pxtraveler

I will be renting an apartment in Paris and I was wondering what most people do for paying their security deposit? It is a large amount--1800 euros, and I will be paying the balance of the apt rent as well--900 euros). Do people typically bring it as US$ and change it at the airport? Or hunt around for a real bank to get a better conversion rate (inconvenient with bags and two kids?). Or bring it all from US as euros? I hear that you get the best conversion rate when you are in Europe withdrawing from an ATM, but I won't be able to withdraw such a large amount on my first day (bank limits). I planned on doing travelers checks (in case of theft) until I found out I would lose $300--American express has different rates when you buy/sell euros. I am assuming I will get the deposit back and have to cash them when I am back in the states. Any advice is appreciated!

Ruby99

It all depends on the agency. I was able to pay mine via PayPal... it was only 300 Euros though.

I don't think I'd want to bring 2700 Euros (your deposit and balance of rent) in cash on me... and remember too at the ATMs there is a daily limit.

Which agency are you renting from?

pxtraveler

Parisattitude

Judy

That really seems like a very large security deposit! Some agencies will hold a personal check in dollars equal to the amount required in euros until you leave, then return the check to you.

cw

Why don't you ask the agency about it? It is a high security deposit--does it equal the rent? They can tell you how other people have handled it. It's way too much cash to carry around in either denomination.

We've rented twice and both times we've guaranteed the security deposit with a credit card. We haven't had any problems.

pxtraveler

I asked the client's representative and they are insisting on cash in euros. I have not even received confirmation that they received the wired money (for rent) so I am reluctant to pay them in full without having seen the apartment.

Guenmai

Although I'm aware that different owners/companies require different amounts for deposits, to me that's a really big deposit. To give you an idea, I just mailed in my hold-apartment deposit check, yesterday, for an apartment in Paris for spring 2010. I just came back from Paris on Easter Sunday. Smiles.

I mailed the owner a check and signed, rental agreement for US$250. Paypal is also accepted. Then I'll need to pay $750. by the end of January and $1,000 by the end of February and then the keys will be mailed out to me after the final payment. This is for a March 2010 trip.

I'll get US$500. back, of that money, after my stay, and when I've returned the keys and the phone bill has been figured out. So, the actual deposit amount is US$500. This is for an 8-day rental. The minimum rental period is a week for this particular apartment.

So, US$1500. total for the apartment. The apartment is between 50-60 square meters big,recently fully renovated, and just went on the rental market in 2009. I've been corresponding back and forth, with the owner, who's American, and lives here in the States, for about a month now. The owner also speaks fluent French which is handy for French-speaking renters.

I personally seek out companies/apartments/owners where I can handle the transaction in dollars and not have to deal with the money issues and fluctuating exchange rates. So, then it's paid for before I leave the U.S. and I know exactly how much I've paid for the apartment. I'm just curious. What company is the apartment through?

Last spring I rented an apartment for around US$1200. for 7 nights, and the apartment-holding deposit was US$300. That was deducted from the total as I made payments on the apartment rental before leaving home. The payments were set up similar to the above apartment that I just sent a deposit for. However, it was through a different company than I'll be using in 2010, but I've found what seems to be the perfect apartment and definitely the perfect location, for me, and my needs. Last year I used vacationinparis.com. After I got home and mailed back the keys, they returned the US$150. key deposit.

As for your money situation, I would definitely not buy Euros in the U.S. You'll lose a lot in the exchange rate. Talk to the owner and see what he/she suggests. Maybe you could pay the deposit over some days. Or maybe your bank could up your daily ATM withdrawal limit. Happy Travels!

Guenmai

I see we were all typing/posting around the same time and I now see what agency you're using. Happy Travels!

alanRow

It seems "odd" and when I see "odd" and a different country involved I walk and go somewhere else

Sarastro

I have two suggestions:

1. Cash exchange (ignoring the obvious risks) at one of the following:

http://www.bureaudechange.fr/
http://www.ccopera.com/
http://www.fcochange.com/

Ignore the <i>no fees</i> hype, they effectively exchange 2-3% above the inter bank or mid market rates which is less than many people are paying on their credit card transactions.

