Paying For an Overseas Wedding

Paying bills by credit card

Destination weddings are broadly planned in three ways:

  1. Using an Australian wedding planner that specialises in overseas weddings, such as Global Weddings
  2. Using a wedding planner in the overseas country you're having the wedding in
  3. Doing-it-yourself planning from Australia

If you are using a wedding planner overseas or doing it yourself, you'll need to make a number of international payments. This guide shows you the two most commonly used methods of payments and examines their pros and cons.

Using a credit card

By far, this is the most common and convenient method of payment. Most banks will charge you two fees for a foreign purchase - an international transaction fee, which is usually between $3 and $8, and a currency conversion fee, which ranges between 3% to 8%. It might seem fairly hefty but for payments or deposits under $1000, it can be a quick and easy solution that does the job.

Paying directly into a bank account

Inheritance Law

Sending funds directly into a bank account overseas generally is a cheaper option for amounts above $1000.

You can either use a bank to send the funds or a money transfer specialist. Both banks and money transfer companies charge two types of fees.

Money transfer fees

Transfer Fees

Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.

Exchange rate margin fees

Exchange Rate Margin

This is the difference between the wholesale exchange rate rate you can see on xe.com and the rate you receive.

How to get a good exchange rate for your overseas wedding

Weddings can be stressful and paying for a wedding in foreign currency can be costly through a bank. OFX have a great track record for these types of payments. They offer a fee-free service, bank beating exchange rates and are backed up by excellent local customer service.

Regardless of whether you are paying for a deposit or the whole wedding at once, getting a better exchange rate will definitely reduce the cost of your wedding.

1. Research the live exchange rates.

Find out the wholesale exchange rate , it will give you a benchmark to compare the exchange rates between money transfer companies and banks.

2. Compare exchange rates online.

The tool below helps you compare exchange rates between banks and money transfer specialists. Save time and do it all under a minute.

3. Be informed of cheaper alternatives.

A trusted company like OFX provides a cheaper option to transfer money overseas.


Exchange Rate Comparison Tool

 
 

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