I'll Need 1,000 Euros on First Day

With such a large sum, you're probably better off getting it here from a bank. They will charge you, naturally, but the exchange rate wouldn't be as bad as those that you would experience there. Though, maybe traveller's checks are the way to go with this.

Thank you, Alexander. Travelers checks seem so outdated, but maybe they'd be a good option. If I got them in Euroos, would the person I'm paying have to pay any weird fees?

Obviously Alexander hasn't traveled in awhile! Travelers checks are NOT the answer. If it were me, I would have half of the amount available in each of my two accounts (one credit union and one bank). I would ask both places to temporarily raise my withdrawal limit for my trip, and I would withdraw the amounts on arrival (with a debit card, not a credit card).

I second Nancy's idea. Do not use traveler's checks as no one takes them--even banks! You should call your bank, explain the situation, as well as ask to put your card(s) on travel so transactions will not be denied. Hit the ATM at CDG, and travel!

I realize that all banks are not the same. But Bank of America does allow you, on a hard to find menu, to set higher daily withdrawal limits. (It happens that they also have a correspondent bank in France with no per-transaction fee, but you can't change banks right now.) I presume you're not the biggest depositor at your bank, but it is your own money after all. See what they can do for you, preferably at the "Platform", rather than at the Customer Service Desk. The stakes are high for your bed that night! I never carry Trav Checks anymore because their acceptance is so poor, even in big cities. Hard to believe, but true.

Buying euros here is the worst of your options. Next best would be exchanging there, but ATMs are best. I suggested using two cards because the ATMs might have their own withdrawal limits.

Not everyone has several accounts to be withdrawing large sums of money. Even if their bank changes the amount that can be withdrawn, they'll have to go to another bank's ATM. The Traveler's check idea is not a good one if that's your main source for getting money out. But getting 1000EUR out of an ATM isn't simple. I, personally, never use traveler's checks. But I was just giving an idea. I have an account with Credit Agricole in France. But withdrawing that amount en liquide, that's quite a large sum.

I would approach this problem from a number of different angles. Maybe one or a combination of more than one will solve it. 1. See if you can pay all or part of your rent somehow with PayPal before you go. Some owners will not take Visa, but will let you pay using Visa through PayPal. 2. See if you can pay the owner in installments over several days. 3. Try to get your debit card limit raised for the duration of the trip. $500 is nothing especially if it is at the beginning of a trip and if it is a daily limit. One of my CUs did that without any problems. The 2nd absolutely refuses. I know they are trying to protect me from fraud, but their $400 daily limit is ridiculous. 4. Get some Euros to go. 5. Do not exchange money (dollars for Euros) anywhere in Europe unless you are desperate. Use the ATMs.

I agree with using an ATM in Paris to get your Euros. You should confirm your withdrawal limit with your bank. Although many ATMs here have a $500 limit, my card does not. Even if it does, request a higher limit. Banks seem to be pretty familiar with this concept and you need to notify them that you will be traveling anyway. The ATM limit at CDG is definitely greater than 500 Euros (every ATM I used in Europe was more than 500 Euro, but I was in large cities). I can't recall what it is, but I would bet that you can get 1000 Euros. I got 500 in May (from an ATM in CDG) and I know there were at least 2 options higher than that. Definitely do not get cash using a credit card. Have the bank raise your limit. Plan to get your Euros at an ATM in Paris. Make note of your bank's number that you can call collect if there is a problem.

I agree with bringing some Euros along and with increasing the amount you can withdraw daily from the ATM with your debit card. I took a large amount with me for the exact same reason in My money belt.

Alexander, the idea of the two accounts was to split the amount to meet limitations. It has nothing to do with having lots of money. If you need 1000 euro, you need 1000 euro, whether it's in one account or two. And getting 1000 euro out isn't difficult, but it might take two different accounts to make it happen. Then you could take the whole 1000 out at one time because it's coming from two different places, with two different cards.

