Alex took the same approach to supporting his daughter in the organisation of the wedding as he would with a business project; he started out by researching exactly what was needed and how much this would cost. Alex highlighted the following top three tips for organising a wedding overseas based on his own experience:
1. Employ a wedding planner
Wedding planners have an invaluable list of contacts and can take a lot of the legwork out of the process. They can line up appointments to view venues and suppliers so that you can use your time during a scouting trip efficiently. Without expert help, planning may require further trips which cost time and money and it may just be cheaper and a lot less hassle to employ an expert in the long run.
2. Wedding insurance
When you think of both the financial and emotional cost of anything going wrong, it’s worth investing in insurance to make sure you’re covered. Wedding insurance will provide cover for situations such as a wedding dress lost or damaged in transit, a supplier’s failure to deliver or a venue closing down which means you need to find another one at short notice. Most policies make it clear what is covered and provide different options for the coverage.
3. Manage the exchange rate risk
The currency exchange rate can have a significant impact on the final cost of the wedding – it’s important to know what the final cost is going to be.
Talking about how he managed the exchange rate risk, Alex said;
“I was fortunate to buy my Euros in 2015 almost a year in advance of the wedding, and that meant much more favourable rates than are currently available. Even though the circumstances are different now, I would still recommend purchasing in advance to protect the final cost. It sounds like an odd way to talk about my daughter’s wedding, but I approached it the way I would in business - hedging to accurately set the budget and ensure I wasn’t stung on the exchange rate further down the line. When you’re budgeting, you need to ask yourself whether the wedding is affordable at the rates currently available, rather than booking the venue and keeping your fingers crossed that the rates improve before the big day. Once you’ve purchased the Euros, you at least know the fixed cost of all aspects of the wedding and that makes it easier to plan within your means.”
Once Alex had access to the moneycorp online platform, he could pay all the suppliers in Euros and keep track of all the payments so he had a complete record. The venue was the primary cost, but Alex was able to set up multiple payment recipients online to ensure that all the suppliers were paid from his balance of Euros. He adds;
“I don’t know how I would have done it without moneycorp. I was lucky to have met someone from the organisation through work and that definitely made me think about an alternative to my bank, which may have cost more in transfer fees and didn’t offer the benefit of keeping track of all the payments in one place. The icing on the cake was the explorer card, which I used for smaller payments and thoroughly enjoying my time in Estepona for the wedding. A wedding overseas isn’t necessarily the cost-saver people initially think, but I would definitely recommend it; we had a wonderful weekend of celebrations with family and friends that we’ll never forget.”
If you’re planning a wedding overseas, the expert moneycorp team can provide guidance on the currency exchange market and a range of tools to make it as easy as possible to plan your big day anywhere in the world.