Legal Question in Business Law in New York

payment with foreign currency

is it legal to accept Euros as payment at

a restaurant?


Asked on 2/21/08, 11:29 pm

1 Answer from Attorneys

Nancy Delain Delain Law Office, PLLC

Re: payment with foreign currency

A restaurant (or any business) can accept any currency as payment (euros, yen, rubels, whatever). However, that currency must be converted to US dollars before it can be easily spent or banked in the USA. The business owner should be prepared to pay the conversion fee to go from euros to dollars, which may lower the net income from the sale.

I have a little trouble understanding why the restaurant, which business in general runs very, very close on its profit margins, would take on the added expense of converting currency...?

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

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Answered on 2/24/08, 9:56 pm


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