Pay attention to Nancy's post. I carry two debit cards tied to checking accounts at two different financial institutions. For me, this is back up since I have never needed more Euros than I could get at one time from an ATM in Europe. My CU also will not raise my daily limit and told me mine is too high already!

Ken, keep in mind that even if your bank raises the amount you can withdraw. The ATM you choose may also have a maximum it will dispense. For example, I once tried to get 600 Euros from BBVA's ATM in Madrid and was refused saying that 400 Euros is the most they would give me even though my bank had authorized the higher amount.

Have you checked with your bank about a wire transfer? It might cost a little more but would eliminate a lot of the hassle.

I don't have enough money to have two checking accounts. As for foreign bank ATM limits, at least in Paris I'd have my pick of no less than three different bank ATMs at most major intersections. If I reach one's limit, I can use another. As of today, the exchange rate I'd get buying Euros through my bank is 1.1865. I'm going to verify because someone there may have gotten it wrong. But if correct, that is a whoppingly good rate. That plus a $12.50 fee for overnight delivery.

Ken, you don't have to have "enough money" for a second account. My second account is with Ally bank, an online bank. They do not have a minimum deposit for a checking account. Since that is my backup account, and since I recently took a trip to Spain, it is pretty empty right now. That account is set up to be able to transfer money to or from my main account, which is my local credit union account. Or open a credit union account locally to you - they generally have a minimum deposit of $25 or $50 to open an account. Then you can split your travel funds between the two, and you can move the money back and forth as needed - or take money out of each account to make your payment.

Ken, the rate you quoted sounds like the rate if you were to sell Euros back to the bank. Usually banks have two rates, a buy rate and a sell rate. They make money both ways.

Ken,
I had similar situations in the past. The two most successful methods that I've found have been to ask my bank to temporarily raise my withdrawal limits for a few days and also to request for leniency from the apartment. Since ATMs are the way to go for exchange rates, I always get my money that way. Once I explained the limit problem to the owner, I have payed by "installments". It only adds a day or two to your payoff, so they may not have a problem. At least, they didn't in the two cases that I employed that method. Good luck!

As of today, the exchange rate I'd get buying Euros through my bank is 1.1865. Euro exchange rate is around $124.3 today. So you're posting the wrong rate. I think you're talking (as has been mentioned here) about selling Euros not buying.

Are you the only one in your traveling party who has an ATM card? If traveling as a couple, it's a non-issue (500 euro each, dear). And I'd be pretty surprised if the apartment owner wouldn't take half on day 1 and the balance on Day 2. I think this does not have to be so difficult or contentious. There are a half dozen ways to make this work using one or more ATMs.

The ATMs at CdG, at least the ones I've seen, are operated by HSBC, which in my experience has a lower limit than other banks. A previous poster insists the ATM limit will be over $500; I will be interested to see what you find there. To be clear, I have used HSBC on several continents with the same results, so the limit is theirs, not my own bank.
The only way to use your credit card to obtain money without grievous interest charges is to make sure the account is carrying a balance in your favour. That means it has enough deposited to pay off all outstanding charges plus whatever cash you want to withdraw.

Honestly, I'd just buy them here. I'm well aware of the difference in exchange rates, but all the other options would worry me. Even if your bank raises your limit, ATMs have their own limits, banks have weird policies re:overseas withdrawals, and it just sounds like a hassle. My mind would be overwhelmed with what-if scenarios. Sometimes it's worth spending a little more for convenience.

Ken - I look forward to hearing how it goes, I am renting from the same company per your recommendation. I was hoping he will take PayPal or some other method, I don't want to carry around cash like that. Have a great trip!

If you read Jerry's whole post, his first sentence is actually quoting Ken's post, only he forgot the quotation marks - and you did the same thing, Michael. Ken is the only one who actually said the rate was 1.1865 (6/26 5:14 post) .

