Sam Sayed, VP, Private Banking
As more Americans resume their travel plans this summer, it is important to remember that advanced planning can help alleviate travel-related stress.
Consider these 10 travel tips before you depart on your next trip.
Before you hit the road for vacation, be sure to prepare your finances to help save you time and potential hassle.
- Inform your bank of your travel plans to avoid account holds or transaction rejections when unusual transactions are presented for processing or posted.
- Ensure you have a chip-enabled card or contactless card, particularly if your travel plans take you overseas where chip technology is becoming a prerequisite for card acceptance.
- Use a credit card if possible. Since credit cards aren’t tied to your bank accounts and they typically offer additional fraud protection, they may provide more security than a debit card.
- Create transaction alerts for credit and debit cards. If you suspect your information has been compromised, contact your bank and credit card provider as soon as possible.
- Bring a list of emergency phone numbers, including contact information for your bank if you are out of the country.
- Know the limits on how much you can withdraw and save your receipts.
- Thoroughly check any ATMs that you use. Examine the card reader for signs of tampering. When in doubt, choose another terminal.
- Lock away valuables such as passports, backup credit cards, copies of financial information, and extra cash in a secure location like your hotel safe.
- Use social media with care. Posting your pictures or whereabouts during travel could leave you susceptible to home invaders and other fraudsters.
- Monitor charge activity. Review purchases and ATM withdrawals with your bank and credit card companies when you return home.
Should your best-laid plans go awry and you get into a financial situation while away, it’s always a good idea to call your bank or credit card company directly.
With a little preparation and common sense, you can help keep your money secure and accessible while you’re traveling this summer.
A little bit of preparation now, can go a long way in saving you unnecessary headaches on your vacation. Safe travels!
About the Author
Sam Sayed is a Vice President of Private Banking at Waterford Bank, N.A. in Toledo, Ohio. Throughout his career Sam has provided detailed financial guidance to a vast array of individuals on their personal finances. Sam’s clients include small business owners, corporate executives, attorneys, engineers, healthcare professionals, and beyond. If you’d like to connect with Sam to discuss Private Banking services or another aspect of your financial journey, please contact us here.