There are few backpacking nightmares that parallel that of losing you bank and credit cards, and having absolutely no access to money, let alone a few coins in your pocket. To prevent this from happening to you, this week on the Friday Five, I am giving you a 5 ways to ensure you always have access to your money. There is no need to sell the shirt off your back just to get you across a border or food in your belly.
I seldom talk to a backpacker who hasn’t had problems with money at some point or another and actually just wrote about this topic last week (here is article)
Nice tips especially the first one, it’s something I wouldn’t have thought of. I work at a hotel and there’s always someone who can’t check in because their credit card company has put a freeze on their funds because they’re out of the country.
Hey…just an extra quick tip. Your bank card is also monitored like your credit card, so a great idea to let them know you will be taking and using it as well!
Great tips Brock…I work for a bank and you should probably make the account joint with the “trusty” person AND have a POA for ALL banking (including electronic banking) and TEST it before you leave!
Sounds like you have all the avenues covered! Great Job…Now if only you had wealthy parents who would give you an endless supply of cash eh?! 🙂
Happy Travels!
Thanks for the awesome tips, handling my financing has been a concern of mine as I plan my trip.
One thing I was thinking about doing is having a separate account that I would keep the bulk of my money in. I would set up a regular transfer to my every day use debit card. This would keep the amount of money low on that card in case something happened, I wouldn’t be out all my money.
What do you think?
@Drew – It’s hard to get around for sure. Part of the experience I guess.
@Alouise – Happens to the best of us. A few times already on my trip and I was extremely thorough.
@Suzanne – Thanks Suzanne!
@Suzanne – Nah, feels better doing it on my own. And all those things above – exactly how I did it. Perfect!
@Nick – Yes, that is certainly an interesting idea. My only fear would be if for some reason money did transfer properly or you got charged every time you did a transfer. Talk to your bank. Thank should have a policy that they reimburse you if your money is illegally removed by a unknown third party. Feel free to shoot me any questions you might have and thanks for the comment!
Awesome tips brock! I did not know about signing power to a parent/loved one!
Also good thinking on covering your card numbers! 😀
@Taylor – you got the number cover eh? I almost forgot to. If something were to ever happen to you abroad, your parent or loved one could take care of any financials at your bank. Just make sure it is someone you really trust.
When we took our RTW, we used two seperate credit cards one for food and activiites and one for hotels. It seemed easier and we always had another account if one was frozen.
@Jade – Very good tip! I’ve also learned to potentially open two bank accounts so if you lose the card for one or one gets compromised you still have the second back up one.