Stores In NYC Start Accepting Euros

The dollar just isn’t what it used to be, ya know? “Euros accepted” signs are popping up all over NYC as shopkeepers (for one) welcome our new tourist overlords:

“We had decided that money is money and we’ll take it and just do the exchange whenever we can with our bank,” Robert Chu, owner of East Village Wines, told Reuters television.

“We didn’t realize we would take so much in and there were that many people traveling or having euros to bring in. But some days, you’d be surprised at how many euros you get,” Chu said.

“Now we have to get familiar with other currencies and the (British) pound and the Canadian dollars we take,” he said.

“Euros Accepted” signs pop up in New York City [Reuters]
(Photo:strobist)

Comments

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  1. blurey says:

    thats good news. it means money is coming into the country.-blurey

  2. rdldr1 says:

    *Sigh* If only Bush concentrated on the US economy than his personal agendas. I am sure the country will eventually recover, as soon as he leaves office/gets impeached/gets assassinated.

  3. Helmut Spargle says:

    Welcome to New York, European tourists!

    As Americans have figured out, liquor stores are the best place the exchange currency and/or cash checks.

  4. firefoxx66 says:

    Ah, I remember the days when the dollar was worth more than the euro… I hate euros. So ugly.

  5. Bladefist says:

    @rdldr1: wow you’re a new breed of idiot.

    The over spending originated in the highly regarded congress. The war did not cause this. Bush was too liberal on spending.

  6. rdldr1 says:

    Why take Euros? Because the US dollar’s value is tanking right now. The country is facing a recession, and more money is leaving the country than what is coming in. Prices across our economic board is coming up. OUR loss, is the European tourist’s gain. Thats why international business people, most notably Gisele and Jay-Z, rather take Euros than an internationally weakening dollar.

  7. Bladefist says:

    Meaning he signed off on too many of the bills that liberal congress created. You add that too the subprime melt down, caused by the people who bought houses they couldnt afford under an ARM, and what you have is a recession.

    However, 90% of the people who use that word, don’t know what it means. A recession can only happen on one particular day. You cant wake up and have a recession, unless its that day. Wikipedia is your friend.

  8. Bladefist says:

    @rdldr1: Also because we started printing money.

  9. rdldr1 says:

    @Bladefist: Ok genius, WHAT WAS ALL THE SPENDING ON? If not the war, then what? NOT SCHOOLS OR PUBLIC HEALTH CARE! You just confirmed what I said when you say that Bush was too liberal on spending. Thanks! Lets share in our idiocy!!

  10. Bladefist says:

    @rdldr1: Your caps lock is stuck. Read my 2nd point. And if I said bush was too liberal in spending, which I did, how could voting in liberals help? I can only assume your a liberal.

  11. rdldr1 says:

    @Bladefist: Actually, you can. “Recession” has to be officially declared, and its more of an afterthought.

  12. rdldr1 says:

    @Bladefist: Im not a liberal, Im a moderate. The congress that was in office was more Republican, and did not shift towards the Democratic party until the last elections two years ago. The Republican-majority congress passed all those bills that went to Bush’s desk.

  13. Bladefist says:

    @rdldr1: Its my new years resolution not to argue w/ neophytes. The last word in your 1st comment shows your maturity and regard for human life. I no longer feel compelled to argue with you. Thanks for the comments.

  14. rdldr1 says:

    Also, Bush’s disastrous Presidency convinced my Republican friends vote for a Democrat president this year.

  15. rdldr1 says:

    @Bladefist: I bet you never heard of the Curse of Tecumseh then?

  16. Falconfire says:

    @Bladefist: The fact is liberals have done less spending in the past 10-15 years than the republicans these days. The time of the fiscal conservative went out the door 30 years ago.

    In fact if McCain where to come in, he would likely be the first republican with a desire for fiscal responsibility since well before one of the worst spending presidents in the last 40 years…. Reagan.

    As for libral spending, you seem to forget the last president with a not only balanced budget, but one that started to pay DOWN the debt was Clinton.

  17. rdldr1 says:

    @Falconfire:
    Im sure Pres. Bush would not be so hated if he got RESULTS rather than promises. We did got Saddam, but not Bin Laden – and exacerbated terrorism worldwide. At least Regan was there when Communism fell in the USSR. Because of that, I view Regan positively.

