My advice is going to be a bit contrary.
Throw out your fake wallet, and throw out your laminated license.
The thinking is this. Pickpockets & thieves frequently watch the person before robbing them. They'll see you using the "real" wallet. Even if you're not in that situation managing two wallets sucks.
Corrupt cops are going to take your license and try and use it as leverage. In our case, shortly after crossing into Nicaragua they threatened to take our license and send it to Managua unless we paid them. They're smart enough to get a job as a cop. They're not so stupid as to think you're laminated license is real.
So, here's what you do.
First you call the DMV and tell them you lost your license. Then you call next month and tell them you lost your license. Then you call them the next month and tell them you lost your license. You will now have 3 very real licenses for a relatively small fee.
Stick one of those in your real wallet. When you hand it to a cop they will believe it, because it is real. When a cop takes it and threatens to not give it back you, you smile and say "ok."
Get some prepaid credit cards, or Visa gift cards that look like credit cards at first glance. You don't put any money on them, or if you have to, you put it on and use it up immediately.
You take your real debit card and you hide it. Every time you need money you stick it in your real wallet, go to the ATM and withdraw the maximum amount (you'll spend less on fees overall) then go back to somewhere people can't see you, like your hotel, and put ONLY the money you'll need for the day in your real wallet. You hide the rest somewhere no-one can quickly / easily get to it, including yourself. You hide the debit card too. Each morning you refill your real wallet with enough cash for that day only.
You then pay cash for everything. If someone is watching you you will be using the wallet they will steal and you will only be out up to one day's cash.
You do NOT want to deal with having to call your credit card company and cancel the cards because how are you going to get a new one? For example FedEx may claim they'll deliver to many many places in Colombia, but i can assure you, it's a lie. We had to drive 300 miles back to Bogota, when my license plate fell off on some back dirt road (never to be seen again).
You don't want to deal with cards anyway because frequently the shops are too small to have credit card readers anyway. Outside of the major cities, everything south of the US border runs on cash.
So: real wallet, real license, fake credit cards, hidden debit card that you _don't_ use to pay for anything, and only enough cash for the day. If you wallet gets stolen you don't care. Go somewhere out of sight, stick some hidden cash in your pocket, and get a new wallet from the next seller you encounter.
Also, if you're not juggling fake and real wallets you'll not be constantly thinking about "is someone watching?" "Am i going to get robbed?" You'll be like everyone else, just enjoying your day and paying for things like a normal person. The mental benefits of this strategy are pretty good.
Best of luck on your journey.
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