How to save money on your wedding abroad
According to Theweddingcommunity.com, around 16 per cent of first marriages now take place abroad in places such as Thailand, Cyprus, Turkey and Spain. This makes perfect sense in the current economic climate... having your wedding abroad gives you the perfect excuse to cut the guest list, keep things simple and have the peaceful, elegant, intimate and on-budget ceremony you desire.
What's more you don't have to be a currency expert to squeeze a few extra hundred out of overseas transfers in the planning stage, plus an extra £50-£100 from your travel money. Suzi Dixon shows you how.
Beat the bankers on international money transfers
No doubt you have suppliers that need to be paid overseas and perhaps one big bill in particular with a hotel or wedding planner. Foreign exchange comparison site MyCurrencyTransfer.com will help you aggregate the best currency deals and uses one form to make contact with foreign exchange specialists who will typically get you a better deal than the high street banks. There is no fee to open an account with these specialists.
Did you know a foreign exchange specialist can save you as much as 3-5% on a big transfer? On a £100,000 international money transfer this can equate to a £3000 saving – that’s enough for your honeymoon or perhaps a new car!
Get exchange rate savvy
You know the price of your bridesmaids’ outfits down to the last penny but how much do you know about foreign exchange? One essential element to consider is fees – if you make lots of little transfers each time you need to pay a supplier, those fees will add up. Big transfers of more than £5,000 usually don’t incur a charge, so it is better to arrange one or two big transfers.
Consider a forward contract
Many couples plan an overseas wedding a couple of years in advance and this is another opportunity to make the exchange rate work for you. Discuss the use of a forward contract with your forex specialist, which allows you to fix the exchange rate for up to 12 months in advance. Looking in an exchange rate ahead of your wedding can minimize the risk of currency fluctuations.
Before you go
The entire wedding party can benefit from a little research before buying spending money for the trip. You can compare travel money options at MyTravelMoney.co.uk, a sister site to MyCurrencyTransfer.com. You may be surprised how much you can save – a recent mystery shop found customers could get an extra £50 per £500 of travel money by buying currency over the internet, rather than at the airport. What’s more, many online forex firms will deliver currency to your home, or you can pick up at the airport with that special rate locked in.
Find a wedding provider abroad here.