11 Tips On How To Handle Money While Traveling.

I think I’ve made my point in the previous article: 22 Travel Scams I Encountered and How To Avoid Them. Not all people you meet while traveling are angels, some of them simply want to snatch your valuables away when you are not looking. The golden rule of handling money on vacation is: Never let your guards down. However, an extra effort in preparation goes a long way. I hope the following points will help you deal with valuables better during your holidays. 

Avoid Unnecessary Charges

1. Withdraw Local Currency
I always withdraw local currency instead of exchanging. Doing so would save you from service charges and exchange rate lost. However, be aware that most banks charge for cash withdrawal and commission fee. So, choose a bank card that reimburses ATM fees. 


2. Money Exchange 
If you need to exchange currency, do it in the city (can be in your home country). Don't wait until you reach the airport! Also, don’t do it anywhere on the street to avoid rip-off! Look for a bank or exchange bureau instead. 

Budgeting

3. Trail Wallet 
It helps you keep track of your spending. Sometimes I got baffled on how did my money "disappeared", after downloading this app, I was able to keep a nice record of everything.  

Safety

4. Only take out how much you’ll need for the day. 

I don't believe in taking out a large sum of money and walk around the city. If you won't do something in your hometown, don't do it overseas. I personally think that it is very dangerous. So instead, I take out 40 Euros every day. Firstly, I don't have to worry about pickpockets. Secondly, I am able to limit my daily spending effectively. (refer point 1.) 

5. Use Credit/Debit cards

Why do I normally carry minimum cash? Because I found cards to be a safer method of payment (remember to activate overseas banking beforehand!). For example, if people stole your cash, your money would be gone, but if your cards got stolen, just report to the bank and cancel the service right away! Even if you do not get to do it in time, you’re still not liable for unauthorized charges. (However, be aware of the transaction fees when using credit cards abroad. )

6. Split up valuables and keep them in different places. 

Store money and bank cards away in separate pouches or pockets, bring only 1-2 days cash in your regular wallet to minimize theft impact. So in case you got robbed or got your purse stolen, you’ll still have some cash to spend. 

7. Keep your valuable as close yo your body as possible

So that if there is an emergency, you can easily escape without losing all your important documents and money.

8. Consider a money pouch

Although it might not be the most fashionable thing to wear, a pouch can be easily hidden under your clothes, making it more difficult to get snatched away by thieves. However, don’t access your money pouch in public! That would defeat the purpose of it. 
I eventually ditched the pouch during my 2nd solo trip abroad, because I figured that I should try to dress like a local instead of putting on an outfit screaming “tourist”! However, if you are new in backpacking, it is totally fine to start with a money pouch.

9. ATM Safety

Do not use an ATM if it is located in a secluded area. Instead, choose those that are located in busier areas, preferably indoors or at least those that are visible from the main street. When withdrawing money at the ATM, make sure that no one is standing too near to you, avoid talking to strangers and be sure to take your ATM receipt with you. 

10. Do not attract attention

Do not flash your cash in public! Do not count your money on the street after withdrawing. If you need to do so, do it inside the bank. 
Also, learn to recognize the local currency before you travel. This will efficiently lessen the time you need to look for the correct coins or notes. All in all, keep cash out of sight. 

11. Keep traveler's cheques as backups. 

This is an old trick in the book. Although it is less popular now, it still serves as a good backup as they are easily replaced if lost or stolen.

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Thank You for Reading! This post is based solely on my honest opinion or personal experience. 

 If you have a different opinion, feel free to share your thoughts with me by commenting below!