International travel is costing millennials $183 million a year just in ATM fees, new research by Westpac has shown.

The 2016 Travel Finance Report from the bank found that young Aussies spend $11.3 billion overseas every year, but they aren’t planning ahead when it comes to accessing that money.

Respondents to the study aged 18 to 34 said they thought international ATM fees were around $3 per transaction, but in fact it’s more like $7 per transaction. This age group uses ATMs an average of 10 times per trip overseas, so they’re in for a shock when they check their bank balance.

“The research shows millennials don’t know the cost of using international ATMs, a cost which can quickly chew through their budget, but can be reduced through some simple research,” said Westpac’s head of youth and millennial markets Ashley Gray.

“Interestingly, the research also found that in order to save money on international ATM withdrawal fees, millennials’ overseas withdrawal amounts are more than double what they are in Australia and carrying this extra cash makes them feel vulnerable and worried.”

When asked what they would rather spend their lost transaction fees on, 61% said food and drink, 42% said shopping, 32% said gifts, 27% said souvenirs, and 30% would choose to visit more attractions.

People said they wouldn’t mind walking 9 minutes further each way to an ATM where they would not be charged for withdrawals.

Mr Gray said anyone travelling overseas should research their destination before arriving and know their daily budget, taking into account ATM fees, current exchange rates, and the obvious costs like food and drink, transport and sightseeing.

“It’s important to be realistic when planning a budget,” he said.

The research, which surveyed more than 1000 Australians, found that travellers spend an average of $168.87 per day while overseas. That’s just slightly higher than the average for millennials at $160.58 per day.