GiuliaPiraino

RobesPierre: I would never be so foolish as to think that AMEX didn't make a markup on the TC's. I'm just saying it's a difference of pennies on the dollar, I'm ok with that for the convenience. I'm not a newbie traveler and certainly didn't believe in a fantasy "pipe dream", but thanks for the vote of confidence, LOL. I'm a simple gal, your plan of using a seperate account and mailing a card sound way more inconvenient than taking a small hit on the exchange rate to have the luxury of convenience. But thanks for the tip. Besides, this guy say cash only, cash, cash, cash and don't even ask me about anything but cash. He was abundantly clear, so I'll just get him the cash and enjoy his lovely apartment ;-)

GiuliaPiraino

Exchange rate at my bank, 1.47118, exchange rate for TC's at AMEX 1.51109.

That's a difference of .03991, a total of $47.89 or in Starbucks currency, 7-8 grande mocha's.

I'll consider it a "convenience fee", well worth it to me, maybe not to others, but to me it's a bargain to remove one formality out of my hair during such a fabulous trip!

StCirq

Giulia:

Not to beat a dead horse, but I wasn't referring to a bank wire, and neither was Michel Paris. A bank wire is an expensive proposition for both the sender and the receiver.

We were talking about a bank draft, which is essentially a cashier's check in the receiver's currency. They cost about $5.00, and you have one piece of paper the size of a check to bring with you. IME, the receiver does not pay anything when he deposits the draft.

Which brings up another question you may not have even thought of. Will your apartment owner have to pay a fee when he deposits your TCs? In all likelihood, he will. European banks do that. Does he know you're bringing TCs? If not, you might end up paying him a fee, too, for what he'll have to pay to deposit them.

yk

GiuliaPiraino - since you're dead set on getting TCs and exchanging them at CDG, just go ahead with that plan.

For me, I don't see what's such a big deal to get €400 cash from an ATM daily for the last 3 days while you're in Paris.

Today's exchange rate is around $1.382, and even if you add the 1% fee, it still comes out to $1.396. When you multiply that by 1200, now we're talking a difference of $138 compared to the rate for AMEX TCs.

Robespierre

<i>Author: GiuliaPiraino ([email protected])
Date: 10/03/2008, 03:18 pm

Exchange rate at my bank, 1.47118, exchange rate for TC's at AMEX 1.51109.

That's a difference of .03991, a total of $47.89 or in Starbucks currency, 7-8 grande mocha's.</i>

For 1200&euro;, AMEX TCs will cost you $1813.
You can get the same from an ATM for $1656 at the moment.
Your bank's rate is totally irrelevant - what matters is <i>what you can get</i>.

But then, I wouldn't expect someone whose unit of currency is a grand mocha to grasp any of this.

<i>p.s.</i> When you mail the landlord an ATM card, he gets CASH, CASH, CASH out of the nearest machine.

GiuliaPiraino

StCirq, I offered the apartment owner a euro bank draft, or cashiers check, wire transfer, credit card, traveler's cheques, 3 chickens and a goat, no dice unfortunately he just wants cash. I don't blame him. So I'm giving the owner cash not TC's.

On the issue as to why the ATM is not great for me, our daily limit is $300 with no possibility of raising it, I asked the bank and they said it was not possible. I would imagine we would spend about that amount each day on food and entertainment, shopping, metro tickets, all the incidentals, maybe $200 but still close. So I don't want to cut into that by withdrawing daily for the apartment in a different city! Yes, I could use a credit card about town, but not all places accept credit cards.

RobePierre: That was quite a mean response, I didn't deserve that. I was joking about the &quot;starbucks currency&quot;. I don't even drink coffee and I don't patronize starbucks. I was making light of the fees when compared to the outrageous cost of starbucks drinks, it was meant to be funny. I guess that didn't deliver well. I'm sorry if I offended you, it wasn't my intention. I was trying to be light hearted about the matter.

Thanks for everyone's help, I really do appreciate it and hope I didn't offend anyone.

Robespierre

Several people have given you good advice on how to not throw away your money on this funds transfer. You have blown them all off, insisting on your method of paying outrageous markup for the sake of &quot;convenience.&quot;

You are losing money doing it your way - and considerably more than a few cups of overpriced coffee. Have a nice trip.

