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Monthly Wrap: Getting married abroad? Splash out on a royal wedding

currency-newsMonthly Wrap: Getting married abroad? Splash out on a royal wedding
Every year thousands of couples chose to tie the knot abroad.

American citizen Meghan Markel will soon be joining their ranks after a recent royal engagement.

Details about Meghan’s upcoming wedding to Prince Harry have been dominating headlines, with the latest reports suggesting that the couple will wed at St George’s Chapel at Windsor Castle in May 2018.

Of course, when you’re a Prince and a television starlet, keeping the costs down doesn’t really factor into your wedding plans, but many people decide to get married abroad as it can prove to be a cost-effective way of having the wedding of your dreams.

According to The Telegraph; ‘Compared to getting married in the UK, it can often seem like tying the knot overseas is an absolute bargain. Estimates vary as to how much the average UK wedding costs, but latest figures put it at around £27,000, with numbers in London reaching £38,000.

These figures do look rather large compared to those of the most popular places for Brits to get married abroad. While the average cost of a wedding abroad is said to be £6,585, many places cost a lot cheaper than that.’
So, getting married abroad can be a far more affordable option – giving you more scope to splash out on an incredible honeymoon or invest in all those little touches that make your special day unique.

If your grandmother isn’t the Queen and you want to stretch your wedding funds as much as possible, you can get even more for your money by following our top tips.   
  1. Use a reputable currency broker
If you’ve never made currency transfers before, you might think using your bank is the easiest option, but using a specialist currency broker is actually simpler and much better value for money. Currency brokers can offer more competitive exchange rates than banks, helping you get more for every transfer. At Currencies Direct we also make sure our customers benefit from the convenience of being able to make currency transfers over the phone, online or through our award-winning app.
  1. Avoid transfer fees
With a currency broker you can also avoid paying the transfer fees charged by most banks. As transfer fees can vary from £10 to £40 per transfer, this could amount to significant savings if you’re moving money abroad regularly in the run up to the big day. 
  1. Consider setting up a forward contract
Planning a wedding can be a long and stressful process, and a sudden shift in the exchange rate could seriously add to the pressure by having a dramatic impact on how much your funds are worth. If you want to be able to budget effectively and know exactly how much you’ll get for a future currency transfer, you can use a forward contract to fix a rate for up to a year ahead. With the exchange rate fixed in this way, the amount of money you’ll receive will remain the same, even if the market moves against you.
  1. Know what’s happening in the currency market
The currency market never stays still for long, and exchange rate volatility can make it difficult to know the right time to make your currency transfer. By signing up to receive regular market updates you can make sure you’re getting the latest news straight to your inbox, helping you move your money at the right time.
You could also look into the option of setting a rate alert – where you pick the rate you want to achieve, and your broker lets you know as soon as the market reaches that level.
  
Corgi pageboys and a commemorative stamp might be a bit beyond your reach, but by following these top tips and making your wedding funds stretch, you’ll have more to spend on making your overseas wedding the day of your dreams.
 
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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