Rhiannon Hendricks
The Knot is a wedding planning website that offers a honeymoon fund service. Couples can use the service to set up a fund for guests to contribute to, instead of a traditional wedding registry. The Knot does not take a percentage of the honeymoon fund, but there is a 2.5% credit card transaction fee. Some people have expressed concerns about the fees associated with honeymoon funds, and the potential for these fees to detract from the gift intended for the couple.
| Characteristics | Values |
|---|---|
| Fee for couples | No set-up fee and no percentage taken out of the final cash total |
| Fee for guests | 2.5% credit card transaction fee |
| Fee avoidance | Link a Venmo account to the registry |
| Fund transfer to couples | Automatic transfer to the bank account on a rolling basis within five business days |
| Fund notification to couples | Email notification |
| Fund transfer to bank | Manual transfer |
| Fund tracking | Dashboard for tracking who has given what and how much money has been gifted |
| Fund customisation | Customisable with a note, photo, and goal amount |
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What You'll Learn
The Knot honeymoon fund fees
The Knot is a wedding planning website that allows couples to set up a honeymoon fund as part of their wedding registry. Couples can create custom lists and register for experiences such as NBA tickets or a sunset cruise in Aruba. The Knot's honeymoon fund works by connecting the couple's bank account or Venmo account to their registry, so guests can pay via credit card as they would if they were buying a tangible gift.
The Knot does not charge any fees to couples for setting up a honeymoon fund. However, there is a 2.5% credit card transaction fee that is tacked on to each guest's total. This fee is standard for similar platforms and is much lower than the typical shipping costs associated with tangible registry items. If couples want to avoid this fee, they can link a Venmo account to their registry, as The Knot does not charge a processing fee for Venmo transactions.
While some people find the idea of a honeymoon fund rude or tacky, it can be a good option for couples who don't need traditional registry items like linens or kitchen appliances. With the average cost of honeymoons increasing, many couples are opting for honeymoon funds instead of traditional registries.
The Knot's honeymoon fund is easy to use for both couples and their guests. Once a guest contributes to the fund, the couple will receive a notification via email so they can thank them promptly. Each contribution is automatically sent to the couple's bank account on a rolling basis, with a window of five business days for the funds to show up in their account. This time frame is a safety and security measure to ensure that the money is transferred securely.
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Setting up a honeymoon fund
Once you are on the "Cash Funds" page, you can start customizing your fund. You can add a personal note and photo, set a goal amount, and determine your guest preferences. The Knot's honeymoon fund works by connecting your bank account (or Venmo account) to your registry, so guests can pay via credit card as they would if they were buying a physical gift. You can also choose to provide a breakdown of honeymoon expenses for guests to contribute to or keep it general.
It is important to note that while creating a Knot Cash Registry is free, there is a 2.5% transaction fee for all collected funds that are moved to your bank account. This fee is charged to the gift-giver and is one of the lowest credit card processing fees available. To avoid this fee, you can link a Venmo account to your registry, as The Knot does not charge a fee for processing Venmo payments.
Some people may find the idea of a honeymoon fund tacky or rude, especially if the wedding is already expensive for guests to attend. However, if you and your partner do not need any physical gifts, a honeymoon fund can be a good alternative. It allows your guests to contribute to an experience that you will cherish instead of giving you items you may not need.
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The Knot's honeymoon fund vs other sites
The Knot's honeymoon fund is a great option for couples who want to ask for cash for their honeymoon while letting their guests know their money will go towards a meaningful milestone. It is entirely free for couples to set up, with no percentage taken out of the final cash total. The only fee incurred is a 2.5% credit card transaction fee, which is one of the lowest out there and is tacked on to each guest's total.
The Knot's honeymoon fund works by connecting your bank account or Venmo account to your registry, so guests can pay via credit card as they would if they were buying a tangible gift. You can also set a goal amount and determine guest preferences. Each contribution is automatically sent to your bank account on a rolling basis, usually within five business days.
