International financial fraud has increased rapidly over the recent years. Many travelers have shared horror stories after criminals drained their bank accounts. That’s why smart travelers prepare for the worst-case scenarios before they leave their countries. To do so, they open the following bank accounts when traveling.
Personal Checking Account
This is the account that a traveler uses for personal purposes. You can use this account to pay for anything that relates to traveling including bills. A traveler can also use this account as their emergency backup in case their Travel Checking Account is compromised while traveling. Many travelers lock the ATM card for this account in a hotel or hostel safe. Some hind it in their backpack while traveling.
Travel Checking Account
Travelers use this account to pay travel expenses. It’s the most ideal account to withdraw money from via ATMs. It’s wise for a traveler to avoid carrying over $1000 in the Travel Checking Account. That’s because if the details of the ATM card for this account are stolen or if you are kidnapped, you can halt your trip completely. Thieves can get money from you but if you have a limited amount in this account, you can minimize losses.
A Savings Account is the best place for a traveler to keep their travel money. That’s because it does not have an ATM card that can be stolen and the money in this account earns interest. It’s also possible to replenish the money in this account if it gets too low. You can also link this account to a Personal Checking Account. This is very important in case your Travel Account is compromised or when waiting for your ATM card to be replaced.
When a traveler has these bank accounts, they have nothing to worry about regardless of the scenario. With these accounts, you can still have money whether you lose one ATM card or when it malfunctions.