Make sure that poor exchange rates don’t impact on your international wedding plans

Telegraph International Money Transfers

Guaranteed sunshine is just one reason that many couples choose to marry abroad

But while the weather might be more certain, it does open up your big day to other risks – exchange rates being one of them. Without the right guidance you could end up spending more than you bargained for, so here are some ideas to help you budget ahead.

More conservative estimates suggest that around one in six couples are getting married abroad. Despite a weaker pound relative to the end of 2015, marrying abroad can still prove much cheaper than marrying in the UK. It does of course depend on where you want to marry though; based on exchange rate alone for example, a wedding in the USA might cost around 18pc more today than it did during its November 2015 peak, which could wipe out many of the benefits of cheaper wedding costs. While this might cross Vegas off your shortlist, marrying in Mexico is a different story, where you are still receiving a pretty similar exchange rate over the same period.

If you are planning an international wedding then there are some things you can do to make sure your money stretches as far as possible. Using a transfer specialist to settle your bills is one of them. You might turn to your high street bank when sending money overseas, because it feels like the easiest thing to do. Yet this can prove more costly, and may not be as convenient as it might first seem. Using a transfer specialist on the other hand, is likely give you access to more competitive exchange rates, as well as a more personal service to guide you on the best way to settle your wedding expenses.

In partnership with foreign exchange specialists moneycorp, we bring readers Telegraph International Money Transfers. The service provides access to competitive exchange rates that are typically up to 4pc better than you might receive from a high-street bank – on the cost of a typical overseas wedding of say £8,000, that equates to a saving of up to around £300.

Seeing as the pound can strengthen or weaken in a matter of days, using a specialist could help you protect your wedding budget against currency market volatility. With guidance, you could set up what is known as a ‘market order’ for example, whereby if the rate that you are looking for is reached then your service provider automatically books a deal on your behalf. Or, if you are comfortable with a rate today, then using what is commonly called a ‘forward contract’ enables you to lock in prevailing exchange rates for up to two years – protecting your wedding plans against subsequent foreign exchange movements and making budgeting easier. Forward contracts may require a deposit.

You can make all your international payments online from a smartphone or a tablet too. Plus, the transfer fees are typically much cheaper: while banks can charge between £20-£40 every time you make an international payment, moneycorp’s online transfer fee starts at £4 and goes up to a maximum of £10 over the phone.

moneycorp is a trading name of TTT moneycorp Ltd which is authorised and regulated by the Financial Conduct Authority for the provision of payment services.

Telegraph International Money Transfers offers low fees, great exchange rates, expert guidance and a secure service.

To receive the Telegraph offer of your FIRST TRANSFER FREE call Freephone 0808 149 7975.

†Based on an exchange rate comparison taken on December 4, 2016 between HSBC, RBS, Lloyds and moneycorp.

The above article was created for Telegraph Financial Solutions, a member of The Telegraph Media Group. For more information on Telegraph Financial Solutions click here.