Help with large lump-sum when traveling.

July 29, 2012 2:36 PM

How to pay for apartment in The Netherlands? We are close to signing a lease for an apartment in Amsterdam for three months. How do I deal with a large lump-sum payment? We are coming from The States.

I want to arrange with the real estate broker to pay for our three month lease once we arrive. Fees, deposit, rent and tax will total to about €5,000. I realize that an EFT from my bank before we leave would be easiest, but I'm cautions of paying too much before receiving the keys and taking possession of the property.

We have had friends in Amsterdam look at the apartment for us. The broker and their website seem legit. I have spoken to the broker on the phone. This week we will be signing the lease and I want to arrange to pay as little as possible before arriving.

Can I write a personal check from my American bank in Euros? Would a cashier's check be acceptable in this case? Is my best bet carrying cash?

I'm trying to scope out my options so that I can be informed when making the arrangements.

Thanks for your thoughts.

posted by humboldt32 to Travel & Transportation (12 answers total)

Can you set up a wire transfer from your bank, all you usually need to do is send a fax (! YES FAX) to send the wire transfer through. Your local bank manager should be able to set it up. Then you just send the request when you're ready to send payment.
Maybe traveller's cheques? - Find out where you can cash them in Amsterdam, then at least you're not carrying cash until after you convert them.
posted by defcom1 at 2:40 PM on July 29, 2012

Can I write a personal check from my American bank in Euros?

No. Even if you could write a check on a US account in dollars it would take six weeks to clear.

Would a cashier's check be acceptable in this case?

No. Again, it would be drawn on a US bank and take weeks to clear, despite the fact that you will be convinced it should not.

Is my best bet carrying cash?

If you do not wish to do an EFT transfer, yes. In Euros. They will not take dollars.

Alternatively, ask them if the take debit cards. They may.
posted by DarlingBri at 2:47 PM on July 29, 2012

If you can handle carrying it in cash, that's certainly going to be the easiest. For an amount less than $10,000 there should be no problems other than the usual personal security precautions. My US banks won't wire money without physically signed forms being taken to them with ID, unless special arrangements have been made.
posted by anadem at 4:24 PM on July 29, 2012

You could use a foreign exchange service like hifx
I've used them a few times and I'm pretty sure you could load up your account with $ before you go, then make the payment when you arrive in The Nederlands. As a bonus you normally get a better rate than with EFTs
posted by Sturdy at 12:22 AM on July 30, 2012

When I moved from the US to the Netherlands, I paid for my apartment in cash. The holding company was happy with that.

When I had to pay rent the next month and didn't yet have a Dutch bank account, I arranged a transfer at a GWK Travelex desk. You can also pay bills that come with an "acceptgiro" through GWK. Their fees are terrible, but it gets the job done.
posted by neushoorn at 12:49 AM on July 30, 2012

I have friends who paid cash for this. I, however, effectively received a wire transfer to a GWK office, then had them transfer it to the broker's account.

You can also look into doing this yourself via the web from your American bank account.
posted by knile at 2:59 AM on July 30, 2012

You can also look into doing this yourself via the web from your American bank account.

This is the way to go. All you need is an account number and SWIFT address.
posted by three blind mice at 5:53 AM on July 30, 2012

This is the way to go. All you need is an account number and SWIFT address.

But transit time will vary. I've had it be same day or up to three days. If the OP wants to hand over keys based on payment, I think he's specifically looking for instant funds transfer (which is why I did not suggest HiFX, which I recall as being overnight.)
posted by DarlingBri at 6:07 AM on July 30, 2012

You can also look into doing this yourself via the web from your American bank account.

Could anyone explain this in a bit more detail? Is it via a third party?

Thanks so much for all the responses.
posted by humboldt32 at 7:43 AM on July 30, 2012

It's not via a third party, but from one financial institution to another. As three blind mice said, you'll need their account number and SWIFT/IBAN codes. Dutch brokers will have these at the ready & happily give them over to you. DarlingBri is right about variation in time, so be aware of that.

FAQ from Bank of America on wires
FAQ from Chase on wires
FAQ from Citibank on wires

FWIW, these transfers are safe & relatively straightforward & I use them literally every other month without issue.
posted by knile at 8:11 AM on July 30, 2012

We used wire transfer for our deposit and first/last for an apartment in Paris from our Canadian bank.
posted by dripdripdrop at 9:04 AM on July 30, 2012

FYI, THE HiFX website states:

"Please note, we are unable to offer our money transfer services to clients located in the United States of America (USA) and Quebec (Canada). For clients located in other Canadian provinces we can provide spot transfers (but not forwards or regular payment agreements).

All clients located outside of the United States and Canada can still use the service and make international payments to / from the United States of America (USA) and Canada."

I found another AskMe that suggested XE Trade which I'm following up on right now. I'm not finding an on-line EFT option from my bank, but I will stop into my branch later today.
posted by humboldt32 at 10:30 AM on July 30, 2012