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Community Corner

Protecting your finances abroad

Later this month, I will embark on my first European adventure. My sister and I committed to each other that we would do this before we reached “a certain age.” Over the course of the last year, we have been planning our itinerary for the three cities we will be visiting: Paris, Venice, and Rome. 

Through our research, we found tips on how to plan our days in regards to spending, how to store cash and payment cards when not in use, and high threat pickpocketing areas for tourists. For those who are planning to travel abroad this summer, Sandy Spring Bank and I want to share the following tips for keeping your cards- and finances- secure.

Contact Your Bank: Prior to departure, share your travel itinerary with your bank, including the countries or cities you plan to visit and how long you will spend in each place. The bank representative will place comments on your file to ensure your card will continue to function without interruption. While traveling, keep the bank’s contact information with you, but separate from your card, in case your card is lost or stolen. If your card is lost or stolen, contact your bank immediately.

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For maximum card safety, memorize your PIN number, rather than writing it on your card or keeping it in your wallet. As an extra level of security, your PIN should never match any of your identifying numbers, such as your Social Security number or year of birth.

Travel Light and Do Your Research: Consider your trip a good reason to clean out your wallet. Leave any department store credit cards, discount cards, etc. at home. Take only what you need – your debit card and major credit cards. Contact the bank associated with any debit or credit cards you plan on taking and confirm your withdrawal limit. Be sure you understand the conversion rate of dollars to the foreign currency you will be handling before deciding on spending and withdrawal limits. For example, since I am traveling to Europe, I am focusing on the expected conversion of the dollar to euros.

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Protect Your Funds: When you are moving through the airport or riding a train with luggage, your ‘tourist’ status is clear to all, especially pickpockets and other criminals. Investing in a money belt is one way to lessen your vulnerability. The money belt should be used to store additional cash, your debit and credit cards, your identification (passport) and tickets or passes for planned activities. You should only carry that day’s spending money in your pockets, and should incorporate the use of your money belt as soon as you arrive at your destination. Another option for the security of prepaid passes, travel tickets, or excess cards and cash is the use of a hotel safe.

By putting in the time and planning to protect your finances while abroad, you can enjoy your experiences with more piece of mind. I hope your travels this summer are enjoyable and worry free – Ciao!

Article contributed by Jenn Montague, Regional Sales Manager for Sandy Spring Bank.

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