Payment options for an apartment in Rome
Jun 25th, 2009, 09:05 AM
#1
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Payment options for an apartment in Rome
I have booked an apartment for 4 nights in Rome in October through RealRome.com. A 20% deposit has been paid through Paypal already. I have two options to pay the balance of nearly 500 Euro:
1) Pay in cash on arrival, which means gathering the money from ATMs using debit cards. There will obviously be service charges for this and who knows if the Euro will go up or down by October.
2) Pay the balance through Paypal prior to the trip. There is a 7% fee charged by RealRome.com for this transaction, but Paypal does offer a good exchange rate.
The price difference should be negligible either way, but I don't really want to have that much cash on hand when we go to Rome. I am skeptical about paying the full amount too far in advance through Paypal, however. Any help is appreciated. Thanks!
1) Pay in cash on arrival, which means gathering the money from ATMs using debit cards. There will obviously be service charges for this and who knows if the Euro will go up or down by October.
2) Pay the balance through Paypal prior to the trip. There is a 7% fee charged by RealRome.com for this transaction, but Paypal does offer a good exchange rate.
The price difference should be negligible either way, but I don't really want to have that much cash on hand when we go to Rome. I am skeptical about paying the full amount too far in advance through Paypal, however. Any help is appreciated. Thanks!
Jun 25th, 2009, 12:51 PM
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I am not sure how far in advance we would have to pay. I have just sent an e-mail to the customer service contact to inquire.
I guess my real concern is what have peoples' experiences been with using Real Rome? Are they reputable and should I be worried about paying them this far in advance?
I guess my real concern is what have peoples' experiences been with using Real Rome? Are they reputable and should I be worried about paying them this far in advance?
Jun 25th, 2009, 02:01 PM
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We are facing the same thing in a week... here's what I did.
I bank with Bank of America but almost any bank can do this. They can secure Euros for you in 2-3 business days so last week I did the transaction and I now have the Euros I need to pay for the rental upon our arrival day in Rome without having to worry about ATM limits.
The other thing I discovered in the process is that you can set your daily withdrawal limit on your ATM card with BofA. I avoided the fees the ATM transactions charge (usually about 2-3%) but if you don't want to travel with that much cash, you can likely adjust your ATM withdrawal limit to cover your needs. Personally I'd stay away from the 7% fee PayPal wants to charge you but it's a matter of how much cash you're comfortable traveling with.
Either way, make sure you call you bank and tell them you'll be using ATMs in Italy otherwise they might lock you out for fraud protection.
I bank with Bank of America but almost any bank can do this. They can secure Euros for you in 2-3 business days so last week I did the transaction and I now have the Euros I need to pay for the rental upon our arrival day in Rome without having to worry about ATM limits.
The other thing I discovered in the process is that you can set your daily withdrawal limit on your ATM card with BofA. I avoided the fees the ATM transactions charge (usually about 2-3%) but if you don't want to travel with that much cash, you can likely adjust your ATM withdrawal limit to cover your needs. Personally I'd stay away from the 7% fee PayPal wants to charge you but it's a matter of how much cash you're comfortable traveling with.
Either way, make sure you call you bank and tell them you'll be using ATMs in Italy otherwise they might lock you out for fraud protection.
Jun 26th, 2009, 05:55 AM
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7% fee??
That is not what PayPal charges (just got o the site and look through the terms)...I use PayPal, BTW, for the rental I own in Italy and eat the cost myself, as do many other owners - seems high...but, I guess if you do have the option to use cash for free, then they feel you need to pay for the service...anyway...PayPal also has an "ECheck" option which is only $5 per transaction - maybe ask if they would allow you to pay that way instead and just pay the $5? It would take additional time to clear though - sometimes up to two week for international "checks" that way, so I would think you would need to make sure you pay it a few weeks before you arrive to give it time to clear.
?You could also check with your bank about the cost of a wire/bank transfer. It is $25 to send an international bank transfer with BofA...but maybe another bank is less or they will wave it for you if you ask and are a good customer
Italians (and Europeans in general) really like bank transfers and do them all the time - I would think the rental co. would have no problem with that way either. (for $25, you can also get bofa to order you a bank check in Euros...take a week or so for it to arrive at the branch, but it then can be deposited into a local bank in Euros without a problem.
That is not what PayPal charges (just got o the site and look through the terms)...I use PayPal, BTW, for the rental I own in Italy and eat the cost myself, as do many other owners - seems high...but, I guess if you do have the option to use cash for free, then they feel you need to pay for the service...anyway...PayPal also has an "ECheck" option which is only $5 per transaction - maybe ask if they would allow you to pay that way instead and just pay the $5? It would take additional time to clear though - sometimes up to two week for international "checks" that way, so I would think you would need to make sure you pay it a few weeks before you arrive to give it time to clear.
?You could also check with your bank about the cost of a wire/bank transfer. It is $25 to send an international bank transfer with BofA...but maybe another bank is less or they will wave it for you if you ask and are a good customer
Italians (and Europeans in general) really like bank transfers and do them all the time - I would think the rental co. would have no problem with that way either. (for $25, you can also get bofa to order you a bank check in Euros...take a week or so for it to arrive at the branch, but it then can be deposited into a local bank in Euros without a problem.
Jun 26th, 2009, 07:23 AM
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If you are a member of AAA they will exchange for you (2-3 business days) and charge only what banks are charged for buying the currency; no extra fees passed on to you. I have rented many properties in Europe and always use AAA to get the large balance cash amounts. I bring it on the inner purse/wpocket and never a problem. None of the banks I have accounts with have come even close to matching AAA.
