Hi, I'm renting an apartment in France in October and am required to pay the remainder of my rent balance in euros cash or euros travellers cheques. I am also required to pay my security deposit (quite steep: 2000 euros) when I arrive by CASH either in euro or US dollar. I need some advice on how I am to travel with this much money in my pocket. I will not be going straight to France but will be traveling around London as well. I will also be continuing to travel after my time in France, when they will be handing me my large sum of money back. Any suggestions on how I can either withdrawel or exchange the money on my arrival so that I don't have to carry it around?
Posted by
Pantego, NC, USA
1014 posts
Go to your bank and increase your withdraw limits to 2600.00 or more. Take what a Euro sell at, now around 1.28 and multiply by 2000 is around 2600. That way you can withdraw that much per day. You might have to go to more than one ATM to get that much. Travelers checks cost to much to process. If you take US dollars, it costs less but you cannot use them in Europe unless you go to a money changer, which again costs a bunch in fees.
Posted by
New York, NY, USA
76 posts
This landlord is taking advantage of you. You need to find a different apartment. There are plenty available!
Posted by
Dreaming of my next trip to Europe
273 posts
It doesn't always matter what your US bank will let you withdraw in the US. I have a high limit here but the ATM's in Paris would never let me take more than $300 at a time. I would be worried about getting my deposit back at I have never heard of such a high deposit being required. I use Vacation in Paris and their deposits are very reasonable.
Posted by
Sherman Oaks, CA, USA
262 posts
Jenn, I think the security deposit is excessive. I am renting an apartment in Paris that is 1100 euros a week with a 500 euro deposit. It is a very nice apartment and they are asking for a reasonable deposit. I say look elsewhere! Happy Travels!
Posted by
Tacoma, WA, USA
671 posts
I would not pay that much. I passed up a lot of apartments for excessive deposits. That's more than I've paid for homes I have rented for years. With pets.
Posted by
Minneapolis, MN, USA
8700 posts
Ask the landlord if he/she will accept a bank draft in euros. If so, open an account with XE Trade, www.xe.com/fx. Money will be taken from your checking account by electronic transfer and a bank draft in euros will be made payable to the landlord. Have the draft mailed to your home rather than to the landlord and give the landlord the draft when you arrive. The exchange rate will be only slightly higher than the international rate on the day the transaction is initiated and there are no other fees.
Posted by
OP
Seattle
13 posts
Just got a response from owner that he is willing to take a bank draft in US dollars for the security deposit. MUCH better option for me...don't have to carry the US cash around with me on my trip, just the check. As far as the rest of the rent that is due in euros cash or euros travelers checks...has any been able to obtain euro travelers checks from their bank in the US or is this something I have to do in France?
Posted by
Minneapolis, MN, USA
8700 posts
Since the owner is willing to take a draft in US dollars for the security deposit, he certainly should be willing to take a draft in euros for the same purpose. Get one from XE Trade as I suggested. Get euros from ATMs during your stay in France to use to pay the balance of your rent (minus the security deposit which I presume the owner would apply to the rent at the end of your stay).
Posted by
Grapevine, TX, USA
875 posts
That sounds like an artificially high deposit unless you are renting a major chateau. I would probably try to find a different apt.
Posted by
San Francisco, California, USA
446 posts
I concur with others here that the security deposit seems much to high. I would look for another apartment with better terms. Also, while the landlord agreeing to take US Dollars or Euro travelers checks for the deposit may seem convenient, the fact is that you will probably end up paying more than you should because of the exchange rate. First of all, what exchange rate does he propose to use for the US Dollar transaction? He will probably set it high because if he takes Dollars, he has to go to a bank himself and exchange them, which is a bad deal in France. As to Euro travelers cheques, if you buy those, you will not only pay a commission to AMEX to get the checks, but they will not give you a good exchange rate. If you do decide to go through with this transaction, opening an account with XE Trade and getting a Euro bank draft from them is a better option. Still another issue I see is, what are you going to do with the 2000 Euro deposit when you get it back after vacating the apartment at the end of your stay? You will lose a significant amount if you convert it back to Dollars. All in all, this seems like not a very good deal.
Posted by
Bloomington, IL, USA
9371 posts
Tyler, if it's for a security deposit, there should be no issue with the exchange rate unless Jenn damages the apartment. The draft should be returned to her uncashed after the rental period, and she can cash it back in at home. She should get the bank draft in dollars and cash it back as dollars.
Posted by
San Francisco, California, USA
446 posts
"Tyler, if it's for a security deposit, there should be no issue with the exchange rate unless Jenn damages the apartment. The draft should be returned to her uncashed after the rental period, and she can cash it back in at home. She should get the bank draft in dollars and cash it back as dollars." That would be the best deal, yes, if the landlord agrees, but she should make sure that is what he is going to do. He may want to cash the draft to make sure it is good, in which case she would get Euros back.