Legal Question in Business Law in New York
payment with foreign currency
is it legal to accept Euros as payment at
a restaurant?
1 Answer from Attorneys
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...?
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