Load your digital wallet before heading overseas

Keeping your money safe when travelling can be stressful — but it doesn’t have to be.

An old-fashioned wallet with a small amount of cash is always a handy thing to have — but research from Mastercard has found that many Aussies are using outdated methods to safeguard their money while on holiday.

A digital wallet on your smartphone loaded with a couple of credit or debit cards offers much better security and convenience because the funds are protected by your own biometric data, such as your fingerprint or face ID.

When I travel, I’ll have a credit card with a small limit and a debit card loaded in the digital wallet on my smartphone. I’ll also have a debit travel card from my bank loaded with a small amount of cash in the currency of the country I’m visiting for tap-and-go purchases. I’ll top this up as needed using my banking app when I have safe access to wi-fi. I always use a VPN as an extra level of protection.

Following their research findings, Mastercard have shared these important tips on how to keep your money safe.

In their words . . .

Remember the “Three Cs”

If your card is lost, stolen, or compromised, don’t panic. Follow the “Three Cs” approach: cancel, call, and carry:

• Cancel: If you’ve lost your card, the first thing you should do is cancel it — the sooner the better as you don’t want someone taking it and spending up large.

• Call: Make sure you call your bank so they can investigate and your relatives so they, too, can watch out for suspicious transactions.

• Carry: Always carry an emergency card, this way if something happens, you can still spend while your other card is out of action.

Choose the Right Currency

When making purchases or withdrawals abroad, you may be asked to choose between your home currency or the local currency. It’s worth doing some research on the current exchange rates between the two currencies before your trip. This will help you decide which option works out better for you when prompted, allowing you to get the best rate possible.

Keep Your Cards Close

When away, always keep your cards on you, whether you’re using a daily debit, credit, or prepaid travel card. Your card is the gateway to your funds and even your identity, so it’s essential to guard it carefully. Make sure to always have eyes on your card when a payment is being processed and take it back immediately afterwards. In some countries, it’s common practice for merchants to take your card away to process payments. In these situations, ask them to bring the payment machine to you instead, or offer to walk to the machine with them. Remember, all it takes is someone taking a picture of your card for them to potentially use it illegally, so vigilance is key.

Find Your Ride

Ride-sharing services offer a convenient and secure way to navigate unfamiliar cities, especially if you don’t speak the local language. Using known and trusted ride-sharing methods when travelling abroad is a great way to keep your money safe. Before your trip, research popular operators in your destination country, download the relevant apps and load your card on to them in advance. This preparation ensures you’ll be set up for quick, easy, and cashless travel throughout your stay, eliminating the need to fumble with unfamiliar currency or trying to set-up ride-sharing apps on the fly.

Plan, Book, and Save

Planning in advance not only saves time but also protects you from potential scams. Booking accommodation and experiences in advance whenever possible helps you avoid getting caught out by street scammers. However, if you need to book something on the fly, don’t worry. If travelling with a Mastercard, your card is accepted worldwide, giving you the flexibility to make last-minute arrangements without compromising your financial security.

You can find many more handy tips on how to keep your money safe on Mastercard’s YouTube channel.