Banker’s Guide: Safe Banking Practices While Traveling
Traveling is a great way to discover new places, connect with people from diverse backgrounds, and create unforgettable memories. Yet, amid the excitement, take time to prioritize the security of your financial information. Whether you’re setting off on a brief weekend escape or embarking on a month-long journey, ensuring the safety of your cards and accounts should be at the forefront of your travel plans. In this article, we will provide you with strategies to help protect your financial information, ensuring that your travels remain enjoyable and stress-free.
Notify Your Bank When You Go on Vacation
As a financial institution, we want you to enjoy a stress-free vacation, which is why we recommend contacting us if you go on a vacation. Peter Bassett, Portfolio Banker at Coulee Bank, says, “Notifying your bank helps prevent your card from being flagged or frozen when out-of-state or international transactions occur.” This five-minute proactive communication to your bank will keep you enjoying your vacation instead of verifying transactions.
Use Your Mobile Banking App with Caution
You may be tempted to use your mobile banking app while traveling to track your balance and expenditures. While this is a great way to track and transfer money when needed, if you use public or unsecured Wi-Fi found at airports, hotels, and coffee shops, you can be exposed to cybercriminals. Bassett says, “The best way to view bank accounts while traveling is to use a mobile hotspot and tether off your own connection or a secure VPN and enable multi-factor authentication.” Public Wi-Fi networks are vulnerable to hacking and data interception. Banking, shopping, or accessing sensitive information should only be done through a secure, private connection.
Use ATMs with Caution
ATMs located inside bank branches or other secure areas are best. It’s important to avoid standalone ATMs in tourist-heavy areas. These ATMs have an increased risk of fraud and potentially higher fees. ATMs can be subject to skimmers or suspicious attachments to capture card information, including magnetic strip data and your PIN. Skimmers can take your card information to create counterfeit cards for fraudulent purchases.
Bassett recommends considering multiple forms of payment while you travel. “Carrying a mix of credit cards, debit cards, and prepaid cards ensures you have backup options in case of theft, fraud, or card declines,” states Bassett. Ultimately, using a credit card with strong fraud protection is ideal. Make all purchases on the card and pay it off upon your return. For additional payment methods, bring one debit card, one prepaid travel card, and a small amount of cash. He says never store all payment options in the same location. Store payment options in your wallet, luggage, and keep some in the hotel safe.
If you lose your wallet or if it is stolen, stay calm and act quickly. Contact your bank to freeze accounts and cancel cards. Monitor your accounts online to ensure there are no suspicious charges. Your bank may also help you access emergency cash or other services while your other cards are cancelled.
Should I Share My Adventures on Social Media?
One final note is to wait until you return home to post anything on social media. “It’s natural to want to share stories with families and friends, but broadcasting that you are away from home can draw unwanted attention to valuables in your home.” Live in the moment, enjoy your vacation, and wait to post those photos until you return.
Ensure your journeys are worry-free by planning ahead to make sure your financial arrangements are as seamless as your travel plans.