Euros
 

Going to Rome in 12 days and renting 2 apartments. They will only take Euros or travellers checks so that let's out putting the rent on a credit or debit card. I checked with my bank and I can get Euros or travellers checks in Euros sent to my branch so the problem is not getting the money. But their exchange rate is $1.34 versus the rate today of $1.28. It may not sound like much but the rent will be $2200 so it works about to be about $120 I'll lose my ordering them through my bank. I can't wait till I get in Rome and use an ATM because I can't take out that much cash in one day from my debit card and I'll need the money as soon as we get there to get the apartment keys. Any suggestions for another plan or am I stuck paying over $100 because I need the money before I leave. Also, I don't like the idea of having that much cash on me but I have one of those things you wear around your neck and put down the front of your clothing so the money would be safe on my person. I'm afraid to do the travellers check thing because what if for some reason they aren't the right checks over there? It's a real pain not to be able to use my credit/debit card.

What I did, was to take out the max on 2 debit cards, and 3 credit cards to get enough cash for an unexpected cash need. At least I got the c/card points.

I'm not sure what you mean about possibly not being the "right" traveler's checks for over there. If you buy them in the US in euro, then you will get full face value for them there -- in euros. Have you checked with AAA. Last I knew their exchange rate wasn't quite so bad as that by your bank.

In any case, I would NOT get the TCs in US dollars. The person receiving them could give you a far worse rate of exchange than you would buy the euro ones for here.

I was going to get the checks in Euros if I get them. I'll call AAA tomorrow and see what their rate is.

Are you traveling w/ your spouse who also has an ATM card on the same account? If so, have your bank raise your daily ATM limit, then each of you can withdraw up to that limit each day.

So w/ a $1000 limit for instance, you can each w/d $1000 that day. That gets you awfully close to your rent amount. Then just use a few $100 bills to buy a couple hundred € at your departure airport.

You will likely have to use more than one ATM machine to get all your money - but that shouldn't be a problem.

Might this be useful:

http://www.xe.com/fx/

janis, my partner and I each have our own separate BofA checking accounts. We each raised our ATM withdrawal limit to $1000. We are also on each other's account. By your description, then we should have been able to get $4000 a day, each taking our limit from each account. But that's NOT how it worked. Not only could we NOT each take $1000 from one account, but because we are on each other's accounts, BofA considered it a $1000 per day TOTAL maximum between BOTH accounts! In other words, after taking $1000 worth of euro from my account, his card would not work at all, because I'm on his account and I had already used up my $1000 daily withdrawal!

So be careful what you tell people. Other banks may work differently.

We were lucky that our Roman apartment owner understood and said she'd come back for the rest of the money, which she didn't do until the day we were leaving a week later!

Thanks for that website info. I use them to check the exchange rate but didn't know you could get money from them. Their rate today is almost exactly what Wells Fargo's is. The dollar is still rising against the Euro today and I think I'll wait till Monday to ask for the Euros and if the dollar still continues to rise after that, I'll just have to take the loss. I can't afford to wait till the last minute to save a little money in conversion rates and then leave and not have my apartment rent with me. What a nightmare that would be.

Your bank rate isn't really that bad, it's only 5 pct markup. My bank charges around 6-7 pct because they use Travelex and that is the standard Travelex markup. AAA uses Travelex, also, I believe, and their markup is worse than your bank's.

If you hadn't left this until 12 days before departure, I would suggest that you express an ATM/debit card to the landlord.

Then s/he could tap a special checking account you've set up with only the rent money (plus FX markup) in it.

If you start right now, you still might be able to get it done - or at least get the card to Italy a few days before you arrive. But I don't mean tomorrow. I mean before lunch.

I know some landlords and agencies are pretty cooperative, but sending them an ATM card and asking them to go two or three days in a row and make their own withdrawals to pay your rant? That's a new one to me, but I guess it could work. Don't forget though, that many Italian ATMs only allow up to 250 euro per withdrawal and then may or may not allow a second one right away.

Spit-balling here...another possibility is a bank draft in euros. It is essentially a certified cheque in the recipient's currency, drawn on a bank local to them (i.e. a major bank in Rome). In my case, it costs me aobut $7. there is no fee for the recipient to cash it.

Some landlords may prefer a "cash" transaction for income tax reasons.

Ask your bank to raise your daily limit.

Also, an easy way to get what you need is to open a second account and also ask them to give you a large daily limit. This is what I do. I can then take the money from both accounts to get what I need. Usually, if the machine only allows 250€ withdrawal, you can immediately just do another one at the same machine. The only machine I've come across that let me take out 500€ in one withdrawal was at the Rome airport.

<i>Don't forget though, that many Italian ATMs only allow up to 250 euro per withdrawal and then may or may not allow a second one right away.</i>

I would explain to the apartment owner that it would cost me a fair chunk of change to do it any other way, and his/her kindness will be rewarded, if not in this life then surely in the next.

NeoPatrick,
&quot;Don't forget though, that many Italian ATMs only allow up to 250 euro per withdrawal and then may or may not allow a second one right away&quot;

I have never had a bankomat reject a second request for 250 euro in about 50 tries.

Henry

Blondiepopo:

The fee you characterize as your &quot;loss&quot; is how the bank/exchanger makes its money and compensates it for the risks of currency fluctuations, after covering its overhead for rent, storage, security, delivery, advertising, insurance, labor and the like. You will also find that &quot;the&quot; exchange rate you see published is one available to those dealing in very large currency transactions, seven figures and up.

I paid $1.58/euro in April 2008 and expect (hope) to pay less for our next trip in April '09

Enjoy your trip.

&quot;The&quot; exchange rate I get is within a few hundredths of a percent of the published rate. Sometimes the published rate is actually a little higher than that applied to my transaction because the rate took an up-tick between the time of the transaction and the time of settlement.

This &quot;rate for huge transactions only&quot; spiel is a myth.

I confirm the rate my exchanges get at xe.com/ccc

Any chance of sending the payment by Paypal?

Robespierre: How is your currency delivered?

They let me put the deposit down through Paypal but not the final amount. I'll just get the Euros from the bank, wear it in my little pouch around my neck and I won't have to worry about not getting enough money out of ATM's when I get there.