2. Wire the funds through these people:

http://www.hifx.com/

Fodorite018

I did a search for ParisAttitude on TripAdvisor and there were quite a few not so good comments. Personally, I would cut my losses and book with another agency. We are headed to paris in June and have booked with VacationInParis based on so many positive comments on various travel boards.

ira

Hi px,

1. Ask your bank to raise your daily limit for the day that you will need to extract a lot of money from ATM(s).

1A. If they refuse, tell them that they are not the only bank in town.

2. You should have an ATM card for yourself and for your spouse, This gives you 2x the daily limit.

2a. Open a second account and get 2 cards. This gives you 4x the limit.

You can usually get about 250-300 Euro per transaction, so be prepared to run your card through the machine a number of times.

Don't be surprised if you empty the machine. If you do, go across the street to the other ATM.

1800E is the largest security deposit I have seen mentioned.

pxtraveler

Well, it's too late to book with another agency--we've already paid half the rent. I checked on Paris Attitude's website and the security deposit is equal to the rent for all their properties. Unfortunately it didn't occur to me to check security deposit amounts for other companies. As for withdrawing from ATM's, I feel it is a risk I don't want to take on our first day there, if for any reason we aren't able to withdraw all the cash. But I will check with the owner to see if they might allow us to pay the deposit over a few days. Yikes, I didn't realize this would be an issue.
The reason we went with that property is because I needed to be very close to the hotel my elderly parents are staying at and we wanted that particular location and apartment (first floor since we have kids, etc.).
Thanks for your responses!

janisj

IMO an €1800 deposit on top of €1800 rent is so far out of "normal", I would have walked. But it is too late for you now.

Contact the agency and insist there must be another way. They obviously have had many other American clients who have had to deal w/ this silliness. Tell them you will not carry €2700 cash.

myparis2009

Hi pxtraveller:

I'm actually looking at ParisAttitude right now and although haven't heard back from them on my desired apartment, I'm curious to know how your experience with them has been and of course, in the end, how it all turns out to be. I hope they're reliable. My preferrd method of payment would be by credit card as I feel more secure in case something went wrong.

ira

Hi px,

>As for withdrawing from ATM's, I feel it is a risk I don't want to take on our first day there, if for any reason we aren't able to withdraw all the cash.<

There are so many ATMs in Paris, I can't see you not being able to collect 1800E, if your bank will cooperate.

However, try this: Offer the agent the Security Deposit in the equivalent Traveler's Checks denominated in USD + 10%. That way, they will be protected against bank fees if they ccash the checks and you won't have to pay to convert USD to Euro to USD.

Christina

I've noticed a couple companies that have that weird deposit requirement (deposit equal to rent), so I don't think that company is bogus (I've heard too much about it, including some good testimonials). But it is a high deposit and mainly gets bad when you are there a long time.

SO you need 2700 euros? I last needed about 800 euros, I guess, and got that with no problem but my bank doesn't have a low limit on my ATM card. I took out 500 euro on my main card, and 300 euro on my second one with is a money market at another institution. 2700 euro is $3577, and you think AMex is going to charge you about 10 pct of that to get TCs? That is very high, I get USD TCs free at AAA but even when you get them in euro from them, they don't have that high an exchange rate. I think their rate is about 7%, as is most banks for buying euro or getting a bank check made out in euro (if they do that, some banks do).

I can see why you might give them TCs in USD for the deposit (plus 10 pct), but for the rest, you can do better than that 10 pct rate in other places. Getting them through AAA or perhaps your bank should be a better deal (my bank will get you euro TCs at 7%). Unless your 10 pct fee was to make them in euro and them cash them back in USD, in which case, that isn't a bad rate compared to most banks.

StCirq

Why can't you just wire them the money in euros ahead of time (including the 20 euros or so that it will cost them on their end to accept your wire), or mail them an international draft in euros (also including their cost to deposit that)? A wire will cost you about $25; a draft will cost you under $10 plus postage.

cattlet

Can you wire the money online? That would allow you to do it when you get acces to internet. Alternatively, you could try to use your parents' ATM cards to pick up some extra Euros.

lincasanova

There was an excellent thread here about opening a separate special account with only deposit money in it, sending them an ATM card for that account with a pin and THEY extract the money.

Then YOU change the pin later or cancel the entire account once used or they send you bake cut up card.

Hopefully someone will search that thread for you. Sounded like a good idea with no additonal fees attached.