Lillium

Please help us decide how to pay for a two month rental in Spain from a private owner who wishes to be paid in British pounds or Euros. Since this amount must be paid before we receive our key we must be prepared to make payment upon arriving(on a Saturday). Should I obtain the euros or pounds in the USA before we leave or should I withdraw from an ATM? Usually we use credit cards, so I am stumped as to best way to handle this. Any suggestions appreciated.

LadyOLeisure

Get the euros from an ATM. That's how we handled our Barcelona apartment rent last month.

kenderina

Get euros at the ATM when you arrive, there's no problem on Saturday. Only on Sunday you can find ATMs that run out of cash. It's cheaper than changing money in the USA. But if you are going to feel more comfortable just have it changed at home, I don't know how much money it is , only you know if it is worth for you.

saps

If you can get it from an ATM in Spain then that is the best way.

However...I would guess that 2 months rent is more than can be withdrawn from an ATM in one day.

If that is the case then you need to come with cash or travelers checks or get Euro travelers checks in Spain when you arrive.

Maribel

Lillium,
Yes, the ATM is the least expensive way to go, but the full rent for a 2 month apt. rental may be over your daily ATM withdrawl limit, as saps warns.

I would check with your bank, make sure you have a large enough daily withdrawal limit to handle that amount and also inquire about the transaction fee. I'm lucky that my US bank charges me nothing for a Spain ATM withdrawal, but that is truly, I know, the rare exception rather than the rule.

If you plan to arrive in Spain several days before picking up your keys, you could withdraw the amount bit by bit, over a period of days, but if you arrive on the day you are schedule to occupy your apartment and need the entire amount that day, I would make sure, very, very sure, that your bank will allow you to withdraw that much cash in one fell swoop. I have been in that situation.

kenderina

Oh, I didn't read the "two month rental" , then forget what I said. Maribel it's absolutely right

suze

If you have to pay the entire two months, on that first day, I'm guessing an ATM won't work in this situation.

happytrailstoyou

There was another post on this subject a few months ago. It created quite a stir and no clear answer.

You say the renter "wishes" (not "demands&quot to be paid in British pounds or Euros. If I were in your situation, I would say, "How about dollars?"

janisj

How much are you talking about? If it is thousands, then an ATM probably won't work. But if just hundreds up to say €1500+, you'd be able to do it w/ just ATM withdrawals. If both husband/wife have atm cards for the same acct, each can withdraw up to the daily limit. And if there are two different checking accts, and you each have two ATM cards - then you can make 4 withdrawals up to your daily limit(s).

Plus you can have your bank raise your daily limit for just this trip -

all in all, I'd work it out to use my ATM card(s).

An ATM machine may have a limit for how much you can withdraw on one transaction, but you can use anither machune up to your own daily limit.

Lillium

Thanks for the replies. Unfortunately, USA $$ are not an alternative. What is the approximate limit that can be withdrawn from an ATM? If my home bank has sufficient funds in my account, will the Spainish ATM set a limit? Can I withdraw from two or three different ATMs on the same day? Or is that going to end up costing more than doing the conversion stateside? I feel like such a dummy!

nytraveler

Are you a PayPal member? And is he? It would be worthwhile to have both of you join to avoid going through all of these machinnations. (My understanding is that they charge the purchaser as if it were a credit card - that is interbank rate plus about 2%.)

Way better rate than you can get otherwise - and much simpler - just do it on the computer on the spot. Or right before you leave if you prefer.

kenderina

The ATMs use to have a withdrawal limit of 500 euros daily with the same card.
Though some machines only allow to withdrawal 300 from them, but it's not the common thing.

Lillium

Happytrailstoyou, I found the previous posts regarding similar situation in Italy. It makes me think that we will get a bank draft in pounds or euros before we depart. A lot less stressful. Thank you all

Robert2533

It seems this owner wants payment in "cash". Ask for a cash discount before you do anything else. A cash payment in British pounds or Euros is simply a way to get around paying taxes on the rental. A legitimate (legal) concern would allow you to wire the funds through a service like XE.com, at a rate equal to the ATM rate, or accept a credit card as payment.

Any funds wired into a persons private account in Spain is reported to the government and the person receiving the funds may have to explain what it is for, thus the request for a cash payment. US dollars are not acceptable because the person would then have to take them to the bank and again, would have to answer some questions about where the money came from.

