gypsy2_25

Hello - I've read muliple times that the best way to exchange USD for euros is by using the ATM's upon arrival to Paris. My issue is that I am renting an apartment there, and the person I am renting from requires payment in full, in Euros, upon arrival. So - how do I get 800 euros for the best exchange rate? Thanks!

ira

Hi G,

From the ATM.

A. Have your bank raise your daily limit to $1100.

B. Have 2 accounts.

C. If you have a TC, each of you should have 2 accounts.

The machine will probably give you only 250E/transaction, so you will have to repeat until you have enough.

TimS

Having two ATM accounts is a good idea, even if you don't need to withdraw large amounts of cash in one day.

You could open an account with XEtrade at www.xe.com/fx and have a bank draft sent directly to the apartment owner. I've used my account to pay for a cash-only B&B in advance and to send money to relatives in England. For security reasons, setting up an account takes a little time; but transactions go smoothly and quickly after that. The rate is only slightly higher than the international rate on the day the trade is initiated.

Budman

Do you have a credit card with a PIN? Check out the APR for a cash advance.

For example: My credit card has an APR of 8.25%, so if I take a cash advance thru the ATM machine, I start to accrue interest the date of the transaction. If I pay it off when I get back from vacation (say less than 30 days), the interest will be less than 1% - .6875% to be exact. If you do the math, it sure beats any exchange rate you will get in the States from either your bank or AAA.

The separate accounts and raise your daily limit are also good ideas. For our checking account, we have a $500 limit (tops), but both my wife and I have ATM cards with different numbers, tied into the same checking account, so we can take $1000 a day from our checking account between the two of us.

Factor in what kind of fees your bank/credit union will charge you for each transaction plus bank conversion fees.

There are some excellent ideas here, so pick and chose which one fits your particular situation.

Michel_Paris

Go to the bank at home and get a bank draft for 800 euros. I regularly buy items from france and pay using this method.

It is essentially a "money order", but it is cashable only by the payee, and at no cost to the payee. My bank has an agreement with Societe Generale in Paris, so they act as the "guarantor".

My bank charges a bit over the exhange rate and ~$5 for the draft itself.

Confirm with the appartment owner that he will take this, then at your leisure at home, go to bank, buy it, hand it over when you get there. No need for multiple cards, new accounts,paying interest on credti cards,etc..

shellio

If you decide to arrange with your bank to raise your ATM withdrawal limit, be sure to use that card preferably AT THAT LIMIT, several times before you leave.

I had the same issue last year, called my bank and asked for a higher withdrawal amount, telling them it would be used in France in the next weeks.

In order to get this I had to change my card from a regular ATM to a ATM/VISA, which I had been reluctant to do before for various reasons. Doing this meant it was a new card and while I was able to withdraw 800 euros the first night, the account slammed shut immediately after that. I tried several banks and cash machines in the next 24 hours, thinking it was a fluke, but no.

Since it was drawing on a joint account I called my husband at home and asked him to check with the bank, but they wouldn't deal with him, only me. I had to call the bank security office during business hours to tell them I was in France and using the card, despite the fact that I had told them in advance that I would be doing so. I assume they asked me a security verification question, but I don't recall for sure.

I agree, it's always a good idea to have more than one ATM account.

StCirq

As Michel_Paris says - get an international draft in euros. Should cost $5.00 and you'll get a decent exchange rate. I do mine through Ruesch International.

happytotravel

When we arrived in Paris, we also needed to get a large amount of euros, we had our shuttle driver show us the nearest atm, and he waited for us. Sure enough that atm would not take our card, however it was attached to a bank and we did have some travelers checks on us. I went to the bank and exchanged the travelers checks. I am sure we did not get the best rate, but I did have the money to pay the rent. Our atm card did work after that, but there was one other machine that it did not work at. I suggest bring a couple of cards and try a couple of machines. After meeting the landlord, I am sure that she would have waited a day for us to pay her, but I wanted to be prepared. I have also read in some others trip reports where the landlord would offer to take you to the bank themselves if you needed help. I would write your landlord and see how they recommend you to get the money and if they would help you.

Rastaguytoday

I'm having a similar experience for a security deposit for an apartment in Provence.

The person I'm renting from takes, Paypal, but that can be expensive. I paid my deposit that way.

I checked my local bank online (Citibank) and they will wire just about any amount in Euros to your apartment owner's bank account for about $25 U.S. The rate, supposedly, is the exchange rate for the day you wire.