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Currency News - Wedding Industry Update

November 5, 2019

 

Happy Tuesday lovelies, today we are talking Currency News - Wedding Industry Update. We want to give you some updated information on what's really going on in the currency markets, how it affects your destination wedding and general news affecting this. 

 

It can be quite a dull subject, but when it comes to planning your destination wedding and paying for it, ears crop up when we talk about saving money. This especially comes into affect when we talk about what's going on in the currency markets and how it affects the British Pound against other currencies that you may be transferring to.

 

Currency News - Wedding Industry Update 

What's happened to the GBP during 2019?

 

As you all know, the word Brexit is thrown around everywhere at the minute. Unfortunately the Brexit topic is still without a clear solution and therefore has affected the GBP hugely this year. You'll notice if you have been monitoring the market that your destination wedding will naturally have become slightly cheaper towards the end of this year, we saw the GBP creep up to it's highest rate since May, but with that came a huge drop following news that Brexit will still be delayed with a general election on the horizon. Unfortunately for all you couples out there, there is no way of knowing which way the currency markets will go following this, but what we can discuss is how to prevent yourself losing out.

 

Currency News - Wedding Industry Update

How can I protect myself against market movement?

 

There's a really clever tool we offer called a - Forward - which helps protect you against the market movement. You can secure your currency rate for up to 1 year, meaning you can book in your total wedding budget with only a 10% deposit. You can then feel relaxed knowing exactly what you are paying for your wedding over the course of the year. You can split the payments when you need to pay each supplier in the other currency. It's that easy and best of all, its free!

 

 

Currency News - Wedding Industry Update

Will the GBP ever go up? 

 

It's a question I am asked on a daily basis by both Wedding Couples and Suppliers. That answer is, nobody knows what will happen. If it's my prediction, I would say that answer is yes. Currency is always gaining strength, especially the British Pound. Ultimately it is always affected by what's going on in the world and what is causing the market movement, which is usually politics. Don't spend hours of time trying to guess what the market's are going to do, even the best traders don't know what can happen. Instead, protect yourself against any losses.

 

Currency News - Wedding Industry Update

Is it better to book my Destination Wedding now or after Brexit?

 

I always recommend that you book and plan your Destination Wedding as soon as possible. Regardless of what the market movement will do, you will know exactly what you are paying for your wedding by securing your rate in advance. Venues can only be secured once you have paid a deposit and you can do this using Wedding Forex. There is no point adding additional stresses to your wedding planning process before you have your venue secured!

 

If you'd like to speak with me for some expert wedding and foreign currency advice, please do email us at hello@weddingforex.com

 

If you'd like to register an account for free with Wedding Forex to pay for your Destination Wedding you can do so here.

 

 

 

Photo Credit 1 - Laura Martha Photography   Photo Credit 2 - Laura Martha Photography - Photo Credit 3 - Cristina Rossi Photography 

 

 

 

 

 

 

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