Posted by forex at 8:23 AM
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1. Know what the current exchange rate is at your destination. The Currency Exchange Travel Scam depends on tourists not knowing just how valuable their money is. You should also become familiar with how to tell the difference between real and counterfeit money. Old money no longer in circulation may also be used to trick tourists out of their money.
2. Keep an eye out for locals who offer great exchange rates on the street. These scammers will act as if they take pity on tourists who have to pay high interest for exchanging money and may even act hesitant before they exchange money with you.
3. Ignore locals who want to exchange money on the street and find ways to distract you (by pointing out people who they claim to think are plainclothes policeman or having an accomplice make a scene nearby). They probably want to trade authentic bills with counterfeits or low denomination ones.
4. Be wary of booths on the street that exchange currency. These booths can use dark envelopes to conceal their real contents and you will likely be distracted before you can count your money.
5. Wait to receive all your currency from cashiers and other money handlers. Some scammers may try to count your money very slowly so that you'll become impatient or assume that he has ended the currency counting. They hope you'll walk away and leave some of your money behind.
6. Keep an eye on the currency and make sure you're counting with him. Count the money out loud as the person is counting it with his hands to further protect yourself.