Depending on how your bank ATM account is set up, multiple attempts to withdrawal cash from different ATM's could result in the bank freezing your account. It's a form of fraud protection. You can withdrawal larger amounts from the ATM's if you ask your bank to increase the daily limit to say 1500 to 2000 USD, but this may attract the attention on the Federal Government unless you have a history of large transactions, or are a business.

Getting a bank draft is a good idea, but it will cost you more than charging the rental to your credit card, and the owner may not want to accept the draft, because then he will be required to deposit it in a bank.

Just be careful and make sure you get a receipt from the owner when you hand him the payment.

Raydotman

Before leaving the US, please make sure that your bank manager knows that you will be in Spain and that you will be withdrawing money. The bank may increase the limit of cash you can withdraw in a day but the ATM's I have used in Spain have a 500 euro limit on withdrawals. I have no idea how much your two month's rent is but surely you can explain the problem to the owner. If you can manage to pay 1 month's rent by withdrawing as soon as you arrive, he might possibly wait until Monday for the second payment. It is worth a try. Wiring money to a Spanish bank account prior to leaving the US is fairly easy to do and we did it through Wachovia when faced with the same problem. However, the exchange rate is poor and there is a fee for sending the wire. The person receiving the money is also subject to fees. And I see where a poster says the owner might wish to avoid taxes by insisting upon cash. The last suggestion might be to get a AAA cash card in addition to your bank cards. You put a certain amount of cash on the card in the US and then are free to wothdraw it at worldwide ATM's. Again the exchange rate is not good but it will help to get your rent paid.

happytrailstoyou

Lillium,

Good choice. It is always a good idea to do whatever will minimize stress. Have a great trip.

Out of curiosity, where in Spain will you spend two months?

Happy Trains to You

NEDSIRELAND

You've had some very creative responses about how to get (several thousand?) Euros to pay two months rent in advance for your stay in Spain: I especially liked NYTraveler's PayPal suggestion.

It smells fishy to me that the 'private owner' requires payment in full for two months in Cash, in advance. I wouldn't do a deal like that, especially 'sight unseen!' There may be something wrong with the place (smelly, noisy, etc.).

Years ago, I rented a cottage in Denia for two-months, thru an intermediary. As I recall, we paid for one month in advance, the second month's rent being due a week before the first month ended.

Robert2533 suggests another insightful reason the owner wants cash: so he/she can avoid taxes on the rental income.
There you have at least two Scenarios, both favoring the owner.

Finally, wy would you want to stay in one location in Spain for two months? I have travelled Barcelona to Huelva and from a'Corunha to Malaga. Spain is so diverse: beaches, mountains, cultures, etc. I couldn't think about visiting there without: 'a bit of this and a bit of that.' Staying 2-months in one geographic location wouldn't 'hack it' for me.

sebti

Quite simple really, because when you stay put in one place for a longer time, you get to know the culture far better than if you are just zipping through, ticking off lists of things to see. Even if you are based in one area it affords you to make day trips to other places of interest.
Regardless, what difference does it make to you if they want to stay in the same place for two months? It's their trip!

Lillium

Sorry if my original post was unclear. The owner wishes to be paid in euros or British pounds. Cash is not a requirement. Actually, I do not find the requirement for payment of rental upfront unusual. Yes, we may be disappointed, but hopefully my homework will prove it to be a pleasant interlude.
As to why one stay rather than travel about, we will do day trips using this as our home base. We are also researching overnight trips. Please understand that this is not a "vacation trip", but more an escape of a cold winter in the NE USA. We will be going to a small town in the Costa Del Sol.

Raydotman

Well, Lillium, I can certainly understand why you want to spend two months in one location. We do it every year and we go to the Costa del Sol. We take side trips to Portugal, Seville, Ronda, etc..etc... and with the new fares on Clickair might just add Barcelona this time. We also have made a lot of friends in the area and quite frankly enjoy the social life. Luckily for us we are getting the same apartment this year as last so we know what to expect. In previous years we have had to come up with money in advance so we have had to send euros to the landlord's account. As I said in a previous post this added to the cost. Again luckily, we know our landlord and he is willing to wait until we can get the euros out of the bank.
Anyway, I can tell you that is a great experience to get up in the morning and have coffee on a balcony overlooking the Med. Enjoy your vacation..we will enjoy ours.