Yet another money question
 

Okay, I know you may think I'm beating a dead horse, but after reading several threads on a similar subject, I still can't find the answer to my dilemma.

I need to pay my B&B host 510E (around $800) upon arrival (first day). I have a $300 limit for getting cash from an ATM (lifting the limit is not an option). So, it seems to me I'm going to have to buy either Euros or Traveler's Checks at my bank here, at least for part of it. Then I'll get the rest from an ATM in Paris.

Shall I get Euro cash or TCs? Or is there some other way I'm not seeing?

Thanks!

Why is lifting the limit not an option?

Euros or TC's will cost you a LOT more than withdrawing funds once there.

I don't understand why raising the limit isn't possible.

Open a second checking account with a separate ATM card linked to it and deposit money into it. Then you'll have two accounts from which to withdraw when you arrive.

Mail or Fedex your B&B host an international draft, keeping in mind you'll pay a small fee for it and the host may have to pay a small fee upon depositing it.

Hello fischerl, have you thought about opening another checking account at another bank? It is always good to have two ATM cards anyway from two different accounts (in case one does not work).
You could shop around and hopefully find a bank that will allow you to withdraw the equivalant of $500.00US dollars. Do be aware though (at least in Italy) the ATM may only allow you to withdraw a certain amount at one time..but you can than go to a different ATM and withdraw more until you have the amount of Euro that you need.

If you decide to get euros in the US, get cash, not travelers checks. It will cost you about $30 more to get E510 here rather than in Europe, if you get the average exchange rate charged by large banks. That doesn't take in to acct daily fluctuations in the exchange rate.

If you are worried, bring the euros with you that you will need for the first day. Go to your local bank and order about 600E. You will pay a premium, but you will have it with you. Get 5-100E notes and one in small bills.
That is what I would do.

With travellers checks you'll have to go to a bank and change them into cash. The host won't take them. Do you want that hassle on your first day? I don't think so.

Get cash. Or (better) get a second ATM card as suggested, which is always good to have as a backup.
ATMs will not allow you to withdraw money from one card more than once a day. Using a different ATM for the second attempt won't work.

A second checking account with a separate card--brilliant! That never occurred to me. I'm so glad that I read this post, because I've run into the same problem in Italy. This is why I love this site. Thank you!

Quokka, with all due respect..one time in Italy I needed more money than the ATM I used allowed. My bank limit was not the issue but the amount the ATM in Italy allowed was the issue. My friend in Italy and I went a block or so away and I used the same ATM card at the second ATM and got the balance of the money that I needed. So again with all due respect, that was my experience.

Will they accept a bank draft? I've often paid for euro bills using this. Costs me $6. You could also wire the money to their bank, more expensive (I pay ~30-$40)

quokka: I totally agree w/ LoveItaly. There may be a limit to each ATM transaction - but one can keep using the card over and over until one's daily limit is reached.

fischerl: Not being nosey - but is there some specific reason you cannot raise your daily limit? Is it against the bank's policy or something? If so - just open another small checking account w/ a different bank/credit union. Between the two you certainly should be able to withdraw your full amount the day you arrive.

Thanks so much for all the replies. Turns out I (or rather, my informant) was mistaken. I was able to raise the daily ATM limit, and bought $200 Euros to start with. As long my card works in the airport ATM, I should be fine. Thanks again! This site is a goldmine of advice!

When we arrived at CDG in July 2006, either the ATM (ground floor)was not working or there was a huge line (can't remember which). Somehow I knew that there was an ATM downstairs by the Post Office and was able to make a withdrawal there.