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Getting married abroad is only getting more popular.
If you're anything like us, you'll be wanting to know how to make your wedding payments as cheaply as you can.
The two main ways that currency exchange can hurt your wedding budget are:
Making foreign currency payments in a way that increases fees and worsens exchange rates
Suffering from changes in exchange rate, altering the cost of the wedding in your local currency
Let's look at some of the smart ways to avoid fees and fluctuations, as well as common wedding costs and how to stay in control.
Use a money transfer specialist for wedding payments
We talk a lot about why you should avoid banks and generic payment apps like PayPal for international transfers. You can get the full rundown of this in our guide to the cheapest ways to send money abroad.
Sending money with your bank may seem appealing. It might be more convenient, and they could even offer zero fees. However, the hidden costs lie in the exchange rate.
A newly engaged couple needed to send a deposit to their venue in Spain
The couple, soon to be tying the knot, told us their bank quoted a rate over 2.5% above the mid-market rate. This would have cost them $75 more than using a company like Wise.
That was just for the wedding venue deposit!
For the final payment, banks would have been many hundreds of dollars more expensive.
PayPal often charges even higher fees. So if you'd rather put cash behind the bar, instead of into the pockets of banks and PayPal, we strongly recommend using a low cost money transfer company.
Consider locking in rates early
Changes in exchange rate can mean your destination wedding could end up costing more than you budgeted for.
As an example, over the past 12 months, there has been a 6.01% swing in the exchange rate between USD and EUR. That means that a $30,000 wedding, priced in euro, could cost up to $1,830 extra, if you were really unlucky with timings.
On the flip side, currency fluctuations can bring the cost down. It's a two way street. The benefit of locking in rates - technically called a forward contract - is predictability.
You'll agree a rate in advance with a managed FX service (also known as a currency broker), and you can rest assured the amount won't change.
This is a great idea if you value that peace of mind, or if you have a strong hunch that rates will get worse before your payments are due.
It could be extra helpful for those who are booking well in advance, and might need to wait many months before transferring all funds.
Wedding costs & how to save on international payments
Let's break down some common cost categories for an international wedding with foreign exchange in mind.
Venue
✅ Foreign exchange impact: Usually yes
💰 Cost: High
📅 Timing: Early
🔁 Frequency: Deposit + one or more final payments
Wedding venue hire is often the largest single cost in an international wedding budget. That means it's also crucial to pay for it smartly, as mistakes will cost you more.
The venue hire fee will usually be set in the currency of the country you're getting married in. For example, euro for Spain. This helps the venue know exactly how much they will be receiving, but it puts the risk of currency fluctuation on you.
Venue costs are usually broken up into a deposit, a final payment, and sometimes one or more staged payments in between.
The venue deposit is often the very first cost you incur. You'll probably be quite anxious to secure the perfect setting for your wedding. That's why it's important to think about how to make the deposit payment early.
While you're browsing for venues, it's smart to already be ahead of the game, having browsed the market and checked rates. That way, once you make your decision, you can secure it quickly without rushing to a bank and getting stung by hidden fees.
Wedding planner
✅ Foreign exchange impact: Usually yes
💰 Cost: Medium
📅 Timing: Early
🔁 Frequency: Deposit + one or more final payments
If you're using a wedding planner, their costs will also come early in the process.
Sometimes a planner is provided by the venue, and their costs are bundled in to the venue hire. But if you're using your own wedding planner, they will likely require a separate payment.
It's possible that you'll use a wedding planner from your own country, and therefore simply pay them without needing to convert currency. However in many cases, couples choose a local wedding planner with better knowledge of the venue, area and local suppliers.
As with the venue, expect to pay a deposit in the range of 10-20% of their total fee.
Food & drink
✅ Foreign exchange impact: Usually yes
💰 Cost: Medium-high
📅 Timing: Early
🔁 Frequency: Deposit + one or more final payments
Depending on the kind of wedding package you've gone for, food and drink might be bundled in to your venue payment, or it could be handled completely separately via third party caterers.
Either way, the recommendation is the same: avoid banks, use a specialist, and compare before you send.
When it comes to evening drinks receptions, there are a few different ways that people tend to handle things.
If you're generously offering a free bar, but it hasn't been paid for in advance, then be ready to pick up the tab at the venue. This might require cash or a local currency debit card. Just make sure the champagne doesn't result in too much spend being put on non-local credit or debit cards.
If guests will be covering their own drinks costs, you might want to give them the heads-up as to whether the bar accepts cash or card. Maybe even recommend they get their own Wise account (our top rated debit card for using internationally) while you're at it!
Accommodation
✅ Foreign exchange impact: Usually yes
💰 Cost: Medium-high
📅 Timing: Early
🔁 Frequency: Varies
How accommodation is paid for depends a lot on the venue, overall setup for the wedding and who is covering the costs.
On one end of the spectrum, you might have all guests staying at the venue, meaning a single larger payment, often set in the foreign currency. This is a chance to keep fees and rates down.
For guests who are making their own arrangements, it's likely they will book in their own currency through an online agent like Booking.com.
