Vonse

I'm renting an apartment in Paris that requires a cash security deposit in the amount of 700 - payable in either euros or dollars on check-in. The deposit will be returned in the same form when we check-out, assuming the apartment is left in good condition. The problem is that our week in Paris is the last leg of a three-week trip and we check out on a Saturday. I don't like the idea of carrying around $700 for two weeks before we get to Paris and though I don't mind withdrawing euros when we get to Paris, I don't like the idea of coming back to the US with 700 euros and having to exchange them here. This is my first experience renting and I was wondering if any of you have experienced this situation and how you handled it.

Robert2533

700€ is actually closer to $1000 USD at the current exchange rate, not something I'm prone on walking around with. Quite frankly, I look for someone who accepts credit cards like Paris Perfect (www.parisperfect.com) who actually doesn't require a security deposit simply because they accept credit cards.

If you where to take the 700€ home with you, you would end up loosing an additional 12% when you went to exchange it for US Dollars. Not a very good deal however you look at it.

Vonse

I guess that's the trade off when dealing with VRBO. He's willing to take the 700 in US dollars. I'm leaning toward taking the money in dollars and leaving it in the safes of our various hotels rather than incur the exchange fees at both ends.

MmePerdu

There are so many agencies that accept and return deposits easily with a credit card that I see utterly no reason to rent from those that still deal in cash only. There are many agencies with hundreds of apartments recommended by those here with personal experience so you simply need not bother with the rest. I've used AirBnB and others here have favorites. Search past threads for them.

djkbooks

If that is your preferred rental, there's no point in seeking another rental with different terms. A huge disadvantage with Airbnb, for example, is that full payment in advance is demanded to book, and you are at their mercy if anything goes amiss.

You can either carry US Dollars or use Euros. One advantage to using Euros is that the exchange rate is quite favorable at the moment and you'd have them for a future trip (if you can afford to have that amount of cash set aside for a while, rather than exchange it back - we do this all the time when the rate is favorable).

It's not that difficult to secure $1000 in hundred dollar bills.

Typically, when that large a deposit is requested, it's a very nicely furnished and well appointed property. You hand the greeter an envelope and the same envelope is returned to you on departure.

Another advantage of planning to pay in Euros - you can meet the greeter and advise that you're on your way to the ATM...often, after having a look at you and a short exchange, they will waive or significantly reduce the deposit.

If you're planning to pay with Euros, just ensure your daily withdrawal limit is sufficient.

MmePerdu

"A huge disadvantage with Airbnb, for example, is that full payment in advance is demanded to book, and you are at their mercy if anything goes amiss." djkbooks

This sounds like someone who's never used the site. Having booked through AirBnB a number of times it's now the first place I look precisely because of the ease of payment and immediate return of payments or deposit when a reservation must be cancelled or after a stay. I'd say "at their mercy" is handing a stranger an envelope of cash.

Avalon2

That is wht I prefer Vacation in Paris Apts! No security deposits You purchase ,by credit card ,an insurance policy for a small fee adn pay the rental with a credit card too

janisj

They've found an apartment they like - pretty counterproductive to tell them to move on IMO.

I've faced every sort of security deposit from nothing to equal the full week's rent and from cc's to cash. If you like the flat, I'd take $700 in cash and use a money belt when your hotels/earlier accommodations don't have safes. Having an extra €700 on departure wouldn't be my choice.

Seven $100 bills won't be a burden and really not much of a safety concern.

vincenzo32951

How'd you find this apt.?
Was it recommended by someone?
Are you comfortable that the owner/mgr. is reputable?

If so, follow the previous advice about the $700. If not, you have a problem.

Vonse

Thank you all for taking the time to reply. We rented the apartment last summer after reading several positive reviews on vrbo, googling the rental and the owners name, and inquiring here. It's a small but very nice flat with two terraces and lovely views of the Seine. Though it would have been convenient if the owner accepted credited cards, so far he has been very responsive and easy to deal with. Like djkbooks and janisj said, we'll just hand him the envelope with 7 hundred-dollar bills when we arrive.

Christina

Well, cash is cash, but you cannot give them US$700 if they want 700 euro, this isn't the same amount of money. You could create a really ugly situation by doing that. You should give them around US$1000, and you should check with them if that is okay. It should be. Check the exchange rate, it is about 1.3 now which is US$910, add on a little for the trouble and any possible processing fee if they did have to use it.

So no, do not "just hand him the envelope with $700 when we arrive."

If you go regularly, while that is a lot of money, you could just keep it for your next trip, you know. I always do, but usually I am left with less than 500 euro.

Vonse

Christina, the owner is willing to accept 700 dollars or 700 euros since he doesn't anticipate any problems with us. I'm inquiring to see if we can make the transfer through PayPal, which may be the best solution.

djkbooks

If you are not satisfied with an Airbnb property, they are the mediator and can find in your favor or in favor of the owner. There is no assurance that, if you are not satisfied, it will be resolved on your behalf.

julies

We've used Paypal with several international rentals, and it works quite well. I hope this will work for you.

skatterfly

The last place we rented from in Paris allowed us, for the security deposit, to provide a personal check, made out in US dollars, if I recall. And that check was promptly torn in half and handed back to us when we left and there was no damage. The same agent this time, but a different property owner, and the same terms. We can write the check in USD and expect it to be returned to us uncashed at the end of our trip. We're also going to be staying in a place in the Loire which will be the last day leg of our trip and the wording on the contract was that she wanted her rather large security deposit in euros, and my in-law (who is the one who rented the place) pushed back a little and said that being refunded back all those euros the day before he flew out of France would be inconvenient, which I thought was a little gutsy, but the owner understood and said to just give her a few hundred in USD instead. It sounds like you've worked out something similar with your property owner. I know it's nice to work only with agencies that have credit card payments, but my experience looking for the "perfect" apartment for us is that those agencies were 1) most likely booked in full far in advance and 2) much more expensive than the independent rentals, most likely because of the higher cost of some of those services.

Christina

<<the owner is willing to accept 700 dollars or 700 euros>>

really, well that is fine, then, I just find that really strange, I can't believe the owner doesn't realize that is a totally different amount of money and not by just a little. It really doesn't make any sense, actually, maybe the owner really doesn't understand money or exchange rates, either, of course, lots of adults do not.

tomboy

Another alternative:
1. Take out at least $333 more than you spend the 3 days prior to Paris; then you have your $1000
2. Raise your ATM limit to $1000, and take out that much upon arriving in Paris.
3. Find out from your bank EXACTLY when they update balances. Let's assume that's 2:00AM EST; let's say that's 8:00AM Paris time. So at 7:59AM or earlier Paris time, you withdraw $500 from the ATM, and 20 minutes later withdraw another $500. From the American bank's point of view, that's two different days.

Vonse

Christina, I'm sure the owner recognizes the difference between 700 euros and 700 dollars. I can only assume he's not too concerned about us damaging his flat. In any case, he's agreed to let us transfer the money through Paypal when we meet him at the apartment, which solves our cash problem. Yay!

socaltraveler

I am glad it all worked out well for you, sometimes a few rounds of intelligent communication makes a big difference.

MmePerdu

Sometimes for me when a thing seems difficult or expensive if I just ask the question or otherwise think about it for a while it seems much less onerous in time. I suppose just getting used to the idea is the thing. So it matters not at all what we think or would do if it's comfortable for you.