Brilliantsulk

Hi - I'll be traveling to Paris soon and will be renting an apartment. Problem is, I need to pay in euros or travelers checks (also in euros) when I arrive (1400 euros)

My question: Should I cash in my dollars here in the U.S.? I'm concerned about the exchange rates, fees, etc. if I do it here in the U.S. Many people say it's a no-no.

I'm wondering if my bank can increase the cash limit withdrawn in a day - it would be much easier to take the euros out at the atm in Paris. Anyone had luck doing this?

Don't think I've ever purchased travelers checks, but assuming there are fees as well.

Any advice appreciated!

Michael

Ask if you could pay 500€ upon arrival and the rest within 24 hours. If you set up an account with http://www.xe.com/xetrade/ and make sure that your bank will accept such transactions, you can transfer the money from your bank account to the owner of the apartment within 24 hours.

downtownbrown

We faced this more than once. The simple way is to get the 1400 euros from a bank you do business with. They might give you a decent rate or lower transaction fees. If you're not comfortable with carrying all 1400 euros, determine the most your bank will let you withdraw from an ATM, and carry the balance with you from home.

BTW, re Michael's suggestion. It might work, but be aware that most owners/managers who say they want to be paid in cash upon arrival mean exactly that.

StCirq

I wouldn't carry 1400 euros from home and incur a bad exchange rate on the US end. There are several things you can do. First, inform your bank you're traveling overseas and specify where. Ask to increase your daily limit for withdrawals (which may or may not work, depending on the machine you use in Europe, which may have its own daily limit). Then upon arrival hit up an ATM machine, and then continue to hit up ATM machines until you've got your quota.

Guenmai

Tricky situation which is why the apartments that I rent in Paris I'm able to pay for in U.S. dollars. I've never paid for one in Euros. I don't have to worry about fluctuating exchange rates as sometimes I have to book many months in advance.

Happy Travels!

janisj

"<i>I'm wondering if my bank can increase the cash limit withdrawn in a day</i>"

Mine does - but only your bank can tell you if they will. You need to ask them. (IME most banks will but some banks and credit unions won't)

"<i>Anyone had luck doing this?</i>"

yes, I do it just about every trip. But again, you need to talk to <i>your</i> bank.

downtownbrown

Actually, my bank has given me a pretty decent exchange rate -- which works out OK when you figure in ATM fees if you wait till you get to Paris.

StCirq

What "ATM fees if you wait till you get to Paris?" I don't have any such ATM fees with my bank. Neither my bank nor any Paris bank charges me "ATM fees."

Carlux

'Tricky situation which is why the apartments that I rent in Paris I'm able to pay for in U.S. dollars. I've never paid for one in Euros. I don't have to worry about fluctuating exchange rates as sometimes I have to book many months in advance.'

And if (unlikely) I rent an apartment in the US will you accept Euros?

downtownbrown

" I don't have any such ATM fees with my bank."

I do. I guess it's up to the OP to decide for him/herself.

artsbabe

We've done with downtownbrown does: get Euros in advance from our bank here in the US. Even if the exchange rate is not the best, it is less hassle than getting the bank to raise the cash limit and/or running around to ATMs when you arrive all jet-lagged.

catherinehaas

Your bank should be able for one day allow you to increase the ATM amount. I just don't know if you can increase it by that much. I would ask the owner for a Paypal transfer before heading over. In the transfer, the bank will do the exchange. I used this option in Rome for an apartment there. The owner was happy to have the money securely deposited before my arrival.

Brilliantsulk

Thanks for all of your replies.

I guess there's no magic solution here. Calling my bank ASAP...

jane1144

I asked my landlord if he used PayPal and he did! (hadn't offered it as an option before I asked). I arranged payment the day prior to arrival.

janisj

Are you traveling w/ someone else(spouse maybe). Just in case you didn't know this -you don't have to raise your daily limit to the stratosphere. If two people have ATM cards on the same account they can each withdraw up to the limit.

Guenmai

"Carlux on Feb 1, 13 at 5:56am
'Tricky situation which is why the apartments that I rent in Paris I'm able to pay for in U.S. dollars. I've never paid for one in Euros. I don't have to worry about fluctuating exchange rates as sometimes I have to book many months in advance.'

And if (unlikely) I rent an apartment in the US will you accept Euros?"

Carlux: There are agencies and apartment owners who do accept dollars and other currencies. The person, whose property I rent in Paris happens to be American and lives here in the U.S., but takes both euros and dollars. And, by the way, there are others who rent properties in Paris who take other currencies.

One of my best friends, who is American, lives permanently in Europe now. But for years, before permanently moving to Europe in 2009, rented out his U.S. condo to many Europeans who paid him in EUROS. That way he had Euros when he was back and forth to Europe. It's up to the individual owners as to what currency or currencies they will accept.

And personally, since you asked if "I" would take euros if I were renting out an apartment in the U.S., well, I'd have no problem with it since I vacation in Europe and would be using them there. It's sort of like when my Parisian friend asks me to buy him pairs of Dockers and jeans here at American prices and then when I get to Paris with them I always have him pay me in euros. The currency is not a problem with me.

Happy Travels!

AJPeabody

Open accounts in more than one bank.