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How to pay vacation apartment rent in Euros?

How to pay vacation apartment rent in Euros?

Old May 17th, 2012, 07:13 AM
  #1  
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How to pay vacation apartment rent in Euros?

So, we rented an apartment for a week in Budapest. The landlord wants payment in Euros, not forints, preferably in advance. We will not have an opportunity to stop at an ATM that dispenses Euros on our way to Budapest, as this is our first stop. No possibility of getting Euros in cash prior to arrival, nor do we want to risk carrying that amount of money.

Landlord suggested wiring the money in advance in Euros to his account. The guy is very well recommended, seems pretty decent, seems trustworthy. Any suggestion on wiring the money to save on any big fees or conversion glitches? Other suggestions on how to do this? Thanks!
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Old May 17th, 2012, 07:21 AM
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What about PayPal? I've used it several times for deposits overseas. Might be cheaper than wiring the money.
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Old May 17th, 2012, 07:34 AM
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Doesn't PayPal work like VISA or M/C? I believe the landlord would need to have a PayPal account set up in order to do this, which he indicates he doesn't want to do. Anyone have more details on how PayPal works? Thanks!
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Old May 17th, 2012, 07:34 AM
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I agree with michele_d regarding PayPal; plus it's the safest way!

(Any chance this is the RingAvenue Apartments in District VIII??)
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Old May 17th, 2012, 07:51 AM
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Airport ATM or just that amount from a money changer at your point of entry? Would that work?
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Old May 17th, 2012, 07:54 AM
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I use exe.com whenever I want to transfer money to France. However you would have to check with them to see if they will deposit money in any other currency than the national one--in this case forints.
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Old May 17th, 2012, 07:57 AM
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Whatever you do, do NOT exchange money at the airport. They charge a high fee. Why don't you try airbnb and find another place to stay? I would not suggest wiring money. I think you would also be charged 3% VAT fee, not sure on a wire. We sent money to a school through our bank, sent a bank check, and we were charged 3% from our bank.
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Old May 17th, 2012, 08:00 AM
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You might also try one of the banks if they are open and if you have time to stop. We tried a bank in Freiburg and they exchanged money for us. If they will not then ask them for a suggestion. One of the banks sent us to an exchange booth that gave us a very good rate return.
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Old May 17th, 2012, 08:04 AM
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Go to your bank and get an international draft in euros. It should cost you under $10.00. It's essentially a cashier's check in a foreign currency. Mail it to the landlord. Far cheaper than wiring money. Check with the landlord ahead of time to see if he will be charged a fee for depositing the draft (many European banks charge for deposits); if so, include that amount or arrange to pay him the difference upon arrival.
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Old May 17th, 2012, 12:07 PM
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St. Cirq, I thought yours was the best idea so far. I called my bank, Fifth Third, here in Ohio, and they don't do that. The reason they don't is that they claim if they issued me a check in Euros, the actual valuation of the check might be different when the landlord goes to cash it, depending upon the fluctuation of the dollar v. Euro.

Any idea of where I might be able to get an internation draft? thanks!
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Old May 17th, 2012, 12:37 PM
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Well, that doesn't make sense to me. Your bank is getting paid at whatever the current exchange rate is, so it should be happy. The landlord is getting the amount in euros he's asked for, so he should be happy. Once the check's been mailed, what the heck difference would it make to your bank what happens to the exchange rate?

Go to another bank. You shouldn't have to have an account to make this transaction.
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Old May 17th, 2012, 01:01 PM
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May I ask where your landlord lives?
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Old May 17th, 2012, 01:04 PM
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Well I think the bank has a point. Say you pay them $1,310 dollars for a 1000 euro check. That check is worth 1000 euros no matter when it is cashed. But if the dollar/euro exchange rate changes to say $1.46 per euro when the check cashes, the bank will have effectively lost $150.00, because they'd be paying 1000 euros to him, but in order to exchange their dollars for euros on the date of cashing, They'd pay $1,460.00. That what arbitrage is all about, and I doubt they'd want to do that. That's why wire transfers between currencies are common, because at the point of transfer, both parties know exactly what value is being given.
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Old May 17th, 2012, 01:11 PM
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Aarghhh...No, apersuader, that's not correct. It's a CASHIER'S CHECK. What the exchange rate is when the check gets cashed is irrelevant. The landlord walks into the French bank and deposits the check. NOTHING related to that deposit transaction happens back at the U.S. bank - that original transaction is already completed and the U.S. bank's got its money - the correct amount of money based on the exchange rate on the day of the original transaction.
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