Euros or Cash
 

Hi,
I'm renting an apartment in Paris for twelve nites during the month of Sept. The owner is requesting $1,350.00 in cash(Euros) or travelers check upon arrival.This means that before I leave the US, I must obtain one or the other. Which is best the cash or the travelers check? Which Institutions have the best conversion rates?

You will get more help over on the Europe forum.

Unfortunately it isn't a simple problem. If there are two of you, both w/ ATM cards, you can get most of the € upon arrival from ATM machines. This would be the cheapest (by far). You would need to ask your bank to raise your daily limit - which is just a formality for most banks/credit unions. You also would need to hit more than one ATM or do multiple tranactions in the same machine in Paris since there is often a €250 per trans. limit.

If you rely on &euro; travelers checks you will pay quite a premium. &quot;<i>Which Institutions have the best conversion rates?</i>&quot; -- none really. If a bank/AAA says &quot;no fee&quot; they hit you w/ a really adverse exchange rate.

Something about this doesn't sound right to me.

Do you get to see the apartment before you cough up the $1,350?

If I were determined to go through with the deal, I would buy travelers checks in Euros (which I could spend in other ways in case the deal goes sour).

happytrailstoyou's answer is why you should post this over on the Europe forum.

1) Many Parisian flats are paid in full BEFORE arrival, and all of the rest upon arrival before/when the key is collected. That is just the way things work -

and 2) &euro; travelers cheques really can't be spent anywhere. They must be exchanged for &euro; currency in a full service bank w/ very high fees. Stores, restaurants and even most hotels will not accept &euro; travelers cheques. You are lucky the landlord does accept them. But I'd still get most of the cash from ATMs after you are in Paris.

I said, &quot;Something about this doesn't sound right to me&quot; because, I too, would expect to pay in part or whole before my arrival.

Since one most likely won't be able to withdraw $1350 in Euros on the first day in Paris, do you advise going to a US bank and buying $1350 in Euros?

As explained in my first post - &quot;If there are two of you, both w/ ATM cards, you can get most of the &euro; upon arrival from ATM machines&quot;

If one's daily limit is $500 and both the husband and wife have a card - then w/ just one checking acct there is $1000 right there. But when I have a big cash payment due on arrivalI I have my bank raise my daily limit to $750 or even $1000. So very easy to get $1350 on one day if there are 2 ATM cards.

Now, you can't get that much from one transaction - so you'd need to do more than one withdrawal and possibly have to hit more than one machine since there are per-transaction limits on French ATMs. But for instance, if you are landing at CDG there are several ATMs scattered through the terminal.

Lots of luck using this scheme.

If you pay for the apartment using Euro travelers checks, you won't need to worry about what it costs to cash them.

Have you thought of staying in a hotel you can leave if you don't like it?

L.M. Sunshine

While i would agree that ATMs are far preferable to travelers checks when traveling abroad in almost all cases, it seems to me that the simplest solution here is to get travelers checks in euros amounting to 1350 euros before you leave, simply hand these over to your prospective landlord, and be done with it. Many banks, etc. issue travelers checks in euros or go to Thomas Cook. The only downside would be if the deal falls through and you're stuck with the travelers checks, but you could weigh the risk of this happening.

Don't even bother posting this question on the Europe Board. Just read any of the 246,983 posts on the topic of ATMs, cash, travelers checks and credit cards in Europe and you will have all the info you need.

The best exchange rate and therefore the cheapest option is to use ATMs. Bring some cash with you and then get your limit raised if you need. We always get our limit raised before a big trip. It really just takes one phone call.

We never, ever get foreign currency before we go or use Travelers Checks. However, we don't have money to burn. If you are okay with the lousy exchange rate and hassle, go for it.

Have a great trip. Paris is wonderful.

&quot;<i>Lots of luck using this scheme.</i>&quot;

No luck required. Veteran travelers understand the best exchange rate - by far - is using ATMs. I've done this exact thing several times, only usually for cheaper apartments so only had to make 2 wothdrawals.

And as Taitai says - there really is no reason to post this over on &quot;Europe&quot; since there are a couple hundred threads already there that say pretty much the same thing

Somebody supposes that those on the US forum never go to Europe and are unknowledgeable about it. Sorry, but many of us know the benefits and the pitfalls of ATMs in Europe, Asia, South America, Africa, and elsewhere. Please restrain yourself.

L.M. Sunshine

I never said those of us on the USA board aren't veteran travelers. <b>Of course</b> many do know about ATMs and foreign exchange. I merely said &quot;<i>Veteran travelers understand the best exchange rate - by far - is using ATMs.</i>&quot; . . . . and they do.

It just makes more sense to research this on Europe since it is an issue for nearly <u>everyone</u> on that forum.

Thanks to all. This informtation has been most helpful.

If you have an ATM card on a network you can use in Paris, AND, a sufficient daily withdrawal limit, that would be the most economical method of obtaining cash/Euros. However, you still may have to visit more than one ATM for the total needed, as the ATM/bank may have its own limit per transaction. If your bank will not/cannot raise your daily limit, it's possible/probable the landlord/agent will agree to installment payments over several days.

Obtaining cash/Euros before leaving is likely the least economical.

If you are a AAA member, there is no fee for travelers checks in Euros, but you need to check their rate versus the interbank (ATM) rate. In my experience (though I haven't checked recently), this is still more economical than acquiring Euros/travelers checks stateside.

You could also investigate xe.com for sending payment. Rates are favorable and fees are low, but you may find the sign-up/registration process cumbersome and time-consuming.

It is definitely not the least bit unusual to be required to pay the balance of your stay before or upon arrival. We are staying in an apartment in Paris where final payment is due 60 days prior to arrival. We've stayed with them previously, and there is absolutely nothing &quot;not right&quot; about this.

A combination of methods could also be used. If your ATM daily limit is $1000 (which is the typical max), you could bring $350 with you and withdraw $1000 upon arrival...

Keep in mind that many US banks are OFFLINE in the early morning hours, just when you will be arriving in Paris. So, if your ATM transaction is rejected, just wait a few hours.

LM Sunshine, please restrain YOURself.

Certainly people from the United States go to Europe (duh) but for the sake of organization on the Fodor's forum it is easier if you ask your questions on the appropriate board of where you are traveling TO, not where you are from.

In this particular circumstance that genocoop finds him/herself, I would probably go with TC's gotten free from AAA and take the hit on the conversion rate.

Genocoop,

You are in a double-bind: neither option is desirable.

Note the hair-pulling catfight you have started. All claws are out.

Please let us know your decision so we bury the hatchet and move on.

Happy Trails to You

You Guys are just Great...Everyone has been most helpful.I contacted two of my banks and the access fee is $2.00 and $2.50. They also explained that there is a additional fee for using the International ATM'S. Of course they could not provide me with the amount they charge. Does anyone have any idea as to what the approx fee is? Also, when you say that the International ATM'S give a better rate of return what is the average.

Please put this on your reading list: &quot;It Would be So Nice if You Weren't Here,&quot; by Charles Grodin.