15 ways to protect your money on vacation |
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Watch out for bogus ATMs. Getting cash while on vacation is a snap if you pack your trusty ATM card. Just be sure the cash machine is legit before inserting your card.
Thieves place phony ATM machines at high-traffic tourist areas. So stick to ATMs that are near banks or in airports or in hotels.
Visa and MasterCard have worldwide ATM locators on their Web sites. So it's easy to scope out legitimate ATM locations in the areas where you'll be traveling.
Keep a close eye on that debit card. Debit cards are handy for withdrawing cash from ATMs and making small purchases while traveling. But you'll want to keep close tabs on your debit card at all times. It is linked directly to your checking account, and if a thief nabs the card, your account could be emptied in no time.
ATM and debit card transactions are protected under the Electronic Fund Transfer Act. But you'll need to act fast to limit your liability for the fraudulent transactions.
To limit your liability to $50, you'll need to report the bogus debit card charges to your bank within two business days. After that, you could be on the hook for as much as $500 in unauthorized charges. (There is a $500 liability limit for up to 60 days after the bank statement reflecting the fraud is mailed to you.)
So keep a close watch on your debit card. And contact your bank immediately if your ATM/debit card is lost or stolen.
Make copies of important financial information. Make copies of the credit cards and bank cards you'll be carrying on your trip as well as your passport data page and your travel itinerary. Give a copy of this information to a friend or family member back home and bring a copy with you. Secure this information in the hotel safe.
Tell your bank and credit card companies about your travel plans. Be sure to alert your bank and credit card companies of your upcoming travel plans. If you don't, they may think a thief -- not you -- is making all those fun-filled vacation purchases and shut down your credit or ATM card.
So make a quick call to your bank and credit card companies before your trip. This is especially important for folks traveling outside the United States. Let your bank and your credit card companies know the countries you'll be visiting and when you'll be returning to the States.
Use the hotel safe. Don't get too comfortable in that hotel room.
"Nothing in your room is truly private," Foley says. "There are too many people with keys to that room."
Put your passport, backup credit cards, copies of financial information and extra cash in the safe in your hotel room. And be sure to lock up your laptop, camera and iPod whenever you aren't using them.
Protect your cash. There's a good chance you will need some cash for your vacation travels. Take the cash you need for the day and leave the rest in your hotel safe.
"You do need cash in hand," says David Lytle, editorial director of Frommers.com. "You don't want to use a credit card for everything and not everyone takes credit cards."
If you find yourself traveling to more remote areas where cash is still king, take some extra precautionary steps. "You split your money up. Put some in your money belt and some in the bottom of your shoe," Gosnell says.
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