The last thing you want to worry about on vacation is your financial security. Whether you’re heading off on a holiday getaway, an international adventure or a family road trip, it’s important to keep your money secure and accessible.
Top financial safety tips for traveling
As you prepare for your upcoming vacation, follow these financial security tips so you can have peace of mind as you set your out of office and hit the road.
1. Know how to contact your bank in case of an emergency
In the event of a lost or stolen card, store your bank’s number in your phone or bookmark its website on your browser before you leave. Keep in mind that contact information can differ in a foreign country, so know how to get in touch with your bank if you’re traveling abroad.
Ally Bank customers: If you're traveling abroad, call the international number at 1-757-247-2559, send a secure message through your account dashboard or live chat online at ally.com.
2. Research where your credit card can (and can’t) be used
If you’re planning on using a credit card, you should do a bit of investigating before you take off. Visa or Mastercard are commonly accepted by most merchants around the world, but other card issuers may not be.
It’s also recommended to let your bank know you’ll be traveling before your departure date. This can help prevent your bank from mistakenly flagging your card for fraudulent activity when there’s a sudden change in your location.
Ally Bank debit card holders: Let us know you’re traveling by calling 1-877-247-2559 or via online chat. If Ally does detect any suspicious activity on your debit card, an Ally fraud specialist will call you or send an email or text to verify the transaction. If you detect any fraud, you can proactively reach out to our fraud hotline at 1-833-226-1520.
3. Account for foreign transaction fees
Using your debit and credit card while you’re traveling is convenient and can be more secure than carrying around cash. However, if you’re traveling outside of the U.S., make sure to budget for additional fees as well. Most debit and/or credit cards will charge a foreign transaction fee, which can tack on an additional 3% when you’re abroad.
Keep in mind that Ally Bank only charges a fee of up to 1% of the transaction amount for the currency conversion and/or cross border transactions.
Using your debit and credit card while you’re traveling is convenient and can be more secure than carrying cash.
4. Download your bank’s app
If you don’t already have your bank’s app on your phone, now is the time to download it. It can be helpful when checking your balance and watching for fraud. Be sure to download the app before you head out to avoid any potential data charges, or if you find yourself in an area with a weak signal.
5. Bring alternative payment options
A prepaid travel card is an alternative option to your bank-issued credit or debit card. They generally function similarly to a prepaid debit card. Once loaded, the foreign currency exchange rate is locked, even if it changes later.
However, if you’ve rented a car, hotel room or other lodging, you’ll likely need to place a credit card on file. Plus, since they’re pre-loaded, you’ll need to pay particularly close attention to your balance. Otherwise, you could have sights to see and no funds left on your card to pay for them.
6. Decide how much cash you want on hand
Before you depart, check exchange rates and foreign transaction fees to determine if you should get cash before or after your arrival. It’s also helpful to do a little math ahead of time to estimate how much cash you might need for the duration of your trip. The fewer visits you make to the ATM, the lower your fee costs will be.
Whatever you do, avoid currency exchange kiosks, especially at airports. They usually charge hefty fees, adding unnecessary expenditures to your vacation budget.
Mind your money before you depart
Vacation is about getting away from it all, and a financial scare can really put a damper on your plans. To avoid any mishaps, be proactive by taking preventive steps to safeguard your money ahead of your trip. With precautions in place, you can sit back, relax and enjoy your time away.
