With travel restrictions finally loosening up in many areas, the allure of visiting new and exciting places is within reach. But as you juggle the multitude of details involved in planning a family getaway (hello, stress!), worries about managing your money while traveling can creep in. What’s the safest way to carry cash or cards? Are traveler’s checks still a thing? The last thing any parent wants is to face a financial crisis while on vacation with the kids, potentially leaving the whole family in a tough spot.
And, let’s be honest, stashing cash in your bra isn’t a practical long-term solution for a big trip. Sure, it works for quick runs to the store, but it’s not ideal when you’re off on an adventure. So, let’s dive into some smart tips for handling your money while traveling—without resorting to unconventional hiding spots!
What’s the Best Way to Travel with Money?
No single payment method fits every situation. Depending on your travel destination, it’s wise to have a mix of payment options. Here’s a quick rundown of the most common methods:
Credit and Debit Cards
Credit cards should be your main payment choice, especially for international trips. Travel expert Mia Johnson suggests carrying one primary credit card and a backup for emergencies. “Once you’re back home, check your balances and transactions,” Mia advises. “Some travelers keep an eye on their accounts while away, but be cautious about accessing financial info online.”
Mia recommends limiting the use of debit cards since they draw funds directly from your bank account. If someone uses your debit card fraudulently, it can take time for your bank to investigate and restore your funds. Instead, use cash or a credit card for purchases. Plus, many credit cards offer travel rewards, no foreign transaction fees, and perks like free hotel stays.
Before you travel, inform your bank about your plans. Also, consider using a chip-and-PIN credit card, especially in Europe and parts of Asia where credit cards are more widely accepted. This helps you avoid carrying cash and allows you to cancel if the card is lost.
Cash
Cash is still king! However, be cautious: if you’re traveling abroad with over $10,000 cash, you must declare it at customs. If you can’t explain where it came from, it could be seized. Within the U.S., you can carry as much cash as you want.
When traveling internationally, you’ll need to exchange your U.S. cash for local currency. Avoid exchanging money at airport kiosks; the rates are usually poor. Instead, consider having your bank order the local currency before your trip, or use an online converter to have cash delivered to you. If you’re more of a last-minute planner (like many of us!), you can withdraw local currency from an ATM upon arrival.
Traveler’s Checks
Believe it or not, traveler’s checks still exist! While they aren’t as common, they can be replaced if lost or stolen, making them safer than cash. American Express still issues traveler’s checks without service fees and they never expire. Just check with the places you plan to visit to see if they accept them.
If traveler’s checks feel outdated, consider prepaid travel cards, but be wary of the fees associated with them. They can be a good backup payment option.
How to Safely Carry Money While Traveling?
Now that you know what methods to use, let’s talk about how to carry your money securely while traveling. Unfortunately, carrying cash or cards can make you a target for thieves, so here are some essential tips:
- Keep Everything Separated
Don’t keep all your money and cards in one place. Split them up among family members, or stash some in a hotel safe. For example, you could carry your primary credit card and a little cash, while your partner holds the backup card and a prepaid card. - Strategically Hide Your Money
Mix up where you carry your money. Use a front pocket wallet to deter pickpockets, and consider money belts that can be worn discreetly under your clothes. You could even carry a decoy wallet to distract thieves. Just remember to keep some cash handy for quick purchases. - Be Discreet
Avoid showing off your cash in public. Crowded places may feel safe, but they’re often where thieves thrive. Have a small amount of money easily accessible while keeping the rest hidden. - Use ATMs Wisely
Try to use ATMs during banking hours. If something goes wrong, you can go inside for help. Always check the ATM for skimmers before using it, and cover your pin when entering it. - Have a Backup Plan
If you lose your money, having someone at home who knows your credit card information can be invaluable. Make copies of your cards and give a trusted person the details. - Consider Travel Insurance
Investing in travel insurance can safeguard your trip and cover unexpected expenses. Do your research to find the best options for your family.
How Much Money Should You Bring?
While this varies by individual, a good rule of thumb is to prepay for as much as you can and bring $50 to $100 per person per day. Remember to diversify your funds across cash and cards, and adjust according to your destination’s cost of living.
Where to Hide Money?
Make sure to secure your cash at your accommodation as well. Here are some clever hiding spots:
- An opaque plastic bottle
- Inside your socks in your suitcase
- In a medicine bottle
- A random book
- Inside a coffee container
- Inside a DVD case
By following these tips, you can keep your money safe while enjoying your holiday travels!
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