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Apartment: Need monies BEFORE ability to establish French Bank account

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Old May 22nd, 2011, 11:00 AM
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Apartment: Need monies BEFORE ability to establish French Bank account

Timing is indeed everything.

Daughter will be studying abroad for four months. She has been advised to get French bank account. We know that no matter what ID, etc we bring, that will take some time. To take possession of her apartment, she must pay rent and huge security deposit on the first day she gets there. How much? We're talking thousands of Euros, not hundreds.

I do NOT want to hand over all of our monies until we finally see the darn place. We have paid agency fees, insurance, etc so I'm willing to take SOME loss but not all. In other words, I am willing to back out, and I need to be paying in some sort of method that allows me to do so.

We have been having fun as a family considering all possible options to establish and then churn multiple ATMs, etc. I've been reading various threads, my favorite of which is the designated ATM where you hand the card over to the landlord. See this thread: http://www.fodors.com/community/euro...-overseas.cfm#

I don't think there ever was a verification if that option actually worked, but we really liked it!

Questions:
Did the "rent ATM" ever work for anyone?
Has anyone SUCCESSFULLY opened his/her French bank account FROM the United States?
I had read about the BOA/BNP relationship. Any personal experience?
HSBC was another option mentioned. Any personal experience?

Thank you, all.
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Old May 22nd, 2011, 12:18 PM
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I didn't actually open my French bank account from the USA, but once in France it took me about 10 minutes.
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Old May 22nd, 2011, 12:27 PM
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You could open a separate account, but I don't see the point of providing an ATM card to the landlord. I'm not sure it's possible to check the balance at an ATM in Paris. And, there would still be a daily withdrawal limit.

Have you considered using XE Trade?

You say until "we finally see the darned place". Will you be accompanying her?

If it were me, I'd go a few days early to allow time to have a look at the place, then transfer funds.

But, what will you do if the place is not acceptable?
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Old May 22nd, 2011, 02:25 PM
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Electronic (not wire)transfers via xe.com are relatively cheap. The person in France receiving your money will have to give you the relevant information to be able to effectuate such a transfer.
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Old May 22nd, 2011, 02:28 PM
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I forgot to add: set up an independent account in the States for your daughter, preferably at a bank or credit union that charges no fees for the transfer, or BofA if she is willing to stick to BNP Paribas, and then she can use an ATM card in France for her daily expenses.
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Old May 22nd, 2011, 03:12 PM
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I don't see any reason to open a French bank account. You can wire the funds from your bank account to the landlord's. That will cost you $30 to $40 depending on your bank. Sometimes there is a small fee at the European side. I did that for my daughter staying in Paris last summer. I also set up an account, got an ATM card, and a credit card from my credit union for her. There was no foreign fee or any charge for withdrawing money at cash machines in France or Italy. I added cash to her account as she needed it. Do everything electronically with your bank.

I recommend that you not get her a debit card. Your account can be drained if the debit card falls into the wrong hands. ATM cards have daily limits and credit cards have maximum liability of $50.

The security deposit is certainly excessive. If she was leasing for five years she would need to pay about three months rent as security. Paying thousands of euros for a four month rental sounds like she is paying the full bill, sight unseen. This does not sound right. You better know who you are dealing with.

What school? What apartment?
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Old May 22nd, 2011, 04:09 PM
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Eh--problem is always if you are not on the ground. Did our research, did our best, but cannot fly over right now to eyeball. My mother is quite ill.

Good to know, StCirq, that French Bank account took ten minutes. We have been hearing otherwise, and I trust your judgment. Can you tell me which bank in Paris? Did you have a related bank in US? Any details would be soooo appreciated.

Related to this....

Michael--the Bofa/PNB relationship is the one were are heartily exploring. We were told that it didn't matter, though, in timing, whether or not we had the BOfA account--the BNP people weren't going to welcome us with open arms for the French account. However, we were aware of the cheap ATM.