  18. Bladefist says:

    @Falconfire: You definitely have a point. I believe in republican/conservative ideals, which is less spending. I agree, we’ve have failed in that area. But overall i do like bush. And its not all his fault. If this was Clinton, and the same mistakes were made, they would have been swept under the rug. Like his foreign screw ups and oh i dunno, purgury. Online, its like 10 liberals to 1 conservative. So I know im going to take a beating. But most of them are uninformed. unlike yourself.

  19. azntg says:

    The Consumerist: Shoppers Bite Back and Fight About Politics! That’s why I love this blog in particular! I don’t remember how I found out about this place, but I’m glad I did.

    The fact that NYC stores are accepting currency other than the US Dollar probably means that the US Dollar is weakening. But in a more positive view, it just goes to show you that it’s becoming a smaller world after all. Gone are the days when sending a short message across town would take several days. The whole world is in our world. How sweet!

  20. umbriago says:

    In a few weeks that exhausted line – “overlords” – will be 14 years old. For the love of all that’s good let it rest.

    OK, you can restart your political argument.

  21. forgottenpassword says:

    Just like the canucks did to the american tourists before our dollar tanked (& basically became even value , give or take, with the canuckian dollar).

  22. goodkitty says:

    @Falconfire: LOL. I like to use the term “Bizarro Economics” but you have a point… we also have “Bizarro Politics.” I think it must be linked to the changing magnetic field… soon Democrats will be slashing government and Libertarians will be calling for more federal regulation.

    Personally, I’m wondering if bin Laden will suddenly be “caught” just to give the Bush admin a boost before the election. (Yeah, I’ve got a tinfoil hat.)

  23. tootingbec says:

    @rdldr1: @Bladefist: Citizens, you need to be more funny. Well, okay, the business about the “Curse of Tecumseh” was pretty funny, but only because I have no idea what that is.

  24. Snowblind says:

    @tootingbec

    It is kinda like Montazuma’s revenge, except there is no pill to cure it…

    [www.snopes.com]

    if you really want to know. Basically rdldr1 (was r(on)p(aul)l(ea)d(e)r1 taken? or was it a typo?) is using this to hide the fact he would like to see someone kill the President because he does not like him.

    Nutter.

  25. Techguy1138 says:

    It had nothing to do with a weak dollar.

    I lived on the canada usa border in NY. Border towns were canadian
    visited took canadian money. Infact you could pay tolls anywhere in NY
    state with Canadian money.

    It had everything to do with smart shopkepers catering to an
    increasing customer base. I just wonder how they avoid getting burned
    on the currency trade with their banks.

  26. TechnoDestructo says:

    @Techguy1138:

    Exactly. It’s a matter of convenience. As long as it isn’t too inconvenient for the shopkeeper, they’re doing this for the convenience of the shopper.

    Most shops outside US military bases in South Korea accept dollars, a lot of the time on a 1000 won to the dollar rate for small purposes, regardless of the current rate (it usually fluctuates over and under that).

    I think it would be great to never have to change money. Last I checked, ATM exchange rates were alright. And airport exchange places in Japan, China, and Korea have very little markup. But good luck finding anyplace other than Travelex, with its exorbitant markup PLUS a fee on top of that, at US airports.

    Which reminds me…thats just one more thing I hate about flying to or from US airports. There is no way in which air travel in Asia is not superior.

  27. regexp says:

    Yea – this is a non-issue. The fact is tourism is booming right now due to the weak dollar. This is just a business offering an additional service to their customers.

  28. Randy says:

    Never mind the politics; blaming this or that person for the economic problems isn’t going to solve anything. Anything that can help our sagging economy right now has to be a blessing. I think with the cyclical rise and fall of the dollar (Remember, the economy seems to function in cycles), this will help us in the long run… hopefully.

    Everything has gone global. Wouldn’t surprise me if we moved to a one-world monetary policy just to simply trading. After all, it seems to have helped the EU.

  29. avantartist says:

    When the US dollar was “strong” shops in Toronto would take the green but only give you a 1:1 rate so the shops were making $.XX more profit when they’d exchange it. I wonder what exchange rate NYC shops are offering.

  30. Randy says:

    @Randy: Make that “simplify” rather than “simple”.

    d’oh!

  31. deadlizard says:

    I’m sick of Europeans visiting New York. It’s like we’re getting payback for the ugly Americans who used to visit them to eat Le Big Macs when times were good here.

  32. shoegazer says:

    @Randy: Tell that to the Italians who suffered when lira prices inflated just before the 2002 conversion deadline.

