Research conducted by Moneycorp, the international money transfer specialist, showed that currency trades for overseas weddings range from as little as £150 up to £150,000. The research also revealed that, on average, more than £14,000 was traded for a wedding abroad in the last year, indicating that significant savings can be made by trading at the best exchange rates and with the lowest transfer fees.The research also showed that, in the past year, the top three overseas destinations for weddings abroad were Italy in first place, South Africa coming second and Spain third.
The company offers some money-saving tips for agents to pass on to their clients when tying the knot abroad:
- Do as much research as possible on everything that you plan to spend money on and only use reputable firms/individuals for all your wedding needs.
- If organising the wedding yourself, you’re likely to get charged a foreign transaction fee every time you pay the venue, photographer, caterers and so on. High Street banks often charge £25 a time (or more) just to transfer money and they may also take overseas delivery charges. By setting up an overseas bank account and transferring money in one go, you will incur fewer transfer charges. You can then make payments locally.
- Using a foreign exchange specialist means you can lock into an exchange rate for up to two years, so you can accurately budget how much things will cost. By doing this, you won’t have to worry about rates worsening as you book the different elements of your wedding.
- Be aware that credit cards can incur transaction fees if you use them to pay for/book venues or if you are paying for a wedding planner etc.
- Watch out for extra costs involved in choosing a destination and/or venue, such as document translation fees.
- If you choose to arrange your wedding through a company or wedding planner, it’s vital that you check the small print very carefully. Check exactly what is and what isn’t included in the price.
- Set a budget limit and try to stick to it. This will help ensure costs don’t spiral out of control and you don’t overspend or splash out too much on luxury extras.