Ken, Under the circumstances, this is likely the method I'd use..... > Obtain €300 or so from your local Bank. That should last for a few days for meals, transportation and incidentals. > Ask your Bank to increase your daily withdrawal limit as high as possible, for the duration of your trip only. > When you arrive in Paris, withdraw €500 (or as much as you can from the airport ATM, keeping in mind that European Banks may impose different maximum limits). > The following day, withdraw another €500 to pay the rent. If you can't get €500, you might have to make withdrawals over three days. Of course, this assumes that the Landlord can wait a day or two for the balance. He should be willing to take €500 for a deposit. Be sure to tell your Bank that you'll be making a couple of large withdrawals for the first few days. Note that your travel funds must usually be in a chequing account with a four-number PIN. It would be highly advisable to have a "backup" card on another account, in case of any problems with your primary card (I've had that problem). As you'll be "maxing out" your ATM withdrawals for the first few days, that won't leave any money for expenses or meals. That would be covered by the amount you obtain from your local Bank prior to departure. I figured €300 would be enough, but of course YMMV. I wouldn't obtain cash from airport exchange bureaus, as the exchange rates or service fees are usually terrible! Cash from ATM's is provided at the "interbank" rate, which is the most favourable. Bon Voyage!

Will your landlord accept a bank draft in euro? If so, open an account with XE Trade. Money will be taken from your checking account by electronic transfer and a bank draft in euro will be made payable to the landlord. You can have the draft mailed to Paris. Or you can have the draft mailed to your home so you can hand it to the landlord in person when you arrive in Paris. Or you can have the money deposited directly into the landlord's account. (This is not a wire transfer. There is a fee for those.) The exchange rate wll be only slightly higher than the international rate on the day your transaction is initiated. Unless you do a wire transfer, there are no fees. For security reasons it takes a little time to set up an account, but everything goes swiftly and smoothly after that.

We rented a house in Edam during the summer of 2010 and another in Brugges. In both cases, the landlord accepted payment via Paypal - convenient for both parties. Perhaps this is an option they are willing to consider?

I travel to many countries (Spain, Portugal, UK, Switzerland) and had no problems withdrawing from ATMs. Credit union banks are the best with the lowest fee $1.50 on mines and good exchange rates. However, I was taken surprise by France's ATM because they require your card to have a EMV chip on the card to withdraw in France. In 2006, for 5 days, I tried over 15 ATMs from various banks all over Paris for several days with no success on several bank cards (regular/credit union issue). I used my credit card for food and cashed in $50 USDs for Euros during the 4th day at an exchange location. Fortunately, I found a bank near a park that finally accepted the same card. Don't quote me on the location since it's been 6 yrs but it was tall building near Jardin des plantes de Montpellier. I recommend having some Euros $100 before the trip or pulling out from your stop over aiports ATMs of other countries prior to reaching France. Or having some USD for exchange (but the exchange rates are much higher) than an ATM withdrawal. Also trying the France airport ATM for the initial withdrawal to assure you can pull from the ATM with the maximum limit (since there is a small fee for the pull) if you intend to use most of it.

'I was taken surprise by France's ATM because they require your card to have a sim chip on the card' Nope, it had to be something else. I use mine all the time without a problem.

You don't have to have a chip in your debit card. Did you forget to inform your bank(s) that you would be traveling?

I suggest bringing at least 500 euros with you to start. Then if you can't get euros out of one of your cards, your rental will still get paid. I went to American Exprress for euros, but for $100 worth, I got 10 euros less than at the AAA office near me. They had the best rate, better than banks. Have a great trip.
Cary T. Brea, CA

I suggest bringing at least 500 euros with you to start. Then if you can't get euros out of one of your cards, your rental will still get paid. I went to American Exprress for euros, but for $100 worth, I got 10 euros less than at the AAA office near me. They had the best rate, better than banks. Have a great trip.
Cary T. Brea, CA