Smart and savvy travelers know that when it comes to money, keeping yourself safe while you’re on a journey is of utmost importance. The U.S. State Department estimates that around 2,100 U.S. citizens are victims of pickpocketing every day when traveling abroad, and travel scams and cybercrimes targeting travelers are also rising. So what is the best way to travel with money?
Why Is Money Management Crucial While Traveling?
By managing your money carefully while you travel, you will cut down on potential risks like theft, loss, and fraud. Also, by knowing exactly where your money is located, in what formats, and accounting for how much you have, you’ll bring yourself peace of mind while you travel, which will only your overall experience!
How to Divide Your Money Safely
When you travel, one of the best things you can do to keep yourself safe is to divide your money; that is, don't keep it all in one place. Split cash and cards between your wallet, a money belt worn under clothing, and perhaps a separate bag or hidden compartment in your luggage. This way, if one gets lost or stolen, you haven’t lost all of your money. Know how much money you have in each spot, check it regularly, and keep track of your totals as you spend money.
Best Ways to Carry Money While Traveling
Of course, when you are out and about, you’ll need to carry some money on your person. Here are some ideas about how to carry cash when traveling:
Divide money and use multiple safe spots. As mentioned, this is one of the smartest things you can do with your money when you travel. Keep a portion of money in your wallet, some in a hidden part of your luggage, and keep some in at a third location, such as a hollowed-out chapstick tube, or an emptied candy tin. That way, if your wallet is lost or stolen, not all of your cash will be gone.
Use a Money Belt or Hidden Pouch. Consider carrying a discreet money belt or hidden pouch worn under your clothes. These are inexpensive and can be found in most luggage and travel supply stores.
Use Money Transferring Apps. Rather than prepare and carry all of the cash you plan to spend, you can also rely online money transfer services to quickly convert.