Money tips for travel

Protecting your money and wallet while on vacation

It is often said that money makes the world go around and if you ever want to go around the world, you’re going to need money – from hotels, to food, to souvenirs, having safe and easy access to funds is critical. But travel, be it abroad or close to home, presents some risks and challenges when it comes to your money.

One of the most important factors for a stress-free vacation or business trip is ensuring you can access – and protect – your money. Thanks to international ATM networks and online banking, it's a lot easier to manage and exchange funds internationally.

However, it’s important not to let your guard down - the last thing you want while on holiday is the stress of dealing with travel fraud.

Here are ten tips to keep in mind while on vacation to make sure your dream trip doesn’t turn into a nightmare.

1. Notify your credit card company and financial institution about your plans

Most organizations have enhanced fraud detection systems, which occasionally may result in disabling your account pending verification of "suspicious" transactions. If you're traveling and can't verify the charges, you could end up with a frozen account and the hassle of not being able to use your credit card. Avoid the hassle by notifying your financial institution of your travel plans before you head away on holidays. Make sure your contact information is up-to-date and provide both your email and cell phone numbers, in the event you need to be contacted about any irregular transactions or compromised cards.

2. Don't automatically return phone calls claiming card issues

If you receive a phone call or email about suspicious activity on your credit card, don't automatically call back the number on the message. This could be a ploy by identity thieves to capture personal information. Instead, call the customer service number on the back of your credit card. If the call is legitimate, your credit card issuer will be able to connect you to the appropriate department. Alternatively, you could keep a list of contact numbers for your credit card company and financial institution with you, so you can reach them easily if your wallet is stolen or you have any trouble with your account.

3. Secure your mail while you're gone

Your mail can be a jackpot of information for criminals – it may contain your credit card numbers and other personal information that can lead to identify theft. If you're going on holidays for an extended period, have a trusted neighbour or friend pick up your mail every day or stop your mail at the post office.

4. Avoid social media announcements

While it can be tempting to tweet about your exotic locations or post travel updates on your Facebook page, this isn't a good idea. Cyber criminals are masters of connecting the dots to determine your whereabouts and using it to their advantage. Never announce the dates of your travel – that's like issuing an open invitation to thieves.

5. Clean out your wallet before you leave – but leave some cash

Popular tourist destinations are often a haven for pickpockets, so make sure you go through your wallet and take out any unneeded credit cards and personal information before you leave. Don't carry your Social Insurance Number in your wallet and take only the credit cards that you know will be needed.

Another smart move is to make copies of all important documents, such as your passport, driver's license, care card, travel insurance policies, tickets, and hotel information. Leave the copies with a trusted family member so you'll have convenient access to this vital information if necessary.

However, local currency is always welcome so it’s a good idea to carry some cash with you on your trip. In many cases, smaller merchants may not offer credit card payment services or you may receive a better deal if paying by cash. If you want foreign cash before you travel, phone us or drop into your branch. Please note that while we'll typically have U.S., euro and pound sterling on hand, other currencies will need to be ordered in advance; however, it typically only takes a day or two.

6. Be wary of generic ATMs and hotel computers

Generic ATMs can be a hot bed of skimming activity. This occurs when thieves install a card reader in an ATM to capture your account information and PIN, so they can later steal from your account. Be sure to examine ATM machines carefully for signs of tampering. Whenever possible, stick to ATMs at branches of a financial institution, as these are typically inspected often for card readers, and provide a greater level of security. Also, remember to always protect your PIN when using any ATM or debit device.

7. Use Online Banking to regularly check on your accounts

If you have secure online access while on vacation, it's a good idea to regularly check your banking and credit card accounts to verify that every transaction is yours, as well as pay bills and transfer funds as needed. However, don't access your banking or personal information on public hotel computers, which could have software that logs keystrokes and records your passwords and account numbers – and be very careful when using an unsecured wireless network.

8. Lock down your personal information

Don't leave personal information lying around in your hotel room. Keep your credit cards and other important information with you or lock them up in the hotel safe. Also, remember to safeguard your laptop or smart phone if it contains account information. Try to minimize the identification information and number of cards you carry.

9. Be wary paying bills and use debit if available

When shopping or dining, keep a close eye on your credit card when you pay your bill. If your server removes your card from sight, they may be able to create a duplicate by using a portable card skimmer that will copy the information from the card's magnetic strip.

Alternately, your Access Card is a great alternative way to pay. Direct debit payments are available virtually everywhere in Canada and at most major U.S. retailers. As an added value when travelling within the U.S., a cash-back option is available at the majority of merchant locations.

10. Avoid dynamic currency conversion (DCC)

Some merchants might offer to convert their prices into dollars so you can see how much you're paying on your credit card. Unfortunately, you won't see the merchant's regulated exchange rate (usually very high) that's charged on top of the card's standard foreign transaction fee. When your statement arrives, you may have paid a significant premium for the "convenience" of seeing your purchase in dollars.

Your biggest defense against theft and fraud is to be informed

If you do become a victim of theft or fraud on vacation, time is crucial. The quicker you inform your financial institution and credit card company, the faster you can prevent further unauthorized charges. Before you leave, talk to a representative of your financial institution to find out what the best contingency plans are for you to obtain a new source of payment.

Still have questions about how to prepare for your next trip? Visit a branch near you or contact us for more information.