Five ways to keep your money safe during your getaway
Younger Aussies are increasingly splurging on holidays according to an Australia-wide survey, that reveals nearly one-quarter (21 per cent) of Aussies aged 18 to 24 plan to spend between $2000 and $5000 on their vacation, while 11 per cent intend to spend more than $5000.
Whilst young Aussies are investing more in their holidays, it’s important they keep their money safe. NAB finance specialist, Gemma Dale has some advice to equip ETB Travel News readers with super simple tips and things to consider to keep their money secure whilst travelling.
She recommends implementing several techniques while travelling to ensure your money is carefully protected and you don’t fall victim to lost or stolen funds.
Gemma’s five top tips for keeping your money safe are:
1. Balance both cash and card
Typically, Aussies use cards more than cash to pay for things2 however it’s important to remember how we pay at home might not be readily available overseas.
Always carry a small amount of cash while travelling to ensure you aren’t stuck in a situation where the ATM isn’t working and you need immediate cash – whether in a taxi, buying from a local business owner, using (paid) public toilets or in need of food on a long journey. It’s also worth considering foreign transaction fees from ATMs when you withdraw money overseas and building this into your budget so you aren’t caught out with hidden costs.
2. Withdraw money mindfully
It’s essential to be careful around local ATMs. Always withdraw from ATMs in populated, well-lit areas. Ensure you also withdraw an appropriate amount of cash to reduce your chance of losing money.
3. Consider the benefits of a travel card
A great alternative to cash is a travel card. You can load up the amount you need for the trip incrementally to keep your money protected. Unlike cash, travel cards can also be blocked immediately if stolen or lost by calling your bank or using your banking app.
4. Keep your bank in the loop
Always inform your bank about your travel plans so they’re able to monitor your card/s for any suspicious activity and provide the appropriate security for while you’re away.
I also recommend advise you take note of the relevant contact details for your bank while overseas so you’re able to reach them immediately in case of emergency.
5. Implement the multi-stash method
Lastly, whether it’s cash or a card, scatter your money around. Keep some in your handbag or backpack and consider carrying various on your person with money belts. Of course, be sure to make a mental note of each place so you won’t forget where it is.