Using Pasos in the US
 

Those people on this board that act snooty when someone asks if they can use dollars in a foreign country should check this article on NPR: http://www.npr.org/templates/story/s...toryId=6749045

Canadian dollars have long been accepted by businesses along that border.

Keith

I heard that on NPR last night. The business is getting some nasty grief for this. Also, it is currently a temporary service, so they say. It's also a profit maker for them because they charge a service fee.

My gut reaction: smart business move, but it's a slippery slope. I don't want our currency to be tied to the peso at all. Will this go the way of the Euro? Just my little ol' opinion.

Who cares what currency a private business chooses to accept.
Frankly, playing the currency market is fraught with risks which I try to avoid, but I live in Mexico and go with the ebb and flow of the peso.
BTW, many if not most hotels in Chile will waive the 17% IVA/VAT if you pay in USDs.
M

Entrepreneurship and capitalism at its finest. Let the market decide. ((b))

I also heard this on NPR. I thought the business owner was very well spoken and very forthright about all the issues. I thought "This guy is going places in business." I'm proud of them.

What's a paso?

It's a misspelling of peso.

Was it Gino's or the other Phila cheese steak place that requires one to order in English. Do you think they would accept pesos? :-) ((b))

A misspelling of Peso. Since we can't edit previous posts, I didn't want to waste people's time posting a correction.

Keith

When we visited Costa Rica last year, it sure was nice that EVERYWHERE took US dollars.

I was impressed with the guy, too.

Because pesos drive the world economy? No offense but if I were a business owner, I wouldn't want to deal with the hassle.

I also don't care that a private business owner accepts pesos. And I agree that unless he is doing a significant amount of business in pesos and profiting from the service charge, it is going to be a waste of time.

This reminded me of a crepe stand in Paris that accepted dollars. The exchange rate was very favorable for the vendor. I passed and used the francs already in my pocket.

Actually I feel the opposite of Missy. It never would occur to me to expect to spend USD in a foreign country.

But have no feelings for or against businesses located on a border accepting currency of others (Mexico to US to Canada).

Many countries readily accept dollars (or Euros) over their own currency.

In East Africa, Turkey and Belize local folk asked for dollars over their own currency.

In the Seychelles we had to pay park entry fees in US dollars – their local currency was not even accepted!

Suze,
I would not have thought of spending US$ in Costa Rica, but I was told on the Latin America board here that it was common. And boy, was it. Everyplace - from restaurants to national parks to ice cream stands to street vendors - priced things in dollars.

Thanks MissyPie, I understand now.

According to our local news, Pizza Patron locations in the Denver area are also accepting pesos. I had never heard of this place before and after viewing the pizzas have no desire to eat one, but the owner is a marketing genius for the amount of free advertising he is receiving courtesy of the media.

What I don't understand, or don't like is the xenophobic backlash. Americans want to be able to travel the world and use $US wherever they wish, but god forbid a US business should extend that 'convenience' to someone else.

Either your believe in free market economics or you don't. You can't have it both ways.

Good point J62. As far as marketing genius, I think this business owner has hit it.

J62, most of the xenophobic people are not the ones that travel the world.

Keith

Almost always, if you choose to use USDs rather than local currency overseas, you will get a most unfavorable currency exchange rate.
The hotels in Chile are the exception.
As an example, here locally, you can count on 10 pesos/1USD vs. 10.7-11.3/1 over the last year or less.
M (SMdA, Gto.)