Summer Vacations: Protecting your money while traveling

Inform Your Bank You’ll Be Traveling
Before you head on a summer vacation, On Your Side recommends what you should do to protect your money.
Updated: Jun. 2, 2022 at 5:45 PM MST
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PHOENIX (3TV/CBS 5) - Whether you’ll be flying somewhere, taking a cruise, or planning a road trip, there are important money matters you need to consider first. For instance, plan on taking at least two credit cards in case one is lost or stolen.

“Carrying them in two different places is important because if you wind up losing a bag, then you’re going to have both of those cards gone,” Rachel Caballero said. She’s a money and finance specialist with TruWest Credit Union. Caballero also suggests calling your credit card or debit card providers to let them know you’ll be traveling, particularly if you’re going to another country. “This way, it lets them know you’ll be traveling so your card won’t be declined. Also, if the place you’re going to is high for fraudulent charges, they can include more monitoring.”

Make a copy of your passport and leave a copy with someone back at home or keep copies locked in your hotel room. “So leaving a copy with someone at home, they can easily send it to you in case you do lose it. And then put them in different bags in case you need to get the information that you need,” Caballero explained.

And finally, Caballero says if you’re in need of cash while on vacation, always use an ATM inside of a bank. “ATMs that are separate are high for fraud,” Caballero said. “So someone will go and put a skimmer on there or they will manipulate the machine which means the chance of your card getting skimmed or having fraudulent transactions on there is greater.”