Need euro help!!
Oct 31, 2011, 11:57 am
#1
Original Poster
Join Date: Oct 2011
Posts: 25
Need euro help!!
Hi everyone, I am traveling to Germany on Friday, but I will have a stop in London on Saturday. I will get to Germany on Sunday, but have to pay my landlord her euros for the month I will be staying in the apartment. I have to pay it all in cash on Sunday. I just got back from my credit union to see if they could raise the limit while I am in Europe so I can pay my rent, but they said that the daily lilmit is 400 dollars. There is no way I will have the money to pay to my landlord. I do have another account with a bank with a bank card, so I will have to see if they could raise the limit as well. If not, does anyone have any idea how I can exchange my money to pay my rent? I wish the landlord took credit card or check, but she wants cash...this is stressing me out! 
Oct 31, 2011, 12:05 pm
#2
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Can't you just take cash US dollars with you and buy Euros when you arrive at FRA Sunday (or wherever in Germany)?
Oct 31, 2011, 12:15 pm
#3
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See if there is any private money changers in your community that can change USD to EURO, their rates are usually better than banks.
Airport or those that are open on Sunday in Europe is not going to give you good rates.
Airport or those that are open on Sunday in Europe is not going to give you good rates.
Oct 31, 2011, 12:15 pm
#4
Join Date: Mar 2007
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Depending on where you are, you can also buy euros in the states. Many banks have them on hand (if you are in a large city). It will cost, but probably no more than the exchange booths in FRA.
Will your landlord take a partial payment on Sunday with the rest on Monday? You could then get to a bank with a better exchange rate.
Will your landlord take a partial payment on Sunday with the rest on Monday? You could then get to a bank with a better exchange rate.
Oct 31, 2011, 12:57 pm
#5
Join Date: Oct 2007
Location: Munich, Germany
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The common way to pay your rent in Germany is by direct transfer from your banking account to the landlord's account. So I recommend that you get a German checking account (Girokonto) as soon as possible. Especially if you intend to stay for a longer period in Germany.
To solve your immediate problem. Withdraw US Dollars from your account and exchange it for Euros at the airport.
Oct 31, 2011, 3:52 pm
#6
Join Date: Oct 2002
Location: UK
Posts: 7,560
If you don't want to carry large amounts of cash there is always the option of paying by international bank transfer (or "wire" as our American customers call it). There is likely to be a hefty fee for the service, but at least you won't be in danger of being robbed. As caspritz78 has explained bank transfers are very much the normal and expected method of making payment in Germany, and I am sure the landlord will be happy to provide you with bank details on request.
Failing that... as others have said, just take cash!
Failing that... as others have said, just take cash!
Oct 31, 2011, 4:17 pm
#7
Join Date: Dec 2009
Posts: 163
One of the worst exchange rate you can get is at the airport, as already mentioned. So if I were you, I'd get it in US before I leave, better than doing the exchange in Europe!
Oct 31, 2011, 9:00 pm
#8
Original Poster
Join Date: Oct 2011
Posts: 25
Thanks everyone for the suggestions. Yes, at first my landlord wanted me to transfer the money from my account to her account, but the bank I have in the US wouldn't do it in Euros, only US dollars, so she told me to bring her the full amount in Euros when I arrive. I'll only be in Germany for a month. I went to my other bank, and I was able to buy Euros on their website, so I will have the money on Thursday. I'm just relieved to have the rent on hand so I can give it to my landlord on Sunday. When I need a smaller amount of money, I will withdraw from the atm.
Nov 1, 2011, 3:35 am
#9
Join Date: Oct 2002
Location: UK
Posts: 7,560
The money would have left your account in dollars and arrived in the landlord/landlady's account in Euro.
Nov 1, 2011, 4:15 am
#10
Join Date: Apr 2002
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Nov 1, 2011, 7:42 am
#11
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if you have a stock brokerage account, you can get an ATM card from them. most have very large withdrawal limits(over 1000) and a good exchange rate(about 1%).
i have made an arrangement and paid the $400 for a number of days to cover the total cost.
best would be to get the money in travelers checks at $us 100 each. take them with you, and find out where in germany you can get the best conversion rate. i have had little to do with german "street" conversions. my business conversions have all been at a much inferior rate to other western european countries.
i would go back to your bank and find out what world they live in. i have made bank transfers from us dollars in european currencies from both large and tiny banks. actually got the best service from the small guys. they do not have exchange facilities, but they use a large bank to get the job done. if you are dealing with BoA, you deserve to suffer. they are terrible.
i do not know if AAA still sells amex tc's in forn domination. they used to charge about 1.5-2%.
i have made an arrangement and paid the $400 for a number of days to cover the total cost.
best would be to get the money in travelers checks at $us 100 each. take them with you, and find out where in germany you can get the best conversion rate. i have had little to do with german "street" conversions. my business conversions have all been at a much inferior rate to other western european countries.
i would go back to your bank and find out what world they live in. i have made bank transfers from us dollars in european currencies from both large and tiny banks. actually got the best service from the small guys. they do not have exchange facilities, but they use a large bank to get the job done. if you are dealing with BoA, you deserve to suffer. they are terrible.
i do not know if AAA still sells amex tc's in forn domination. they used to charge about 1.5-2%.
