This is good advice.

Never ever ever ever EVER EVER use a debit card overseas.

Credit cards only.

Cash you keep for cabs, tips and hookers, and not necessarily in that order.

 

One more thing- set up a separate account with your bank that you only keep a small amount of money in, that you can only transfer money in and out of online (not at an ATM). That way you have a firewall; if your ATM card is compromised, the most you'll lose is the small amount you transferred in prior to your trip.

Your main bank account, the one with your mortgage payment, student loan payment, alimony payment, second mortgage payment, girlfriends boob job payment, boat payment (you get the idea) will be unscathed by the nefarious ne'er-do-wells you might encounter over there.

Or over here.

 

I must have flown with you...

And

yes.....you do need some walking around cash.
Just ask my F/O that was pick-pocketed, TWICE, in the same bar.

 

ATM for cash and CC for all other purchases. Like mentioned Capital One is a good CC choice but our local CU offers me a better deal so I use them.

 

For most countries, I agree with most of the advice above, but not in Argentina. The street market for cash will give you almost 15 pesos to the dollar. If you pay with a cc you'll be charge the official rate of 8 to 1.

 

Yes, the above rules don't apply when visiting a country with an imploding economy.

Same could be said for trips to Mudder Russia and Venezuela.

The black market conversion rate in Caracas is an order of magnitude higher than the official rate.

Of course, walking around with a stack of greenbacks in places like that poses its own set of security-related issues... So puff up look tough. They're more likely to leave you alone then...

 

I simply don't understand this logic. I get it that your cc offers more protection... But I don't understand this thinking that using your debit card is SO much more dangerous overseas, as if you can't have the same problems in the US.

I've traveled throughout 30 countries, and I have had my bank info hacked twice. BOTH TIMES IN THE US. Not in France, England, Japan, Argentina or any other of those god forsaken crime riddled third world countries.

Be smart. That's all. If you're too stupid to figure it out you can't be helped.

 

My approach:

1. Carry a light wallet. Just what I need for that day; everything else stays back in the hotel room with the “do not disturb” sign on the door.

2. A good credit card, of which there are many. I use a Chase Sapphire Preferred.

3. A second backup credit card that is only occasionally used and usually stays in the room.

4. A debit card for a small bank account that is separate from the household accounts. No overdraft protection, no links to other accounts.

5. Use bank ATMs for cash, nothing else.

6. My wife and I have separate sets of cards. That way when she loses her purse I am not in HKG with nothing that works. Just for example....

7. While I do not do this, some guys carry a fake wallet with expired credit cards and cash from a country that has had bad inflation. The real cash and card stays in a front pocket. This makes getting robbed less painful – perhaps even entertaining.

 

The reason you don't use a debit card overseas (or even here at home) is because your liability is unlimited with a pin-based transaction. They could wipe out your entire account.

Whereas with a credit card your liability is capped at $50.

Most people traveling overseas don't think about setting up a separate bank account for travel; they use their debit card willy nilly only to find it was hacked and their entire account had been drained. Mortgage payment, car payment, all of it gone.

I've seen it happen, it's not pretty.

So unless you're cognizant of the issues, just use a credit card while overseas.

 

And for God's sake keep your wallet and phone in your front pockets.