Destination weddings are broadly planned in three ways:
Using an Australian wedding planner that specialises in overseas weddings, such as Global Weddings
Using a wedding planner in the overseas country you're having the wedding in
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
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.
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.
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.
Transferring money back to Australia isn't easy. It can also be really expensive depending on what exchange rate you get. This articles compares the best ways of moving money back to Australia.
Set up rate alert
Let us do the hard work for you. Simply let us know which currency you want to buy and what rate you are after. We'll contact you as soon as we find a currency partner that can sell it at your nominated rate. If you have a large amount, call us on 1800 004 930
Request a call
A local consultant will call you back within one business day to help you out. Alternatively, you can call us directly on 1800 004 930.
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