Banking While You Travel
One of the most important steps in planning your trip is getting your finances in order. You don’t want to be stranded somewhere with only your backpack and no money to your name. For this reason you should be certain that you have enough money in your account as a cushion in case you go over your budget. It’s better to be safe, rather than calling home and begging someone to wire you money.
Make sure that you call your bank and alert them that you will be away. That way they won’t raise an eyebrow at the unusual activity on your card. While on the phone with them ask if they are involved in any ATM alliances.
ATM alliances are joint ventures between prominent banks around the world. They allow you to save money on banking fees. While traveling in Canada and Mexico I would take out money from Scotiabank ATMs because they have an alliance with Bank of America. I saved tons of money in ATM bank fees, although I still had to pay foreign fees.
Online Banking
Sign up for online banking if you haven’t done so already. Online banking is a quick and easy way to check your finances while you are away.
- Pay your bills
- See how much money you have remaining in your account
- Transfer money to other accounts
- Have money transferred into your account (we like this one)
- View and pay credit card statements
Safety Tips
Now when you are abroad you can keep and eye on your finances. Keep in mind, however, that you need to be cautious while handling your finances while traveling.
- Avoid using lots of different computers to check your bank account.
- You may consider changing your password for online banking when you travel. Especially if you use a similar password for other important information online.
- Make your password difficult for people to guess. Also avoid writing it down.
- Do not send your password information by email. Anyone can read this information. It makes it extremely easy for hackers to get to.
- Make sure that your site is encrypted before you put in any account numbers and passwords. Look for a lock symbol on the bottom right hand corner.
- The URL of the website should start with https://. If there is no s do not go any further.
- Go to reputable internet cafes. It’s hard to tell which are, but ask around. If you can use the business center from your hotel (if you are staying at one). Unfortunately there is the risk of getting your password stolen because of programs that log your keystrokes, allowing patrons to steal passwords and other valuable pieces of information. If you get a bad feeling or notice something strange, such as a device behind the computer, do not put in your password information.
Another option that some travelers choose to take is creating an entirely new account. This new account is meant for travel purposes only. Should anything happen, having a separate account, prevents you from loosing all of your funds if for whatever reason your main account gets accessed by others.