Local suppliers - hair, make-up, photogapher, videographer, entertainment, florist
✅ Foreign exchange impact: Usually yes
💰 Cost: Medium-high
📅 Timing: Mid-way
🔁 Frequency: Deposit + final payment
Unless you're flying in your own hair & make-up team, or having Beyoncé put on a private show, you'll probably be in the hands of local professionals here. In our experience these are often recommended by the venue, but paid for separately.
As is often the way, you should expect a deposit payment and then the balance to come later.
There's nothing too complex here - just potentially a dozen or more payments to make. Which means more chances to make them smartly (and cheaply).
If any suppliers prefer to be paid in cash, just make sure you aren't grabbing it at the airport. Last minute currency purchases at a kiosk tend to have terrible rates. So order any travel money in advance, or open a multi-currency account to make free cash withdrawals from ATMs while you're out there.
One thing to remember is that photographers and videographers might not be due their full payment until they deliver the files, footage or photo album. So be sure to keep your chosen transfer company's details to hand once the big day has passed.
Transport
✅ Foreign exchange impact: Usually yes
💰 Cost: Low-medium
📅 Timing: Varies
🔁 Frequency: Varies
Transport for the bride and groom will usually be handled by the venue, but if you're going for something more custom or specialist, you might need to deal with a local transport or vehicle rental company.
For guests, depending on the accessibility of the wedding venue and the accommodation setup, there might need to be taxis on the day. Another reason to suggest that guests come armed with sufficient cash or a travel-friendly payment card to avoid fees.
Legal & documentation
✅ Foreign exchange impact: Usually yes
💰 Cost: Low
📅 Timing: Late
🔁 Frequency: One-off
There are costs to make things legal & official (assuming you haven't already done that in a separate legal ceremony).
We've analysed the money transfer industry for 2024, sending international transfer test transactions with our own money, and unpicking every detail about their service.
The result? Our guide to the top rated companies on the market.
Read on to find out which companies made our list of best money transfer companies. Get yourself the perfect partner for your wedding foreign exchange needs.
Costs that (usually) don't have FX impact
Flights
❌ Foreign exchange impact: Usually not
On the whole, flights tend to be booked in your local currency. They can be a chunky part of the cost of the wedding, especially if you're flying long-haul or paying for any other guests.
For the purposes of foreign exchange though, nothing to say here!
Dresses & suits
❌ Foreign exchange impact: Usually not
In most cases these will be tried on, fitted and collected in your local country - and paid in your local currency. Unlikely to involve any currency exchange.
Stationery
❌ Foreign exchange impact: Usually not
These items are usually sorted ahead of time, often sourced in your own country. Anything needed for the wedding itself will probably just be packed with your luggage, so usually no need for international payments.
Insurance
❌ Foreign exchange impact: Usually not
Weddings abroad simply have more variables, so getting good insurance in place can be a wise move. This will usually be secured with an insurer in your home country, so payment is straightforward.
Payment speed
A good rule of thumb with international payments, is that if you're in a rush, you'll probably end paying more. And when it comes to securing your perfect wedding venue or suppliers, no doubt you'll want to move quickly.
Just make sure you don't leave it too late, and end up having to use your bank or a credit card. It helps to be as organised as possible, planning your payments in good time.
That being said, there is bound to be the odd transfer that you need to hurry through at top speed for some reason. It happens to the best of us!
Top tips for quick transfers
Avoid weekend and bank holidays: money transfer companies still rely on global banks to an extent. This means payments could be slowed down if made just before a weekend of public holiday. That includes public holidays in your wedding destination country. This site has a good list of global public and bank holidays to be aware of.
Consider a managed FX account: a number of these broker services offer 24/7 phone support. This may not speed up the transfer compared to just sending it online, but at least you can be sure at 3am that the transfer went through and all is well.
Make sure the recipient details are correct: last minute payments could be more likely to contain errors. Double check all the supplier bank information you've submitted before hitting 'Send'. A bounced payment could add days to the transfer time, and is easily avoided.
We have a guide especially for those looking to send money abroad quickly, if you want to learn about the topic in detail.
Multi currency cards
So far I've focused mainly on payments you'll make before you travel to your destination.
However, as international weddings tend to span multiple days and nights, there is more need to make extra smaller payments while you're out there. For example, grabbing drinks, lunch, taxis or other bits and pieces in between.
We already mentioned how small card payments can rack up fees, and how cash withdrawals can do the same.
That's why we think multi-currency cards are a great idea. They let you spend like a local, and all you need is to tap or swipe.
Local bank receiving fees
Depending on the country you're getting married in, local banks could apply an extra fee that you won't be aware of (until the recipient lets you know).
This happens when the transfer provider you pick does not have their own bank in the country.
The final word
There are meaningful savings to be made by optimising your international wedding payments.
You could end up paying 4-5% more than you need to, which for a typical wedding budget is thousands wasted.
It's never too early to check exchange rates and browse the best companies to use. This will put you in a wonderful position to make great value payments without delay.
Whether you choose an online-focused service like Wise, or a managed service with an account manager, you can feel confident you've beaten the banks.
More cash in your pocket to kick start married life together? Or extra budget to bolster your big day? Not a bad choice to have.
