7 Money Safety Rules to be Followed on Vacation - MoneyTap Blog
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7 Money Safety Rules to be Followed on Vacation

When you are on vacation it is particularly important to stay vigilant and follow some basic money safety rules. One moment you are helping an old lady who appears to have tripped and the next moment someone has their hand in your pocket, helping themselves to your wallet. You can fall victim to petty crime anywhere in the world. However, tourist spots are places ripe with opportunity for pickpockets and confidence tricksters.

Here are 5 money safety rules you should follow while going for your summer vacation:

1)Keep your money, cards and passport close to your body

It is worth while purchasing a money pouch that you can fasten under your clothing. Do not keep too much money in your purse (which can be snatched) or a wallet (that can be pick pocketed), and definitely not in a backpack (it is difficult to notice someone opening your bag from behind). The closer the money is to your body the more difficult is it for someone to snatch it or lift it from you. If you do not like money pouches, you can also buy underpants with secret pockets, pouches that you can attach to your belt, or simply hide them in places you feel are safe on your body.

2)Do not carry too many valuables to begin with

If you are carrying jewellery or a lot of cash and plan to stow it away in your hotel locker, think again. Hotel lockers are easy to break into. Many hotels state that they are not liable for any loss of money or items kept in the safe. It is always best to travel light, and carry your money as either travellers checks, on your phone on an app perhaps, or carry your cards. If you must wear jewellery, avoid carrying real gold or diamonds.

3)Do not put all your eggs in one basket

Do not carry all your cards and cash in one pouch, purse or wallet. If you are travelling with your spouse, family member or friend, give him/her a couple of back up cards. In case you are robbed, you at least will have a spare card and will not be stranded without any money. Also, keep a photocopy of your passport or driver’s licence or other ID in your baggage or with your travelling companion for safety’s sake. You can also opt for travel wallets, safety bags and separate passport pouches specially designed for money safety while travelling. Vishnu, a young software engineer, was mugged while on a holiday in Australia. He was able to get away quickly without losing too much money because he had a small backup wallet where he kept a little money to pay for small expenses. He threw his wallet at the mugger and quickly ran away.

4)Be careful at ATMs

Make sure there is no one right behind you as you withdraw money at an ATM. Also, always make sure that your ATM is in a well lit area and not in a dark alley. Do not count your cash or go through your balance statement at the ATM. Be quick to take your receipt and put your money away swiftly.

5)Dress simply

Do not dress to flashily or wear expensive accessories because then you might as well have a neon arrow pointing at you, attracting the attention of all the worst elements. Pickpockets and thieves are always on the look out for low hanging fruit, and if you stand out of the crowd by looking a little too well dressed, then such people will make a beeline for you.

6)Do not have too much money in one bank account

Distribute your money across your accounts, so that just in case someone does steal your debit card, you do not lose everything.

7)Be vigilant about your card usage

The moment you notice your cards are missing, notify the respective bank immediately. Check your last expenses and be quick to report any charges that you did not make.

Although it is called petty theft, losing your money on a vacation does not feel very small and petty. It can ruin your vacation and in some cases can ruin your credit history even. Just to be safe, take photos of your ATM cards, credit cards, passport and other important papers and back it up on your cloud. In case you lose them you have copies easily available. Be sure to follow saving hacks and security precautions. Keep your money close to your body when you travel – and your camera, of course, because you will need it to record all your great vacation memories. Make sure you are aware about credit card thefts, frauds and scams in order to avoid and be alert.

If you have a pre-approved line of credit from MoneyTap, you can anytime use it as personal loan for travel during an emergency or in situations where you exceed your budgeted estimates and want to spend some more on shopping and your favourite activities. Stay money safe with MoneyTap during your affordable summer vacation in India.

MoneyTap

India’s first app-based credit line, MoneyTap is a Bangalore based business that lends money with flexible interest rates, making credit quick and easy.

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