A destination wedding is no longer a dream for some couples. After all what’s not to love? For most it’s the guaranteed sunshine or the setting of your dreams, often a lot cheaper than in the UK. Plus, you’ll be surrounded by only your closest friends and family and won’t have to worry about the guest list looking like Beyoncé is having a bash.
Still, there are tricky hurdles that can all but put the brakes on an overseas wedding, namely, the exchange rate.
Even if you find a great wedding organiser, or you decide to do everything else you could be facing language issues and deposit concerns all while trying to work out exactly how much it will cost you. Not to mention those expensive transfer fees when we’re talking about large sums of money.
Wedding planner Illy Goodhall saw how her brides would look longingly on at the beach bridal wear, but then be put off by the additional fees and organising. And with the help of her sister and expert in money exchanges Zsofia Foster, she has set up her own online exchange company.
Their new exchange platform, Wedding Forex, allows couples not just to lock in an exchange rate for 12-months, but for suppliers to use their details on an invoice, cutting out the middleman on most transactions.
Plus, your guests can use it too! With the news that overseas guests can find themselves spending £700 each, those bad conversion rates can really add up. Not to mention suppliers like florists, photographers and venues, who often find themselves shelling out over a £1000 a year to change currencies.
How does the platform benefit a wedding party?
On average couples will spend £7,000 with local suppliers when planning a wedding abroad, which will be broken down into smaller payments to each supplier, incurring a number of transfer fees and variable exchange rates by banks or other third parties.
One of the reasons couples choose to get married abroad is to save on the cost of their wedding, but often some of this saving is lost in large transfer fees or unpredictable currency fluctuations – a la Brexit.
WeddingForex allows its clients to lock in an exchange rate and benefit from reduced transfer fees which could ultimately save them upwards of £1,000 on the overall cost of their wedding, not to mention a honeymoon or any additional travel requirements later in life.
They can also offer use of the service to their guests, for booking travel or accommodation, with guests spending an average of £700 to attend a destination wedding, savings could be significant for them too.
27-year old Illy has built up a successful wedding planning business over the past four years, she created the business with a team who have first-hand understanding of the wedding planning process, something a bank or other foreign exchange might not appreciate.
“I got the bug to plan weddings when I had my own, but before that I had been happy working in the Foreign Exchange industry. When I realised that overseas weddings were on the rise within my own clientele, I began to understand the pitfalls that they faced with regards to sending money abroad. They either worried whether it was safe or didn’t realise they could lose out on transfer fees, often leading to more money being sent later down the line. It just seemed to click, and before long we launched a bespoke service just for the wedding industry.
The amount of interest we have had since launching in September has been phenomenal. We have ambassadors already in France and the UK and plan on rolling out the scheme across Europe and beyond. It is hugely exciting.”
So, what do you think? Would you use a dedicated wedding forex to make things easier? I’d love to find out.
*This is a collaborative post.*