Six Effective Ways To Keep Your Money Safe While Traveling

Pickpockets that often target crowded tourist areas are an added risk to your finances on vacation, so always make sure to plan wisely and take all the necessary precautions when traveling. Use your credit rather than your debit card. If your wallet gets stolen, debit cards offer less protection, and dealing with fraudulent charges is less of a hassle on your credit card. However, if you need to withdraw cash, use your debit card; credit cards have high fees. - Stacy Francis, Francis Financial, Inc. 2. For example, you can carry a money pouch under your clothing, with one credit card and a small amount of cash. Keep a separate credit card and ID hidden in a locking suitcase at your hotel. Only Use Bank ATMs A major source of money theft comes from where you'd least expect it: the ATM. Only Use Credit Cards Whenever I travel, I follow a simple rule: no cash, no debit. Exchange enough money at the airport to get you to your hotel with some to spare.

If you’re planning on traveling for your vacation this summer, don’t let the excitement of going new places cloud your judgment. With most large hotel chains having vulnerable computer systems, and in light of several hotel system hacks recently, your personal and financial data could be at risk wherever you may travel. Pickpockets that often target crowded tourist areas are an added risk to your finances on vacation, so always make sure to plan wisely and take all the necessary precautions when traveling.

Below, six members of Forbes Finance Council give their insights into some of the most effective ways to keep your money safe and not be an easy target during your vacation.

All photos courtesy of Forbes Councils members.

1. Use Credit Rather Than Debit Cards

Don’t carry a lot of cash. Use your credit rather than your debit card. If your wallet gets stolen, debit cards offer less protection, and dealing with fraudulent charges is less of a hassle on your credit card. However, if you need to withdraw cash, use your debit card; credit cards have high fees. Only use reputable ATMs at large banks, where they maintain and surveil their ATMs much more closely. – Stacy Francis, Francis Financial, Inc.

2. Divide And Hide

We tell our clients to divide their credit cards and cash into separate pouches or hiding places. For example, you can…

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