GiuliaPiraino

Robespierre: I'm sorry that has troubled you so much. I've taken everyone's advice to heart and appreciate it very much.

Challiman

Giulia,
Don't worry too much about some of the replies you've received. I had much the same question, cash needed for a guide that we'll see halfway through a 2 week trip. He only accepts cash and it was 900 Euros and so we were in a situation similar to yours. I have previously had or been with friends who have had ATM trouble while traveling, once when my ATM didn't work for 24 hours, so I am leery of depending absolutely on them. There's something to be said for peace of mind and even though others offered some good advice, it appears they didn't all fit exactly with YOUR needs.
I wouldn't want to carry that much cash around any longer than possible, so I think your solution, while not the cheapest, is the one you feel will work the best for you. The others were trying to be helpful, and sometimes it is hard to convey all the information to others without writing an epistle! No matter, have a great trip.

imaginaryjazz

There is one other option not yet mentioned; one that my wife &amp; I use:

Take ATM cards for more than one account. Your limit is PER ACCOUNT per day. We take cards for 3 accounts, each card stored in a different location. Three withdrawals in one day, with a limit of whatever your bank sets, will cover nearly any cash need you will have.

Or make withdrawals on two accounts in Paris the day before, and on the two accounts in Barcelona the next day. &euro;1200 euros in hand for your 19th century landlord.

And your bank CAN'T raise your withdrawal limit, even for a few weeks? I'd change banks!

RufusTFirefly

Although there isn't any apparent reason for me to respond as GP had her mind made up even before anyone responded--the $68 was not an extra fee, it was the difference in the exhange rate on that day. So you pay more for the euros to start with as your bank gives fewer euros per dollar than a european bank ATM does--that's where the $68 comes into it.

GiuliaPiraino

Thanks for everyone's advice, I appreciate it.

Christina

I do take TCs to Paris as backup and cash them occasionally (I never buy them in euro, I think that is pointless and negative as there is nothing you can do with them if you don't use them). I've been using a good exchange place on bd Montparnasse at rue Peguy for about 15 years, they have some of the best rates I've found in Paris. TCs are not difficult to cash in Paris, from my experience. Many places exchange them (bureaux de change), unlike some other countries where it is difficult. Banks may not cash them, but they don't offer the best rates on TCs, anyway.

So I just cashed some TCs in USD a couple weeks ago in Paris and the markup was about 3.5 to 4%. It's about the same as some people's CCs or ATM cards (my ATM card charges that now). I was surprised as this place used to have a markup of only about 2 pct.

Amex is very popular at the airports, I always see them at CDG so that didn't surprise me that they had a booth there. However, the Amex exchange rates in Paris that I've seen near the Opera have always been much worse than the places I know that are not bad.

I have two ATM cards and actually was able to get about 700 euro (around US$1000 plus) out of the ATMs for my apt. payment on arrival. My bank ATM card has a $1000 limit, which is pretty good. I have a second Capital One MM ATM card which only has about a $300 limit, but those worked fine.

Giulia, I know you like Amex and if that is convenient for you, fine. But I don't understand the disconnect between the one pct conversion fee you claimed they told you and the final figures you showed of a $1.51 rate on 10/3 which is almost a 9 pct markup? (the official rate was 1.39 on that day). The difference between Amex and your bank isn't the issue as banks usually have a 6-7 pct markup to start with, so that's how it ends up being 9 pct over the interbank rate. I know the rate in Paris is irrelevant to you if you get them in euro and there is no fee at Amex in Paris, though.

I just think there are better ways of doing what you did, but maybe you spent $50 or so extra for your convenience, at least, and maybe its worth it to you. As I said, even some Paris exchange bureaux I know charge a lot less than 9 pct markup. I don't know why you want to go to Amex so much, they don't have very good rates and there always seem to be long lines in there. It would have been a good deal if the markup really was only 1 pct and then nothing in Paris, but unless I am missing something, it appears to be 9 pct.

GiuliaPiraino

I've been beaten into submission. I'll do whatever you all want.

RufusTFirefly

Send me all your money and I'll exchange it for you!!!

Actually, yes, do whatever makes you most comfortable.

GiuliaPiraino

Finally, someone with a sense of humor.