How to protect the cost of your wedding in Italy
This topic is particularly close to my heart and that of my couples for next summer with Brexit coming up. My bride and grooms for next year have committed to their wedding on Lake Garda next summer based on a series of Euro costs which I am able to confirm for them. What I am not able to confirm for them is what the rate of exchange will be after the exit from the EU next year.
So I have been wondering, amidst all the doom and gloom forecasts for the rate of exchange, what I can do and how I can best advise my couples in order to avoid a nasty shock next summer.
Unfortunately, I don’t have a magic wand and I am by no means a financial expert (just ask my accountant, bless him, he’s very patient) but it has occurred to me that the following might be something to look into but I am open to hear any other tips that I can pass on.
Pay more upfront.
We don’t know what the rate of exchange will be tomorrow but we do know what it is today so you could consider making more payments than a simple deposit now.
Open a Euro account
I have no idea how it works but if you can open a Euro account then you can put your money in there already in Euros.
For some time now I’ve been suggesting my couples use TransferWise to send their money over. They have better than bank rates and lower fees for making the transfer. They also have a Borderless Account where, if I have understood correctly, you can deposit money already in Euros. You can even use their euro rate tracker to get notifications of when the rate tips up in your favour so you know the best time to make that deposit.
Order your Cash already
Another tip from a brides Mum a few years ago was CityForEx who specialize in money exchange. Quite a few things need to be paid once you are here in Euros. Order them now, yes it means keeping them under the mattress but when we’re talking about larger sums the rate of exchange difference can add up to quite a few pizzas when you are here.
Please, please, please seek advice from someone who knows about these things. I repeat I’m no expert but the important thing I want you all to know is that there are options available and with the precarious state of the pound right now it’s wise to look at options.