUT be Careful….If your credit card number gets stolen and someone goes shopping with it, as long as you can prove it wasn’t you spending the money, credit card companies are usually very good with this kind of thing.
My credit card number got stolen once. Someone used it to fly all over Europe raking up several thousand dollars in 2 days. Since I was able to prove I was actually living in the States at the time, Visa canceled the transactions….phew!
- Keep Your Cards in Sight….Always keep your credit cards in sight when buying things – NEVER hand it over to someone to complete a transaction (people are very good at remembering or swiping numbers).
- ATM Machine’s….be mindful of the location of the ATM machine. Try not too access money from an ATM machine that is in a dodgy street or there are suspicious characters hanging around. And don’t let anyone peer over your shoulder whilst completing your transaction.
- Make Photo Copies….Make copies of your Credit Cards and ATM cards and leave them at home with a TRUSTED family member! You can also scan them into a folder in your email account, BUT don’t name the folder “Credit Card Numbers” or something easy to recognize, disguise it!
Also, be very careful your email username and password doesn’t get compromised!
- Pay Cash Whenever You Can….Even with ATM fees and conversion rates, you’re probably better off using money for purchases versus your credit cards. Credit Card companies can charge up to 4% on all international fees!
- Never Carry Lots of Cash….we met someone in Africa who walked out of her hostel with $5,000 in cash strapped to her body in a money belt she had stored in a safe in the hostel. As soon as she walked out the door she got jumped! Was it an inside job who tipped off the thieves, probably?
The lesson….only carry what you may need for that day – NOT your whole travel budget!…duh!
- Get Internet Banking….Learn and understand how to use it. We have used it around the world for years with no security problems. IMPORTANT….
Our bank in Australia (The Commonwealth Bank) supplies us with a little gadget to use along with the standard username and password access. Once we put in our username and passsword, we then have to push a button on this gadget and it spits out a unique security number.
It’s another level of security that gives us confidence.
Try and get internet banking set up like this. Also, it’s a good idea to monitor your account and change your username and password periodically.
- Automate Your Bills….If you have bills to pay at home whilst you are away, set up automatic payment methods and direct debit. You don’t want to be on the road somewhere worrying about that payment coming due.
- Have all your bills come out of the one operating account, or charged to the one credit card, and leave this card at home. It’s easier to remember and quicker to pay the bill on one account or credit card each month than several accounts!
- If you have Real Estate, get a property manager. We had our home rented out whilst we were traveling. It was managed by a Management company and everything was automated and we kept in contact via email, and of course Skype if we needed to call.
- Get a Power of Attorney….my mother is our Power of Attorney, so if we ever need any documents or accounts signed, she is able to take care of this for us! It just makes life easier!
