10 ways to keep your money safe while on holiday

It’s a traveller’s worst nightmare – being stuck abroad without access to cash. But fear not: our top tips for keeping your money safe will ensure you'll never be in that position.

Whether the airline has lost your luggage, the ATM ate your card or someone stole your purse or wallet, the last thing you want is to have to rely on the charity of strangers or assistance from the authorities when you’re already in an unfamiliar place.

With help from foreign exchange experts eurochange, who surveyed over 2,000 travellers to find out their holiday habits, here are 10 ways to keep your money and other valuables safe while abroad.

1. Prep to protect

Photocopy your passport and any other ID documents, and take a photo of your valuables at home before you go. If they go missing, it’ll be easier to identify them. A digital copy of your bank card that displays the card number, expiry date, security code and account numbers can also be a lifesaver.

Set up a daily withdrawal limit in order to prevent large fraudulent activity if your card is stolen. As a bonus, this will also help you to control personal spending and budgeting. It’s wise to give some money to a family member or friend at home so they have it to wire to you if something happens. If it doesn't, at least you’ll have some nice savings waiting for you upon your return home.

You can often be overcharged abroad, so it pays to research local prices. Also have the contact details of the embassy saved.

2. Divide and conquer

According to eurochange’s survey, the average person takes between £500-£750 on holiday – quite a hefty amount to lose in one go. One of the top rules of travel school is don’t keep all your money in one place. If you take both cash and a card and they are both stolen from the same wallet, you’ll find yourself in a financial pickle. Instead, adopt the multi-stashing method – hiding your money away in multiple locations.

The best way to decide how much cash to take out is to ask yourself “would my holiday be ruined if I lost this amount of money?” Set a daily budget. It's useful to have some local currency on you – coins for grabbing an ice cream, small notes for tipping or haggling and larger notes for that splash-the-cash restaurant or experience.

nutcd32/Shutterstock

3. Belt up

OK, you may think a money belt or a bum bag is a major violation of universal fashion laws. But is it not better to get reported to the style police rather than having to contact the actual cops? Alternatively, go for a travel bag with features such as cut-proof, steel-cable-reinforced shoulder straps; slash-proof fabric; and locking zippers. These are ideal for stashing money since it slows down thieves, deterring them from grabbing your valuables. There are also a range of card blockers on the market – wallets which restrict the signal from your credit or debit cards, passport and car keys.

4. Safe and sound

According to eurochange's survey, two thirds of holidaymakers make good use of their hotel room safe. It's as 'safe' a place as any to keep some hard currency, your passport and other important documents. If your accommodation doesn't have a safe or locker, think outside the box and stash your money somewhere else. How about inside the shower curtain rod, the cover on the ironing board, zip cushions, food packets in the mini fridge, or taped to the bottom of a drawer?

alexkich/Shutterstock

Finally, if you're road tripping or camping, don’t hide valuables in obvious areas of the vehicle, such as under the seat or in the glove compartment. These are the first places a thief would look.

5. Card sharp

Depending on the country you’re travelling in, using a card can be safer than carrying cash. And there are many other cashless payment methods that you can use while travelling, including Apple Pay, Samsung Pay, PayPal and travel cards like Revolut or WeSwap. But ensure your phone is secure and get yourself up to date on the latest payment tech before you go. Plus, let your card provider know you’re going abroad so it won't be declined or frozen in your destination.

Consider using a card that doesn't have a foreign transaction fee such as eurochange’s Cash Passport which can store up to 10 currencies on your card at once, and it always knows the right currency to use wherever you are.

If you're going to be buying something expensive, it's best to use a credit card. That way, if your souvenir is stolen, you can call your card company and it will usually refund the money.

Opat Suvi/Shutterstock

6. A change will do you good

Try to switch some money over for local currency before you embark upon your adventure, but never do it at an airport, where the exchange rates and charges are extortionate. Having some cash will be a Godsend if you need to get a bus, train or taxi on arrival, or arrange your first night’s accommodation. If you do have to change money in resort, use a recognised trader. Try to plan your trips to ATMs for the daytime and get someone to accompany you. The more public the cash machine is, the more protected you and your money will be.

7. Cover all bases

Always take out travel insurance. If you lose anything or thieves strike, you will be able to make a claim. However, ask for a written police report if anything is stolen as this will make the whole process easier. Have your insurance details to hand and keep an emergency number somewhere safe.

8. Passport to success

Once you have been through immigration and checked in at the hotel, put your passport away somewhere secure – preferably the safe. You don't need to carry it about and if you do, you're asking for trouble. According to eurochange, 15% of holidaymakers carry their passport on them constantly while abroad. They are instantly at risk of not being able to fly back home, if they were to misplace it.

calmartillo/Shutterstock

9. On your guard

Pick-pocketing is incredibly common overseas, especially in parts of Europe. It sounds obvious, but don't leave any of your bags or belongings unattended at any time – always have one eye on the prize. Secure your bag by looping a strap around either your arm, leg or chair leg, and if you’re sleeping in public, be sure to do the same.

Another obvious tip is don't leave your wallet or purse in your open handbag or back pocket. Zip up your pockets. When using cards, be sure to shield your PIN, and protect your mobile phones, laptops and tablets with strong passwords.

Finally, don’t advertise your goods. Locals can spot tourists from a mile off, so don’t be overly flashy with your valuables. No matter where you are in the world, pulling out big wads of cash is asking for trouble.

10. Back home

When you return home from your holiday, check all card and phone transactions and report any anomalies to your bank and/or provider. If you have racked up a bit of a bill, try to pay the whole balance off, so it's not hanging over you and you're not accruing fees.

Lead image: kwanchai.c/Shutterstock