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You’ve booked the flights, sorted your itinerary, made the choice of aisle or window, and you’re already imagining that first step into an exciting new destination. But before you jet off, there’s one important detail to organise: how you’ll manage your money while you’re on holiday.
For many Australians, travelling overseas isn’t just about the destination, it’s also about feeling confident that your money is secure and accessible when you need it. Between international transaction fees (bank or card provider charges for transactions made in a foreign currency or processed outside the country of origin), ATM charges and confusing exchange rates, it’s easy to see hundreds of dollars disappear before you even realise it.
The good news is that with a bit of planning, and the right account, you can spend your holiday worry-free, money-wise. In this guide, IMB Bank explains some of the best ways to manage your money while travelling overseas.
What Are My Travel Money Options?
When deciding how to take money overseas, most travellers choose between pre-paid travel cards, credit cards, cash or their everyday debit card. Each has its advantages, but they also come with costs that can add up.
Pre-paid travel cards and apps might appeal because they “lock in” an exchange rate before you fly. But that certainty can come with additional charges. Less favourable exchange rates, load and reload fees, and even inactivity fees can quietly chip away at your holiday budget. Returning home with leftover currency can also be frustrating.
Credit cards can be helpful for larger expenses like hotel deposits or car rentals, and they typically include strong fraud protection. However, they may not be ideal for day-to-day spending. Many cards add around two to four per cent on every foreign purchase, and withdrawing cash is often treated as a cash advance, meaning instant interest and additional fees.
Your everyday debit card is simple and familiar, as it’s your own money in your own account, with no extra apps or pre-loaded cards to manage. The downside is that many standard debit cards still charge foreign transaction and ATM fees, even for small everyday purchases.
How Do I Avoid the Big Travel Fee Traps?
Even the most experienced travellers can get caught out by the hidden costs of international spending. The three most common are foreign transaction fees, international ATM fees, and dynamic currency conversion.
Foreign transaction fees are usually around three to five per cent, added to every purchase in another currency. On a longer trip, these small charges can add up to a significant amount, eating into your travel budget without you noticing.
International ATM fees can also surprise travellers. Some banks charge a foreign transaction fee of $5 or more for each withdrawal, and local ATM providers may add their own fee on top. What should have been a quick withdrawal for lunch can end up costing an additional $10 or more in fees.
Dynamic currency conversion is the third trap. When a terminal asks whether you’d like to pay in Australian dollars or the local currency, it might seem simpler to pay in AUD. But this is almost always a poor deal. If you choose AUD, the merchant’s bank sets the exchange rate, not your bank, which is rarely in your favour. Paying in local currency will usually give you a much better rate.
The Smarter Way to Take Money Overseas with IMB Bank
At IMB, we believe that travel should be about the experiences, not the paperwork. That’s why the Everyday 50PLUS account was designed with travellers aged 50 and over in mind.
The Visa Debit Card linked to this account allows you to use your own money wherever Visa is accepted, without IMB charging international purchase or international ATM fees. Whether you’re enjoying a coffee in Paris, catching a train in Japan, or browsing local markets, you can make purchases knowing you won’t be hit with unnecessary charges.
With this account, you can travel light. There are no pre-loaded cards to manage, no leftover balances to worry about, and no hidden IMB transaction fees to track. The only fees you will pay overseas will be those charged by the merchant, or the local ATM operator, if any. Your money stays accessible, secure, and simple to manage, backed by Visa’s global security network and IMB’s local support.
Travel with Confidence with IMB
Travelling overseas at 50 and beyond should be about exploring and enjoying new places, while having the confidence that your money is safe and accessible. With IMB’s Everyday 50PLUS account, you can avoid unnecessary fees and focus on the journey ahead, not the paperwork behind it.
Whether it’s a long-awaited holiday or a spontaneous getaway, IMB Bank makes managing your money overseas simple, secure, and stress-free with the Everyday 50PLUS account.