St. Cirq is giving a bit of hope with ability to open French account quickly. Again, if we could get that account in ten minutes, great. I also heard we can't just "walk up" as in US--have to make appt. Any confirms of that need?

Spaarne, we are not paying full bill. Security deposit in my mind is excessive, but the problem has been that renting for these types of apartments (tiny, go off the market in minutes) ends up with a stupid rent-to-deposit ratio. Reason is probably the clientele--students. Remember, this is neither a long-term rental (six months or more) or a vacation rental. It's that odd duck thing that screws the tenant over. I heard there is a new reality show in Paris about this thing.

Already done the wire bit, Michael, but just so you know, I had considered XE for the immediate deposit. Problem was the length of time to build the account--week or more--and I had to transfer funds fast to nab that apartment. Might create one for September, though.

Summary of what we've done--
Agency fees: PayPal
Insurance: PayPal
Landlord: Wire Transfer

DJBooks--Am considering saying to landlord, "I'll pay you as soon as we obtain her French account." I want to see the damn lock on the door before one more Euro exchanges hands.

spaarne--Thanks,but we don't DO debit cards, even in the US.
Our ATM cards (mon dieu!) have NO credit card affiliations. We have been using those things for eons even when posters here (and bank personel) thought one could not obtain them OR use them. Guess what?--you can obtain them (threaten your bank) and use them (never a glitch--ever--in France)!

Kid knows to use Capitol One credit card. We have three other back-ups for her, but to date, that's our fave. I think Christina was the reason I finally moved to Capitol One. Have had it less than one year--probably has saved us around $350 to date in transaction fees.

It's possible to give the kid TWO Atms, take my husband's ATM and have my ATM and gather enough cash. Told you the family was having a lot of fun with this. My husband's thrill in Paris is always to test the limits of what he can withdraw where. Would rather not feel as though I were a hummingbird going from ATM to ATM while I have jet lag, but hey...

But now I will be on the ground about a week before the real study abroad kids arrive. We know the neighborhood, we know Paris pretty well, etc, so at least that stuff isn't a problem. Still, big difference between visiting and living.

I did ask the kid if I was stealing her show by trotting over there for three days. She said "Duh--hardly". I'm gone before other students arrive, and I will not be invading her turf in the subsequent four months. As you guys know, that will be my next obstacle--keeping aunts away from visiting with the excuse "she must be homesick". NOT.

We purposely looked for apartments where one more body be excessive.

Backup plan if we detest the apartment: we will be on the ground before term starts. Either the apartment will be repaired or we will beg, borrow, steal, to find something else. In that case, look for mother having hysterical fit in street with calm, collected daughter working calculation on smartphone.
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Old May 22nd, 2011, 04:33 PM
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AlessandraZoe,

I still don't understand why you want to set up a French bank account. Are you trying to complicate your life?

If your apartment pans out I recommend the Cite Internationale Universitaire. Someone here on Fodor's recommended it and it worked out great for my daughter. The deposit was €160.

BTW I suggest a med evac insurance policy. I bought one for $25 from Access Ameica, apparently an affiliate of American Express.
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Old May 22nd, 2011, 05:00 PM
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spaarne, I thank you. I do understand the options you are describing. The Cite International Universitaire is not an option at this time, unfortunately.

Her university there has recommended all students get a French bank account, and without going into more details, I do understand why. It's possible her French university will email us specifics on how to push this forward before she leaves -- American University of Paris, where she is NOT going, also makes the same recommendation and they have some sort of system to make that happen -- but her school has not done so to date.

Her email is IN to the school to get some facts. Can you tell by my tone I am less than thrilled with a flow of information???? Good thing she is writing the emails.

You will be relieved to know that medical insurance with all options was the first requirement by both her home and away universities.

We are lucky in that our own medical insurance--already tested in an abroad crisis situation -- is quite inclusive, and anything that was not covered is being supported by a home university group purchase insurance AND a supplemental medical insurance.

