Yep, it does and is as old as travelling itself. The military do it according to some books. It's even easier with motorbike gear as it has the pockets in it already. Just stick it in those zip lock baggies for water proofing, and it's fine. Just remember about it when you wash it.
I'm the same about not having hardly any cash for usual use, but it's a good insurance.
When I used to backpack and hitchhike, I used to just get some thick enough cotton or whaterever material to sew a sleeve, sew it around 3 sides, and some velcro inside the top. Than sew that into a place in your pants, or other piece of clothing where you wouldn't see the stiching. Hence the gargo pants idea. Those leather belt with the zipper inside are great also. Nick Danziger's trip is the earliest I've seen those. I just ran into one before I read his book. Make sure you put enough money in either of those for a flight somewhere where you can get relief. But not too much incase you do loose it. DON'T put it into footwear. My mate has lost 300 bucks that way.
In ten years I've never had to use it, but you never know.
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