Travelling overseas can be a lot of fun, but running out of cash or getting a card eaten up by an ATM can make it a stressful experience.

Luckily, a bit of planning before the trip can reduce the chances of a nasty money surprise.

With that in mind, here’s a quick checklist of a few pre-travel money tasks to think about before the next trip.

•  Tell the bank before leaving the country – If the bank or credit union sees an unusual transaction on an account, they may become suspicious and block the card. Telling the bank about travel can prevent from happening. Some banks have options on their websites to inform them of travel. Otherwise, a quick call can let them know that it’s you using the card, not someone else.
• Prepare insurance – Insurance can help if a number of different things go wrong, including if you get sick overseas, lose your luggage or have to cancel at the last minute. There are lots of types of insurance, some of which won’t be needed or wanted by some travellers, but others that may be essential. For more information, go to Smart Traveller.  
• Look at exchange rates – Other countries use different types of money or currency, which can be worth more or less than our currency – depending on the destination. For example, in some countries, one Australian dollar may only be worth 50c in the local currency. Being prepared for the exchange rate can help to figure out early how much may be needed for the trip.

• Have a back up plan – There are many stories of people accidentally losing a card, phone or wallet or having their things stolen, which can turn a dream holiday into a nightmare. Having a spare card or a trusted person to call to send additional cash can be very useful in these situations.

• Consider whether to take cash – Some travellers like to take cash with them on a trip to avoid fees and to help with budgeting, while other people prefer to have a card for security and ease. It comes down to what suits each person best. Happy travelling!

This article is general in nature and not personalised financial advice.