Thank you again for your utmost concern.
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Old May 23rd, 2011, 07:39 AM
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That's my thread...and I've use it a lot and it works great.

But, I don't think that it will work for you because it would take the landlord a while to withdraw so much money , even if you had the bank up your limits. If you were still considering this I would as the landlord if this would work for him.

This is what I do, at least a half dozen times, without any glitches.
I have a dedicated account for this with an ATM card WITHOUT a visa access, you can only use it in an atm machine. I've tried to use it in a shop and restaurant and it wasn't excepted

I put in the amount I need + 100 just to make sure, after the person has received the card.

I put the card and a self addressed envelope and send it to the landlord,when they email that they have received it I then give them the password and deposit the money

They then can pull out the deposit at their convenience , i can see online the withdrawals , they tell me they are done and mailing the card back, I transfer any money left in it out. The first time i did this I told the bank I lost the card and they cancelled it and gave me a new one, since then I haven't done this...it seems to work well

We rent a place for a month , now my landlord just waits till I get there to pay her and she knows I can only draw out so much a day,no problem, she is happy to wait a week or so for the full amount.

So although this might not help you this time, it's something to consider in the future.

Good luck with your semester abroad, I'll bet it's lifechanging...in a good way!
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Old May 23rd, 2011, 08:07 AM
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Michael in post #3 offers an excellent solution.

XE (one of several companies of this type) can make for you, no cost EFT´s to a French bank as long as you can supply certain deposit information such as IBAN number etc. There is a modest charge for wiring funds. You must link your XE account to a personal bank account and everything is done online. Here are several other places which offer these services:

http://www.hifx.com/

http://www.xe.com/

http://www.currencyonline.com/
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Old May 23rd, 2011, 08:26 AM
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Sorry, but I didn't open a bank account in Paris. I don't even know if my bank, the Crédit Commercial du Sudouest, has a branch there, though I suspect they must. I just showed up with a draft in (at the time) French francs for deposit,along with my passport, and filled out a couple of forms and was done.
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Old May 23rd, 2011, 08:30 AM
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Susanna--I still LOVE this idea, and I think it could work really well for the security deposit part of the transaction*. I could then scrabble the other monies necessary from our various ATMs. Like you, I just never use ATM with credit card affilitations. My demand to get this kind puts my bank into heart failure, but that's THEIR problem.
*I'd have to trust her and she'd have to trust me, though. I like just having this option. So fun!

Sarastro--I don't think you read above that I've already done the wire transation for part of this process--I've done them frequently before--and I do not intend to do another before I have seen this place.

I am considering establishing an XE.com account for other purposes, but the point is that I do not want to plop any more money into the landlord's account, and she may not like the time delay needed for a XE.com or wire transaction AFTER I have seen the place. We'll see. I have more than three months to work this out now.

Thanks, all.

Amy
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Old May 23rd, 2011, 09:21 AM
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I can understand the dilemma, I think -- you want to give the landlord the money when you check the apt., but they are not going to want to wait for wires, etc. at that point in time. If you gave them an ATM card loaded with the amount, they could easily use it and check the balance. I remember some poster on here talking about that for some vacation rental, and it worked. It was an original idea, I forget the details.


Is it possible you could give them part of it in cash when you checked it out and the rest by wire or whatever? I would think you could get at least 1000 euro out of an ATM upon arrival. I've gotten 800 with no problem and didn't even try to get more.

I don't have a debit card, either, only an ATM card. It is surprising how many people think they don't exist, but it wasn't hard for me to get one, I just told my bank that I didn't want a debit card (my regular bank is Capital One, actually, they bought out a big local bank chain so they have dozens of outlets here).
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Old May 23rd, 2011, 10:43 AM
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You can also get your U.S. bank to give you an international draft, made out to the landlord, in euros, and take that with you and hand it over only when you've seen and approved of the apartment. My bank charges $5.00 for one, so it's considerably less than a wire transfer also. It's basically a cashier's check in a foreign currency. It's likely the landlord would have to pay a small fee to deposit it in her account, but even if you offered to pay that it wouldn't be much money.
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Old May 23rd, 2011, 10:46 AM
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When sending funds via PayPal or a wire transfer through your bank, their exchange rate applies. XE is usually far more economical.