Other sites that offer honeymoon funds include Traveler's Joy, SPUR Experiences, Hitchd, Honeyfund, Honeymoon Wishes, and Blueprint. Traveler's Joy has no sign-up or upgrade fees, offers free gift redemptions in the US, and no costs for gifts provided by cash or check. However, there is a 2.95% service fee for credit card payments. SPUR Experiences offers a 20% discount for any remaining items on the registry and free bonus gifts based on what loved ones purchase. It also has a "partial purchase" option for gifts over $100, where the cost is split into 10 partial payments. Honeyfund and WithJoy are also mentioned as alternatives to The Knot, but they do not have as much information available.
When choosing a honeymoon fund site, it is important to consider the fees involved, the ease of use for both the couple and the guests, and the flexibility of the fund in terms of setting a goal amount and allowing guests to contribute the dollar amounts of their choosing.
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Pros and cons of honeymoon funds
Pros of honeymoon funds:
Honeymoon funds are a modern take on wedding registries, allowing soon-to-be-married couples to register for experiences such as hotel stays, activities, flights, and more. They provide couples with additional resources to enjoy activities they might otherwise skip on their honeymoon. They also give guests an opportunity to pool resources to offer the couple a special experience.
Honeymoon funds are convenient for guests, who don't have to worry about wrapping or carrying gifts to the wedding. They can also be a good option for couples who already live together and have everything they need for their home. Instead, guests can contribute to a travel experience, which can make them feel more connected to the couple.
Some platforms, like Honeyfund, allow for crowdfunding for honeymoons, tangible gifts, or even charity donations. Other platforms, like Honeymoon Wishes, have direct partnerships with hotels and cruise lines, making it easy for couples to book their honeymoon directly through the platform.
Cons of honeymoon funds:
Some people may consider honeymoon funds to be tacky or in bad taste, especially if it is the only option for guests to contribute. It is important to know your crowd and consider combining it with a traditional registry to offer guests a range of options.
There may also be fees associated with honeymoon fund platforms, which can be a turn-off for some guests. For example, The Knot charges a 2.5% credit card transaction fee, although this is presented as a fee for the gift-giver rather than a cut from the gifted money.
Finally, it is important to note that guests are not directly purchasing honeymoon experiences but rather giving money that goes into the couple's bank account. There may be concerns about how the money is used, especially if it is used for something unrelated to the honeymoon.
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Honeymoon fund etiquette
Honeymoon funds are a relatively new concept, and some people may find the idea of asking for money instead of gifts rude or tacky. However, if you and your partner have been living together for a long time, you may not need traditional wedding gifts like household items. In that case, a honeymoon fund is a great alternative.
If you decide to set up a honeymoon fund, there are a few things to keep in mind. Firstly, choose a reputable site that charges minimal fees. The Knot, for example, offers a free honeymoon fund with no setup fee and no percentage taken out of the final cash total. They only charge a 2.5% credit card transaction fee, which is standard for most sites and is often lower than shipping costs for physical gifts.
When setting up your fund, be transparent about any fees your guests may incur. You could also suggest that if guests prefer to avoid fees, they can give cash or cheque gifts at the wedding. It's also a good idea to provide a breakdown of honeymoon expenses so guests can contribute to specific activities or experiences, such as airfare, accommodations, or excursions. This makes it feel more like a traditional gift and less like a donation.
Finally, be sure to send thank-you notes to your guests. Most honeymoon fund sites will keep track of who contributed to which activity, making it easy to acknowledge their gifts.
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Frequently asked questions
No, The Knot does not take a percentage of your honeymoon fund. However, there is a 2.5% credit card transaction fee that is tacked on to each guest's total.
To set up a honeymoon fund on The Knot, scroll down your registry overview page until you find the "Cash Funds" heading or select "Cash Funds" from the toolbar. Customize your fund with a note and photo, and set your goal amount. The Knot's honeymoon fund works by connecting your bank account or Venmo account to your registry, so guests can pay via credit card.
Each contribution is automatically sent to your bank account on a rolling basis, and it will take up to five business days for the money to show up in your account. You will receive an email notification when a guest contributes to your fund.
