JLK

We'll be in Amsterdam and Paris in a few weeks, renting a houseboat in Amsterdam and apartment in Paris. Both places require significant deposits in cash--more, I'm afraid, than my daily limit from my ATM. My question is, if I bring US dollars, where can I get the best exchange rate? Is there a better way to handle this?

avalon

Have the daily limit on your ATM card raised. You can lower it again when you get home. Get an ATM card on another account. There is no way you are going to get an good exchange rate on cash

tycho

You can have your limit changed to ( much ) higher--I just did that because I need cash for an apartment rental. Then, according to the info from several people, you can take out as much as you need . Specific ATMs could have limits. In that case, they tell me, you can do multiple transactions or go to several ATMs.
Since we are doing several countries, I do not want to carry lots of cash from country to country and so have looked at this. Will let you know what happens!

StCirq

You can also purchase an international draft in euros from a bank or service like Travelex, for about $5.00. Your rental agencies may have to pay a small fee to deposit it at their banks, which they might ask you to pay, but it's easier than carrying around wads of euros.

Michel_Paris

I second the idea of bank drafts. In essence it is the equivalent of a certified cheque, in euros, drawn on a bank from that country.

You can also do a bank wire trasnfer directly into that person's bank account (SWIFT and IBAN #s required) but this is a more expensve option.

There is also the Paypal and Western Unions, but I'd make these your last resort.

Don't bring US$ to convert...costs.

julia1

The bank wire transfer is actually the least expensive way to go. The bank charge may be higher, typically about $35-45, but the exchange rate is only a point or two above the wholesale bank rate, and if the amount is very large, in the 10s of 1000s, the bank charge is usually waived, although this may not help you.

A bank draft is actually quite a bit more expensive because, even though the bank charge is less, the rate is usually near retail, up to 10 points more than the wholesale bank rate. So in most cases you usually end up paying more, unless the amount is quite small.

I take people on garden tours throughout Europe and must make large payments to suppliers in foreign currencies several times each year. For even as small an amount as 3000 euros, the bank draft would cost about $200 more than the wire transfer.

spaarne

"Best way" is never the cheapest. Bring greenbacks and pay the conversion fee at a bank. Bring crisp clean 100s.

You might save money if you instruct your bank to make a wire transfer. That normally costs about $35. You need the BIC and IBAN for the bank of your creditor.

jkbritt

I belong to a Credit Union, and they charge me the daily rate plus .50 for mailing the envelope to their central bank. Usually get money in 3 to 4 days. I usually take 3000-3500 Euros with me. We stay in Europe for around 4-6 weeks and need that much cash. If I do not spend it all, Credit Union will buy it back, at the prevailing rate of the day. I also increase ATM withdrawl amounts just in case and notify my bank and cc twice about going to Europe.

jkbritt

If not to much, you might want to look into paypal.

JLK

Thanks all for your thoughtful suggestions. I've just come from the back and they've agreed to raise my ATM daily limit so I think that will take care of my problem.

TimS

A wire transfer is NOT the cheapest way to go.

I have an account with www.xe.com/fx. Here's how it works. Money is taken from my checking account by electronic transfer and a bank draft in the currency of my choice is sent by US mail directly to the recipient of my choice. The exchange rate is only slightly higher than the international rate on the day the transaction is initiated. There are no fees, unless I were in a hurry and needed to do a wire transfer.

Sending a draft in the mail works well for advance deposits. If I needed to pay a large amount upon arrival, then I could have the bank draft issued in the name of the B&B or apartment but have it mailed to me at home. I would then take it with me and hand it over in person.

For security reasons it takes a little time and effort to set up an account, but everything goes swiftly and smoothly after that.