Personal Finance

Accepting Euros While in Europe

  • Last Updated:
  • Aug 3rd, 2017 10:56 pm
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[OP]
Newbie
Jan 5, 2013
4 posts

Accepting Euros While in Europe

I'm currently studying abroad and am staying at a location that required a deposit that will be returned when I leave. I paid for the booking with PayPal and I was wondering if there was any way to receive the deposit back in Euros that I can spend while I am here without it being converted back to CAD. The only options they offered was via bank (IBAN/SWIFT) or Paypal (I do have a PP business debit card). I tried opening a bank account locally, however because I am only studying short term I do not have a visa / study permit which is required to open an account. Would accepting the deposit back into PayPal and using my debit card to withdraw be the best option? Any other suggestions would be appreciated.
2 replies
Newbie
Jul 14, 2017
30 posts
29 upvotes
It's too bad that Transferwise still doesn't have a debit card to go with its Borderless account. With Transferwise, you can set up an online account that will hold euros and can receive and send payments just like any European bank account (I believe). But without the debit card, it's hard for you to use the euros day-to-day.

Maybe you can get a prepaid debit card in euros, and maybe you can get the deposit that's owed to you sent directly onto the card. (See here, for starters https://letstalkpayments.com/top-12-pre ... order-use/ ) (I don't have any experience using these, so I don't know what will work; I'm just researching it now myself.) Or maybe if a transfer can't go directly to the prepaid card, you can set up the Transferwise borderless account in euros, get paid to your Transferwise account, then move it onto the prepaid debit card. Or get the help of a friend who has a European bank account; perhaps the friend could get you the prepaid card too, if you're not eligible as a non-resident.

Even if that works, though, there's the issue of security, how much money you're talking about and if it's safe to carry that much around on a prepaid card.

I'm curious about this, so please let us know if you figure something out!
Newbie
Jul 14, 2017
30 posts
29 upvotes
I took a quick look at the first one on the list, Worldcore, and noticed there are card set-up fees as well as transaction fees. If they're all like that, you might actually be better off converting the funds at once into a CAD account using a service that gets the best possible rate (I've used Transferwise, which has been pretty good, perhaps there's something better I don't know) and then try this Mogo Prepaid Visa which is Canadian and has no foreign transaction fees: https://www.mogo.ca/mogo-card . It has ATM fees though. So perhaps that works out to be about the same as your Paypal Mastercard, not worth the trouble...

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