February 7, 2008
Move Over, Dollar - NYC Stores Accept Euros
In a sign of these struggling economic times, more than a few New York businesses are making it clear that money is money, whatever the currency. Reuters spoke to a few business owners who explained why they are open to moneys from foreign lands.
East Village Wines' Robert Chu said, "We had decided that money is money and we'll take it and just do the exchange whenever we can with our bank...[S]ome days, you'd be surprised at how many euros you get." And Billy's Antiques owner Billy Leroy said, "I'm happy if I take in 200 euros, because what I do is keep them. So when I go back to Paris, I don't have to go through the nightmare of going to an exchange place." Here's the Reuters video - it starts off with a shot of the East Village, explaining that "it's not Fifth Avenue" but it is still Manhattan!
A year ago, the city's tourism arm showed how items are cheap for Brits, compared to how much they'd cost in London. What the city hasn't told tourists is that if you're traveling with kids and you get sick, your kids might end up in the clutches of ACS.
Photograph of 200 in euros by Skaines on Flickr
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"It's not Fifth Avenue" -- Damn straight! That's my street!
This is just some newswire coming up with something. It's all over CNBC like this is something groundbreaking. I remember talking to Mr. Chu about his acceptance of Euros several months ago. I think they've been doing it for a couple years now.
I actually work in foreign exchange, and they give horrible rates, but liquor taxes here are so much lower than many places in Europe, and the Euro is now so strong, that tourists can still save a lot there.
He does free scotch tastings too.
This isn't a story at all - two stores start accepting Euros in the East Village and it's all of New York? Some news, it's just two places!
Wasn't there a restaurant chain in Texas that started accepting payment in pesos from their clientele? Some people had an absolute fit. Ah yes.
For course Texans were angry a Texan pizza chain accepted pesos for payment.
They were stinking Mexicans and not white Europeans.
Funny that this story breaks just as the dollar is showing signs of life against the Euro - even if it turns out to be a short term trend.