I have read/heard that an address (among other things) is required to open a bank account. A "Cart de Sejour-Visiteur" or a "Cart de Sejour- Résidant" is a must. No doubt the landlord knows this.

Why do you need to see the lock on the door? Every apartment we've stayed in has sophisticated locks (along with a key code necessary to enter the building) with keys that cannot be copied. If your comment about the lock is a euphemism for something else, again use caution when communicating with the landlord.

You say you are willing to back out. You say you need a payment method that allows you to do that. You feel you are getting screwed over.

All in all, however, you must comply with the landlord's terms and your agreement thereto.

You may want to tread carefully with the landlord, lest you all of you have the great fun of attempting to acquire last minute housing for your daughter.
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Old May 23rd, 2011, 10:55 AM
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I didn't have a carte de séjour and was never asked about one. I did have an address.
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Old May 23rd, 2011, 11:05 AM
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Things have changed since French Francs were currency.
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Old May 23rd, 2011, 11:17 AM
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I don't see a need for a French account for four months' stay but the university must have its reasons which aren't obvious to me.

Opening an account should not take long but obtaining an ATM card and checkbook in our case took two weeks, but we are in the sticks, not that that should make any difference. The cards were not mailed but had to be picked up at the branch.

We are with Credit Agricole which is all right. I would chose a bank with a branch convenient to your daughter's flat or school, which shouldn't be too difficult.

BTW, the young people I know wouldn't use one of those trolley carts for shopping.
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Old May 24th, 2011, 10:01 AM
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StCirq and Christina: Both of you are "hearing" me. Thanks.

Christina: Your thinking is what we have been thinking. We could use Susanna's idea of the special ATM card for the security deposit and then scrabble together cash from our two different ATMs to take care of the rent payment. That's how we operate when we travel when Dynamic Currency Conversion is pretty bad in an area (IRELAND!). I have not opened a Capitol One Bank Account yet, just opened the credit card upon your advice, so that interests me.

StCirq--I have been told that if I have the Bank of America account here, opening with the BNP should be easier. It's just that I don't think it will be insto-presto in Paris; I have been told I must make an appointment, etc. Eh, I have time to investigate. I'm on the trail.

VENT time: Too bad the kid doesn't have her own money. I'd just LOVE to plop all this in HER lap. I never had to get involved in either kids' college applications (did plan the college visit trips, which I liked), so this stuff right now is punishment for being a non-involved parent, I guess. END of VENT.

Thanks for the update on the timing of the French bank (plus its name), Cathinjoetown. Will add to my notes. As to cart:
1)Kid has compromised shoulder.
2)I'm helping out for exactly 2.5 days. I am OLD

DJBooks--You got it--"Lock on the door" is absolutely a euphemism, although I certainly shall make sure that lock operates too. And you got it in one--we have to tread ultra carefully. I am not going to look for trouble. I'm not rocking any boats unless I must; I'm also not paying one more extra cent if the apartment is not in the shape it is supposed to be. I'm not talking lint on the carpet; I'm talking an inoperable washer/dryer.

You are also right in a way about the carte de sejour but it has changed. The long-term student visa that it does double duty--kids no longer have to apply for an additional carte de sejour--it's just some form they drop off I guess. I haven't gotten to all the details yet. Kid will have her consulate appt in DC in a month and I'll update everyone on that.

Now that you mention it, I was thinking I should do a thread on this whole CampusFrance thing even already enrolled students going abroad have to do here BEFORE they can even go to a visa appt at a consulate.

What kills me is that the kid is there just 114 days. If it had been 90 days-insto presto short-term visa. A few more days, long-term visa required--paperwork, paperwork, paperwork.
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