    Accepting Euros is a classic currency hedge; I wouldn’t be surprised if they are giving better rates than the banks too, to encourage the Europeans to spend. It does have to do with the fact that the dollar’s in the toilet at the moment.

  33. Randy says:

    @shoegazer: I’m sure the situation will reverse itself once the dollar grows strong again. Like I said in a previous post, it’s all cyclic.

    The Italians just had a stroke of bad luck when that happened, unfortunately. :( From what I know, there were winners and losers on both sides of the equation. It’s pretty much balanced out since then, if I’m not mistaken. Not being an European, I have no idea, really, only what I’ve read.

    You’re right, it’s a classic currency hedge. The banks will come out on top if more people adopt the policy of accepting Euros.

  34. stinerman says:

    @Bladefist:
    Actually, you’ll take a beating because you’re trolling. Anyone who uses the phrase “Democrat president” is trolling.

    You’re a smart person (since you post here) so you are aware that the party in question is the “Democratic Party”, but don’t call it that because focus groups have concluded that using the term “Democrat” has a negative connotation as compared to “Democratic”.

    Just in case that was an accident, and you don’t know grammar, let’s review:

    Clinton is a Democrat. He is one of many Democrats — members of the Democratic Party. Contrast with Republicans:

    Ron Paul is a Republican. He is one of many Republicans — members of the Republican Party.

    Republican is both a noun and adjective, while Democrat is only a noun.

    HTH, HAND

  35. DeltaPurser says:

    This happening in NYC – a dog-eat-dog city, I wouldn’t be too surprised if the shop keepers give the tourists a 1-for-1 exchange rate…

  36. DeltaPurser says:

    @deadlizard: Surely you jest…

    You should welcome each and every one of these foreign visitors with open arms as they bring money into this country.

  37. @firefoxx66: And what day was it when the Euro was worth more than the dollar?
    [finance.yahoo.com]
    Certainly not any in the last 5 years.

    PS- Euros aren’t as pretty as the currency they replace, but they are prettier than the US dollar, as if beauty has anything to do with currency.

    It’s not a sign of the apocalypse. It’s just a sign that Euros are maybe replacing the Dollar as the international currency. Probably has something to do with Bush, but also with the growing up and wide acceptance of the Euro Zone.

  38. darkened says:

    @DeltaPurser: It’s what I would do.

  39. GiselleBeardchen says:

    @DeltaPurser: While there are no doubt many merchants offering and hoping to get this exchange rate, I seriously doubt there are many takers. Considering that the weak dollar is why most of the tourists are here– one would think they were considerable more savvy than to accept that exchange rate.

  40. Bladefist says:

    @stinerman: Thanks for the lesson. I know democrat is more of an insult then democratic. Hence the reason I use it.

    I do not worry about my grammar in posting comments on a blog. I’ve stated this in numerous past comments on this site. Usually people just disregard my whole point because my grammar wasnt perfect, so I commend you on addressing my points. However, using grammar is not an indicator of intelligence or lack of intelligence.

    Hopefully im right, because you did say “and you don’t know grammar” and your right, I never met him.

  41. G0lluM says:

    Luckily my fellow Paulites and I put all our savings in Krugerands months ago. Have fun eating our tablescraps. [/sarcasm]

  42. Pop Socket says:

    All the shopkeepers in third world countries are happy to take currency with real value rather than the local script.

  43. DeltaPurser says:

    @GiselleBeardchen: Good point… Europeans in general, are smarter than Americans.

  44. MaliBoo Radley says:

    @tootingbec:
    I just had to comment about your handle. My husband was boring in St. Georges Hospital … You’re on his home turf. Apparently, you can keep it.

  45. arch05 says:

    @DeltaPurser: And most online posters have no idea what they’re talking about.

  46. MaliBoo Radley says:

    Whoops .. I meant born. He might have also been boring there as well.

  47. DeLarge says:

    It seems funny to me that no one cringed about shops taking euros as a form of payment. I remeber protest against a pizzeria in Dallas for taking mexican pesos. “This is America, we use dollars” protesters yelled.

    It just being practical and a good business too.

    Lets say that the exchange rate is 1.50 dlls for 1 Euro. Your shop put a “Euros accepted here” and accept payment in euros at a discount (let say 1.40). That’s it a 7% mark up, just for accepting foreing currency.

    Other countries have this practice for ages. New York just discovered boiled water.

  48. mookiemookie says:

    @RDLDR1
    “Thats why international business people, most notably Gisele and Jay-Z, rather take Euros than an internationally weakening dollar.”

