plastic model of couple walking on road of coins
A destination wedding can be the perfect way to save money. David Kerns, Dealing Manager at Moneycorp (an international money transfer specialist) offers advice to get your wedding on the road to success.
Most couples will have been thinking about their big day for years. They might already know the type of food they will serve, where they would like the reception to be held, or even where they will honeymoon – but it’s not until they start their financial planning that they realise just how much the wedding of their choice will cost.
If this sounds like you, then read on for some tips that will ensure that your wedding day really is the happiest day of your life.
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. This will ensure you make your money go further. Look for key indicators, such as the number of years that the company has been in business, and how reputable they are – figures from previous years profits will usually be available on each company’s website. Alternatively, check with Equifax or Companies House – although this costs a small fee, it will help put your mind at rest. It is also worth checking whether the company that you are using has been authorised by the Financial Services Authority (FSA).
2. Bank charges
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 or more just to transfer your money, and banks can also charge commission and take overseas delivery charges. By setting up an overseas bank account, and transferring your money in one go, you will incur less transfer charges, getting a better exchange rate and can make payments locally.
3. Fix your exchange rate
Using a foreign exchange specialist can allow you to 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.
4. Using your credit card
Be aware that credit cards can incur a transaction fee when paying for/booking venues or if paying for a wedding planner etc. Additionally, they can be even more costly when paying suppliers as they can charge commission and offer a poor exchange rate.
5. Hidden fees
Watch out for extra costs involved when choosing a destination and/or venue such as document translation fees.
6.Check the small print
If you choose to arrange your wedding through a company/wedding planner, it’s vital that you check the small print carefully. Check exactly what is and what isn’t included in the price.
7. Don’t forget the budget
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 on the essentials or splash out too much on those luxurious extras.
8.Order your currency
Your guests will probably require currency if they are travelling overseas for your wedding. Make sure they don’t get ripped off with charges and poor exchange rates; ordering currency before the wedding, for home delivery or branch collection, will mean their money goes further.
for more information on transferring money.