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Be Careful When Exchanging Currencies

One of the most common scams when traveling internationally is getting ripped off when exchanging currencies. Most people that travel throughout the world or Europe must change their American Dollars for another currency to buy necessities, etc. When changing currencies, each currency has its own value, many opportunists including small time crooks try to take advantage of tourists by trying to offer them more attractive offers when exchanging their currency. Here are some tips on avoiding currency exchange scams.

Unfortunately, if a deal sounds too good to be true, it probably is a scam. Thousands of people each year get scammed out of their money by doing business with black market currency traders. There are two ways that most tourists get scammed, receiving counterfeit money or receiving a criminally high rate for their currency.

If you have just arrived in a new country, the chances are you do not know how to determine if money is counterfeit or not. Think about it this way, even in the US, it can be difficult to distinguish real money from counterfeit. A good rule of caution is to never exchange currency on the street, always look for legitimate currency exchange stations, banks or ATM machines. While you may think you are saving a few bucks, you are actually taking a huge loss by exchanging money on the street.

Another scam is that many quasi legitimate currency exchange stations may charge you an extremely high currency rate and then tack on a commission fee. Make sure all fees and currency rates are clearly posted. It is up to you to determine if the rates are competitive or not. Banks usually charge some type of fee or commission; however your best bet is the ATM. Use your debit or ATM cards at most locations. Most cards are able to be used in many countries. ATM's usually have the best rates and are the most convenient.