Can You Break a Euro? Group Urges Local Businesses to Accept Foreign Currency During F1

Nov 14, 2012

Tens of thousands of Formula 1 fans are making their way to Austin for this weekend’s Grand Prix. Many are from foreign countries.

The Austin Better Business Bureau says business owners should be prepared to accept foreign currency or else they may lose out on some customers.

The BBB says business owners should be aware of ever-changing exchange rates and should talk to their banks about whether they’ll charge extra for depositing foreign currency.

“We would definitely encourage business owners if they decide that they are going to accept the foreign currency is to really take the time to do the research, check with their banks and make sure that they are fully ready and prepared to accept the foreign currency so that, in the end, they don’t end up losing money or having been given fake money," Erin Rodriguez, Austin BBB Media/PR Coordinator, says.

The BBB says the IRS is the best place to go for updated currency converters.