Nov 1, 2011, 7:45 am
#12
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The money leaves your account, your bank and arrive at destination bank in your currency. The destination bank then converts it for a fee and take their pound of flesh and then deposit the leftover amount in local currency into the payee's account.
Nov 8, 2011, 11:38 am
#14
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There is also holds on funds transferred into new accounts which can be as long as 30 days for international transfers.
Nov 9, 2011, 1:19 am
#15
Moderator: Lufthansa Miles & More, India based airlines, India, External Miles & Points Resources
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The large US Banks I've had experience with (BoA and Chase) transfer in both USD and EUR. BoA actually prompts you which currency you would like to use. Its cheaper (about 35$) to wire USD amounts to Germany, your local bank will charge you a small fee to process the conversion. My local provincial sparkasse charged me 7.5€ for the work, but converted at the days interbank rate. A colleague did both the BoA USD and EUR transfer to his Deutsche Bank account and the USD transfer was cheaper for him. We tried this with 10000 US$ each time.
While many things may be said about big banks, local credit unions really don't cater to the international banking segment. My advice would be to open a BoA checking account asap and us it for such things. BoA has agreements with various banks that allow fee free ATM use when travelling. I had a Deutsche Bank and BoA debit card each for just this purpose. The above mentioned 400/600$ daily limit is a limiting factor though.
More on the BoA ATM deal:
http://www.bankofamerica.com/deposit...c_faq_ATM#qn45
While many things may be said about big banks, local credit unions really don't cater to the international banking segment. My advice would be to open a BoA checking account asap and us it for such things. BoA has agreements with various banks that allow fee free ATM use when travelling. I had a Deutsche Bank and BoA debit card each for just this purpose. The above mentioned 400/600$ daily limit is a limiting factor though.
More on the BoA ATM deal:
Bank of America is a member of the Global ATM Alliance. The Global ATM Alliance is a group of financial institutions that have created the world's first international ATM Alliance.
Use your debit card or ATM card within the Global ATM Alliance in the countries shown with no ATM operator fees or Non-Bank of America International ATM Fee. International Transaction Fees of 1% for converting your currency may apply. Some members may have locations in countries other than the country listed in the coverage area. Only ATMs in the country listed are considered part of the Alliance.
Bank Name Coverage Area
View Banking Centers and ATM locator of Bank of America United States
View Personal Banking Page of Barclays Bank United Kingdom. United Kingdom countries include: England, Northern Ireland, Scotland, Wales, Jersey, Guernsey and the Chanel Islands.
View Bank Agency locator page of BNP Paribas Bank France
View Home Page of BNL D'Italia Bank Italy
View Branch locator of Deutsche Bank Germany
View Branch and ABM locator of Scotia Bank Canada and the Caribbean. Caribbean countries include: Anguilla, Antigua & Barbuda, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Netherlands Antilles (St Maarten), St Kitts-Nevis, St. Lucia, St. Vincent & The Grenadines, Trinidad & Tobago, Turks & Caicos Islands, US Virgin Islands
View Home Page of Westpac Bank Australia and New Zealand
In addition, Bank of America has arranged for you to use your debit or ATM cards in China at China Construction Bank ATMs (China Construction Bank ATMs in Hong Kong are not included) and in Mexico at Banco Santander with no ATM Operator Fees or Non-Bank of America International ATM fee. International Transaction Fee of 1% for converting your currency may apply.
Use your debit card or ATM card within the Global ATM Alliance in the countries shown with no ATM operator fees or Non-Bank of America International ATM Fee. International Transaction Fees of 1% for converting your currency may apply. Some members may have locations in countries other than the country listed in the coverage area. Only ATMs in the country listed are considered part of the Alliance.
Bank Name Coverage Area
View Banking Centers and ATM locator of Bank of America United States
View Personal Banking Page of Barclays Bank United Kingdom. United Kingdom countries include: England, Northern Ireland, Scotland, Wales, Jersey, Guernsey and the Chanel Islands.
View Bank Agency locator page of BNP Paribas Bank France
View Home Page of BNL D'Italia Bank Italy
View Branch locator of Deutsche Bank Germany
View Branch and ABM locator of Scotia Bank Canada and the Caribbean. Caribbean countries include: Anguilla, Antigua & Barbuda, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Netherlands Antilles (St Maarten), St Kitts-Nevis, St. Lucia, St. Vincent & The Grenadines, Trinidad & Tobago, Turks & Caicos Islands, US Virgin Islands
View Home Page of Westpac Bank Australia and New Zealand
In addition, Bank of America has arranged for you to use your debit or ATM cards in China at China Construction Bank ATMs (China Construction Bank ATMs in Hong Kong are not included) and in Mexico at Banco Santander with no ATM Operator Fees or Non-Bank of America International ATM fee. International Transaction Fee of 1% for converting your currency may apply.