    The Giselle story was debunked a while back.

    [www.sfgate.com]

  49. Blueskylaw says:

    All I can say is that the Euros I had left over from my vacation have really gone up in value. I can get used to the idea that taking a vacation is the same as investing my money.

  50. Anonymous says:

    “We had decided that money is money and we’ll take it and just do the exchange whenever we can with our bank,” Robert Chu, owner of East Village Wines, told Reuters television.”

    I wonder if he takes wampum and confederate money…

    by the way, I’ve been making smart and witty comments for several weeks and none of them were apparently smart or witty enough to make it past the watchful eyes of the consumerist moderators to be posted. I guess I’ll work harder to leave comments more like ‘darkened’ above…so insightful.

  51. yesteryear says:

    @DeLarge: that’s a great point about the difference between our perception of euros vs. pesos (and those who spend the currencies as well). personally, i think this particular development with shops accepting the euro is more troubling for americans emotionally than it is financially. in reality it’s only a product of smart retailers catering to a growing clientele. but it FEELS like we are becoming a third world country. after all, the bigger your economy is, the harder it falls.

    also: the technical definition of a recession is two consecutive quarters of negative growth. we are just about there folks. check the quarterly rate of growth of the GDP. it’s down quite a bit compared to Q4 2006. we’re not just slowing, we are coming to a grinding halt. the other indicator to watch? inflation (CPI)… and guess what, that one’s up over 4% nationally when compared to december 2006. i don’t see us waiting in line for bread any time soon, but i’m definitely spending less and saving more right now.

  52. Eric1285 says:

    The US (and in turn the global) economy will pick up once we’ve figured out how to siphon all the oil out of Iraq and hopefully Iran. Anyone know if production levels are up to pre-war levels yet? I know they weren’t for a long time cause those terrorists kept cutting lines and stealing oil. Hopefully we’ve killed them all, cause that oil is the solution to our problems.

  53. MYarms says:

    I’m actually glad now that no banks in my area would exchange my euros for dollars when I came back from Italy. These days those rednecks would probably beg me for that money so they could make a quick buck.

  54. timmus says:

    I run a mail order business here in the U.S. and a small fraction of customers like to send money through the mail. I started gladly accepting Euros in August after the housing market started tanking and the rate cuts hit. We’re socking those away for a rainy day.

  55. deathlike says:

    That liquor store has accepted Euros for years. Nothing new there. It’s the best liquor store in the East Village. In fact, I’m still kinda drunk from booze I bought there yesterday. Paid in $US though.

  56. DeLarge says:

    @yesteryear: That´s rigth, it is a perception issue. At any given day, there are more mexican pesos floating around US than Euros in tourists’s pockets.

  57. Empire says:

    @Bladefist: A recession is two or more quarters of contraction in the economy. It doesn’t happen “in one day.” Fifth grade is your friend. Well, not your friend, obviously. Must be those school vouchers your kind are always calling for.

    @PotKettleBlack: Damn. I hope socialism doesn’t “ruin” our economy like it did the Euro Zone’s.

  58. KJones says:

    @deadlizard: I’m sick of Europeans visiting New York. It’s like we’re getting payback for the ugly Americans who used to visit them to eat Le Big Macs when times were good here.

    That’s the problem with most Americans. They can dish it out they but can’t take it.

  59. KJones says:

    @popsocket: All the shopkeepers in third world countries are happy to take currency with real value rather than the local script.

    Oh yeah? Try cashding any foreign currency in the Philippines except US dollars.

    Businesses and even currency exchange places (including some banks) will only offer the same Pesos for Euros as they do for the US dollar.

    I’m not kidding, I’ve been there with both currencies in hand.

  60. tootingbec says:

    @radleyas: I am sure that your husband was scintillating at St Georges. Anyhow, yeah, Tooting Bec is a little grotty, but the curry is cheap and plentiful.

  61. Stan LS says:

    @rdldr1: *Sigh*, if only people spent more time with economics books then falling for the doom and gloom hysteria. Recessions are normal and occur every 8-12 years. As for the weakening dollar – it’s the european worker who’s in bad shape. On top of their perpetually high unemployment rates, now with the euros strengthening, their products can’t compete with ours. What do you think that does to their already high unemployment?

  62. Stan LS says:

    @DeltaPurser: I am european born and the whole “europeans are generally smarter then americans” line is just something euros use to make themselves feel better. Plenty of dumb euros out there, the only difference is that european dumb asses think their s//t don’t stink.