Planning a destination wedding can be stressful, and worrying about how you are going to transfer money to another country to pay wedding fees is probably the last thing on your mind. However, currency exchange can have a bit impact on the costs so it's worth bearing in mind. 

A currency broker can actually help you save on the cost of currency payments you may need to make to pay for venues, flowers, photographer, wedding planner etc. With the average destination wedding couple making between 10-30 transfers during the planning process, bank sending charges alone can add up to hundreds of pounds.

Most couples will automatically approach their bank without realizing there is an alternative way of making international payments, and the potential savings to be made by using a currency broker. A common misconception is that these companies only deal with large transactions but the reality is they can save you money even on small transfers

Example:

You need to send € 1,500 to pay for your wedding venue (interbank rate is at 1.18)

Via the bank - rate 1.13 plus sending charge of £ 20 - cost to client = £ 1,347.43

Via a currency broker - rate 1.16 with no sending charge - cost to client = £ 1,293.10

A saving of £54.33 - and that's just one one transfer! 

Another good thing to know is that rates are negotiable with a currency broker so the larger the transfer, the better the rate. 

FAQ:

is my money safe?

It is now a requirement of the industry that all payment services institutions are authorized and regulated by the financial Conduct Authority, and all client funds held in segregated client accounts which cannot be touched by the company or claimed by creditors if the worst should happen. In any case, they will usually turn your payment around the same day that funds are received so should not hold your money for more than a few hours. 

are there any charges to open an account with a currency broker?

No, registration is free of charge and completely non-obligatory.

how do i pay for currency bought trough a broker?

You can pay by electronic transfer. This can be done via online or telephone banking and usually reaches the currency broker's account within 2 hours.

how long does it take to transfer my funds aborad?

The major currencies such as Euros and Dollars can usually be transferred the same day provided your GBP arrives before cut off time (usually around 2:30 pm). For other currencies, please allow up to 48 hours. All transfers are made by SWIFT payment, which is the fastest and safest type of international bank-to-bank transfer.

how do currency brokers make a profit?

Foreign exchange companies have access to currency at inter banks. They add a small margin (far less than the banks) to this rate before selling to their clients, enabling them to meet operating costs, while still passing a saving on to you.

Kristin Sedgwick is a director of a small family run company offering personal service to clients all over the world. She knows how every penny counts when trying to budget for a wedding so she created special packages to help couples save on international bank transfers. You can learn more about how to save working with her by visiting her website.