Bank Smart on Summer Vacation

Summer is here! Time for summer vacation, warmer temperatures, shopping, and other activities requiring you to spend money. This could also mean you are more susceptible to summer scams, losing track of your money, accruing debt, and much more. Keep reading for tips and tricks on how to bank smart on your summer vacation.

Notify Your Bank and Credit Card Company

Contact your bank and credit card company to let them know about your travel plans. This should include when you are leaving, where you are going, and when you plan on arriving home. Providing this information can help them monitor your accounts for unusual or suspicious activity. This also helps ensure that you can use your card for purchases while traveling, and that your card doesn’t get flagged as suspicious or fraudulent. If your bank or credit card company spots transactions in an unfamiliar location, they may assume your card is being used fraudulently and block it from making further transactions. Although this is a great security feature, it can be quite frustrating while you are trying to pay for your family’s dinner on vacation.

Create a Summer Vacation Budget

It’s easy to get carried away and overspend on vacation. Getting caught up in the fun of your vacation and wanting to spend money is normal. However, spur-of-the-moment holiday purchases can really sting when you return home and check your bank account. To help avoid statement shock upon your return, create an organized and reasonable budget for your trip. Set a limit for food expenses, excursions, souvenirs, etc. If possible, pay for your vacation expenses such as hotel, excursions, and transportation in advance.

Other saving tips for your vacation budget include:

• Consider a road trip to save money on airfare or use your miles or points from credit card rewards.
• Pay attention to emails offering discounts for your trip.
• Look for alternative accommodations, such as vacation rentals.
• Try to avoid eating out for every meal. You could go to the grocery store and make sandwiches in your hotel.
• Travel during the week to avoid higher charges and weekend crowds.

Be Cautious of Public Wi-Fi

It is always risky to use public wi-fi because it is not as secure as your home wi-fi or network provided by your employer. Although public wi-fi is convenient, it is easier for hackers to spy on your online activity. They could gain access to your emails and/or passwords you type when logging onto your accounts.

Consider alternatives to public wi-fi:

• Use a VPN service.
• Disable the wi-fi connection to your device.
• Only visit secure websites.
• Select the most secure settings on your mobile device.
• Log out of your accounts.

Keep an Eye on Your Account Activity

Monitoring your accounts regularly on vacation can help you protect your money and identity. If you see any suspicious activity, you should report it immediately. Set notifications for transactions to closely monitor the activity. The Wallis Bank Mobile App for personal banking and the Wallis 360 Mobile App for business banking, allows you to monitor your finances and make mobile deposits while on vacation.

Bring Cash, Cards, and Your Mobile Device

Nowadays, with technology, you can pay mostly everything with a debit card, credit card, or even straight from your phone. However, some purchases may require cash-only transactions – like a taxi ride, private vendors, or tips. It is ideal to bring cash just in case there is an emergency. Remember to keep your cash and valuables in a safe place, such as the safe in your hotel. Limit the amount of cash you keep on hand when you are out and about.

With the excitement of a trip, it can be easy to overlook important steps that should be taken to help keep you financially safe and on track while traveling. Wallis Bank reminds you to take control of your finances, stay on top of your spending, and bank safely this summer!