Eight in ten Aussies are making this common travel mistake that could cost you thousands

Taking an overseas trip is already an expensive activity, but it turns out that Aussies aren't exactly helping themselves stick to a budget while travelling. A study from Wise has found that 80 per cent of Aussie millennials are using their bank-issued cards overseas, leading to transaction fees that can rack up into the thousands of dollars. Sure, it's easy to use your regular bank or credit card... but unless you've got a ton of cash to spare, it's really not worth it.READ MORE: Aussies will be able to stay in Thailand for longer with new visa rulesWhy? First of all, you're going to be hit with an inflated exchange rate from your bank back home, when compared to a travel-specific credit card. Plus, many banks will also hit you with other charges like transaction fees when spending outside Australia. This could be a one-off $10 withdrawal fee or a recurring 5 per cent surcharge every time you make a transaction. So, a $200 dinner could actually end up costing you $210. Over a long trip where you're tapping your card a lot, you'll easily rack up a few extra hundred (or more) dollars on international transaction fees alone.READ MORE: These are the best cruise lines according to social media usersHow to choose the right travel money cardFirst off, look at the exchange rate you'll get. "Aussies need to be on the lookout for a provider that's going to charge the mid-market exchange rate (the same rate you see on Google) when they head overseas," says Tristan Dakin, ANZ Country Manager at Wise. READ MORE: Mainland Greece is an affordable way to have a Euro summer - here's where you need to go"That means you're paying the real rate, not a marked-up exchange rate whereby banks are benefitting from the mark-up."Tristan says you should also look for a card that lets you load multiple currencies. "It's the best way to avoid getting ripped off by fees, because it allows you to hold money in different currencies and transact like a local, in the local currency, wherever you are.Wise allows cardholders to hold money in over 40 currencies, making it great for Euro trips where you might need Euros, Pounds, and Swiss Francs all in the space of one week. Pay attention to ATM feesEven with a travel money card, local ATMs will probably charge you some kind of fee to withdraw cash. But your bank will usually also hit you with another (higher!) fee while travelling overseas. Look for a travel card that has low ATM fees - for example, Wise lets you do two fee-free ATM withdrawals each month up to $350. Find yourself a card that's easy to accessYou never know what's going to happen, so the best kind of travel money account is one that you can easily access and control from your phone. Look for one with instant transfers, so you can send yourself money from your regular bank account to your travel card on the spot. Ideally, you'll be able to send yourself AUD in the app via bank transfer, then convert that money to whatever currency you need.Plus having easy access to your card helps. Like a pair of clever Budgy Smugglers complete with a dedicated Wise Card pocket.