Peak wedding season may be coming to an end in the UK, but couples looking to get married this autumn might be wise to get hitched in Hawaii, tie the knot in Thailand or ring the wedding bells in Bali, especially if they’re tying to save the pennies…
New research from foreign exchange experts, Currencies Direct, reveals that the average wedding abroad now costs around £7,000, including the ceremony, photography, overseas reception and a honeymoon stay – this compares to the average £21,000 cost of a wedding in the UK.
Of the most popular destinations for overseas weddings, South Africa – with the opportunity to get hitched on Table Mountain or even in a game reserve – offers the best value with the British pound up 35% against their local currency. Just behind is the home of the barefoot beach weddings, Bali, followed by sunny Australia, Thailand and Mauritius.
Currencies Direct’s top tips for getting hitched overseas…
- If there’s a quite a few in your wedding party, you might get a better rate for your spending money if you agree to buy your currency together, and in advance. A specialist exchange company will give you a better rate than your high street bank.
- Get costs from your suppliers in the local currency, and pay them in the local currency – this will give you a much better exchange rate than one set by the hotel or wedding venue on the ground!
- If you’re looking to spend big and have several suppliers to pay, it can be better value to set up a local account and transfer the money over in a single lump sum using a specialist foreign exchange broker. This means you’ll get the best rate, minimise commission and fees, and avoid losing out on multiple transfers.
- If you do need to make multiple overseas payments, make sure you do it online through a currency specialist. You’ll generally avoid fees that way.
- Unless you spontaneously elope, you’re probably not going to get married for several months at least. Look at getting a Forward contract – a ‘buy now, pay later’ transaction, where you lock in the current rate for a future purchase in the next 12 months, or a Limit order.