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2,000 Euros

I rented an apartment in Rome. The balance has to be paid in euros at arrival. I'll be in Paris first. Should I bring travelers cheques and cash them in in paris??? I will be needing to get euros at ATMs for the trip and can't get enough with the limits they set. What to do?

Posted by
35 posts

Forget the traveler's cheques. Instead ask your bank to raise your daily ATM withdrawal limits. The actual machine may have limits too so you would have to use more than one ATM. I set my limits with my bank at $1500/day then was able to pull 500 euro at a time from a few different machines in order to pay my rental fee upon arrival.

Posted by
10344 posts

The situation described by the OP is one of the few situations in which the advice on this forum, in the past, has been that travelers checks may be a personal preference of the traveler that makes sense in this case. It may take more work than it's worth for some travelers to accumulate €2000 in cash from repeat visits to ATM's. You could also get the cash in the US before leaving, but some travelers may not feel comfortable walking around with almost $3,000 in cash (€2000 x 1.45).

Posted by
7209 posts

It's easy to get 2000 Euros from your bank or AAA before you leave your country. It's also easy to carry them in your moneybelt or neckpouch. I would use travelers cheques as a last resort.

Posted by
319 posts

Can you ask the apartment owner if you could do a bank transfer instead? You could set one up to pay on the day or day before you arrive. I never feel safe carrying that much $ around with me so I try and do a bank transfer if it is possiable.

Posted by
35 posts

Yes, I see your point Kent but I have to say accumulating that much in cash wasn't at all difficult or time consuming. It was really easy. And all the cash was carried in my around the waist money belt for max 4 hours before handing over to the rental agency. I started accumulating at at the airport in Amsterdam where we caught our connecting flight to Rome. ATMs are everywhere so it was convenient too.

Posted by
204 posts

What about a bank draft in Euro's for the amount required.

Posted by
4 posts

Thanks guys, silly to never think of raising the limit at the bank. I looked at AAA and they charged me 100$ for 62 euros.

Posted by
7209 posts

Bank Drafts are quite expensive AND once the money has been sent there is no way to retrieve it...so you had better be 100% sure.

Posted by
23269 posts

I hope you didn't an Euro from AAA -- the upcharge is about 13%.

Posted by
831 posts

lynne,
Since you are renting an apartment I assume you are not travelling alone. If you are with a spouse and have a joint checking account ask the bank if the limit is per card or per account. Many banks do it per card. Remember to raise the limit on both. Then open another account at another bank or credit union (always a good idea to have a backup), this will double the amount you can withdraw. Think of it as a travel account and pick it for travel features, thngs like it is free, no fee for using out of network ATMs, low or no foreign transaction cost, etc.
ATMs in Italy will have a transaction limits just like the US but you can perform multiple transactions until you reach the limit your bank has set. If you don't want to carry that much money just wait until you get to the apartment and ask the owner where the nearest ATM (bancomat) is. They will probably walk you to it and you can pay as soon as you withdraw. Best to check the Visa ATM locator so you know where the nearest ATM is in case the key holder is not familiar with the area.

Posted by
3580 posts

I bought Euros through my bank at home (Bank of America) in March. I paid a few % over the official rate, plus a $7.50 delivery fee. I carried the money in my moneybelt and so had the cash as soon as I arrived. Unless you are going to be in Europe for a while before arriving at your apartment, I would just take the cash from home.

Posted by
7737 posts

The apartment owner may tell you that there are no bancomats (Italian for "ATM") nearby and therefore you better arrive into Rome with cash in hand. That's what ours told us about the Trastevere neighborhood apartment we had reserved. But let's just say charitably that she was less than fully truthful. There were bancomats everywhere, with one being maybe 50 yards away. I'm assuming she didn't want to take the chance that we wouldn't be able to withdraw enough to pay her the 700 or so euros that she requested up front for the entire rental.

Posted by
7560 posts

In the event that your Bank will not raise the limit, another option I have used is a cash advance on a credit card. One of my mastercards allows withdrawals at an ATM via a PIN (or I could go to a bank) with very high limits. I get the money at a very good rate (1 to 2% above Interbank, avoid a card with excessive fees) with the caveat that interest accrues immediately. However, with Online transactions, I can transfer money online from my bank account to my credit card as soon as the transaction ahows.

Posted by
77 posts

Another alternative you might want to consider is to open another bank account in the States. For various reasons, including business, my wife and I use two separate banks and have two accounts at each. At our banks, we can have an ATM for each account. And we always take at least two cards when we travel in case there is a problem with either one. And with two cards, you can double the amount of money you withdraw per day.

Just a thought.