How to travel abroad with money safely

Whether you’re wandering along promenades in Paris or unwinding on a sun-soaked beach in Costa Rica, how you handle your finances can make or break your trip.

From steering clear of scams to safeguarding against theft, knowing how to securely carry and access your funds abroad is key to travelling with confidence.

To ensure your next holiday is smooth and worry-free, here are some savvy, practical tips to help protect your hard-earned money while travelling overseas.

What are the safest ways to carry money when travelling internationally?

“When travelling internationally, adopt a mixed approach to carrying money, balancing convenience with security,” advises Matthew Parden, CEO of money management app Marygold & Co. “Prepaid travel cards are often considered a secure option, as they can be loaded with a fixed amount in local currency and are not directly linked to a bank account helping to limit exposure if lost or stolen.

“Credit cards may also be suitable for larger purchases or emergencies, particularly those that do not charge foreign transaction fees.”

A small amount of local cash may also come in handy for minor expenses such as tips, taxis, or establishments that do not accept cards, adds the CEO.

“Use items like money belts or concealed pouches and avoid carrying large amounts at any one time,” suggests Parden.

What should someone do if their card is lost or stolen abroad?

If your card is lost or stolen abroad, act quickly.

“The first step should be to contact the card provider immediately to report the loss and request that the card be blocked,” says Parden. “Many banks offer 24/7 international helplines or mobile app features to freeze the card instantly.

“In some cases, banks may be able to issue a replacement card or provide emergency cash. Reporting the incident to local authorities may also be required, particularly for insurance purposes.”

How safe are mobile payment apps and digital wallets abroad?

“Mobile payment apps and digital wallets can be a convenient and generally secure way to pay while abroad, especially in destinations where contactless payments are widely accepted,” says Parden. “These platforms often use encryption and biometric verification, which can offer a high level of protection against fraud.”

However, travellers should still take precautions.

“Ensure that your phone has a passcode, avoid public Wi-Fi when making transactions, and enable remote locking or wiping in case the device is lost or stolen,” advises Parden. “It’s also important to check in advance whether the digital wallet is supported in the country being visited, as availability can vary.”

What tips do you have for avoiding card skimming or payment fraud overseas?

“When withdrawing cash, stick to ATMs located inside banks or in well-lit, secure areas,” recommends David Capezza, vice president of Risk in Europe at Visa. “Always inspect the machine briefly for anything unusual or signs of tampering before inserting your card and always cover the keypad with your hand when entering your PIN to block prying eyes or hidden cameras.”

Also, never let your card out of your sight during a purchase.

“For instance, in restaurants, ask staff to bring a portable card reader to your table to help prevent ‘out-of-sight’ skimming devices,” advises Capezza.

Capezza also suggests activating real-time transaction alerts through your banking app, which allow you to receive instant notifications if any suspicious charges appear while abroad.

“Some banking apps even let you temporarily lock or freeze your card when not in use, adding an extra layer of security,” he adds.

What backup plans should travellers have in case they lose access to all their money?

“Carrying a second debit or credit card, stored separately from the primary one, can provide an immediate alternative if a wallet is lost or stolen,” recommends Parden. “Some travellers also choose to keep a small amount of emergency cash in a secure location, such as a locked suitcase or hotel safe.

“It can also be helpful to share emergency contact details or limited access to funds with a trusted friend or family member back home who could assist if needed.

“Additionally, knowing how to contact your bank internationally and being familiar with their procedures for emergency cash or card replacement can help ensure support is available when it’s most needed.”