TRAVEL
How to Protect Your Money While Travelling
These practical strategies will help you on your next trip.
By Doug Wallace | Illustration by Jeannie Phan
Whether you’re overseas or closer to home, being mindful of your money is a top priority. Thankfully, it’s easy to travel with confidence when you’re prepared. Know before you go Before leaving home, familiarize yourself with the security risk level and common scams in your destination country. The Government of Canada’s Travel Advisories page contains detailed, easily searchable, up-to-date security information for every country. The Safe Travel page links to several resources, including information on how to protect your data, money and passport.
Use RFID protection to avoid digital pickpocketing You’re likely already aware of the importance of not letting your cards out of your sight and keeping your wallet inaccessible to pickpockets. But when you’re moving through high-traffic areas, also be aware of the “digital pickpocket.”
Radio-frequency identification (RFID) is a wireless technology that scammers can use to obtain your credit or debit card information, using a portable RFID reader in public places. The reader tricks your card’s chip into thinking it’s interacting with a store checkout. The result: charges on your credit card that you didn’t authorize — or even know about. The solution? Use an RFID-protected sleeve, wallet or pouch to hold your cards. “It doesn’t have to be expensive,” says Vancouver-based travel expert Claire Newell. “I really recommend it.” It’s also a good idea to travel with credit cards from two different banks, in case one is stolen or compromised. “I recommend taking two [cards] and only having one with you at any given time,” says Newell. “The other stays in the hotel safe as a ‘just in case.’” Finally, enable transaction alerts for your bank accounts, and monitor your card activity daily for unfamiliar transactions. For the greatest data security, always use the banking app on your phone and avoid using public wifi.
“I recommend taking two [cards] and only having one with you at any given time. The other stays in the hotel safe as a ‘just in case.’”
Protect your cash while you travel On your travels, you may visit places where credit cards aren’t accepted, such as rural artisan studios or farmers’ market stalls. Carry just the amount of cash you anticipate needing for the day and safeguard the rest in your hotel room.
Where you withdraw currency is just as important as how much you carry. Always select a bank-owned ATM in a safe neighbourhood, ideally inside the bank itself. Your information will be better protected, and the currency exchange rate will be lower. “Make sure that the logos on the back of your card match at least one logo on the ATM you’re using,” Newell advises. Seek out well-lit ATMs, and shield your PIN with your free hand. Tip: try to make one large cash withdrawal, rather than several smaller ones. This narrows the margin for technological errors and scamming, and you’ll only pay the withdrawal fee once. Purchase an anti-theft bag Consider investing in an anti-theft crossbody bag to bring along on your adventures. “The straps have wire in them so they can’t be cut, and the zipper pulls have an extra latch, so they can’t just be pulled open,” Newell says. Many of these types of travel bags have reinforced panels and an RFID-protected pocket inside as well. The good news? “You don’t have to spend too much money to be well-protected.” CAA
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