How to Detect a Scam Exchange Office When Traveling

Traveling can be a vulnerable endeavor. You’re often a fish out of water and can definitely be out of luck if you fall prey to a travel scam. And when money is involved, the risk of fraud is particularly high. Currency exchange offices can be a prime source of fraud. From charging exorbitant fees to straight-out scamming you, doing business with the wrong exchange office can definitely ruin a trip. In this article, we’ll give you some pointers to detect a scam exchange office.

Types of Exchange Office Scams

Scammers are always keeping an eye out for exhausted travelers who arrive in a strange land and can be easily fleeced out of their money. There are a few foreign exchange scams in circulation, varying in severity and appearance. Let’s take a look at some common ones:

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Special rates – A person approaches you at a travel hub, offering special rates that a regular exchange office won’t provide. They use high-pressure tactics to strongarm victims into accepting unfavorable rates or taking what turns out to be fake currency.
Skimming – A “legitimate” exchange office might appear to be above board, but they may still quietly skim a few bills off the total under the counter while distracting the victim.
Incorrect calculations – A scam exchange office might use a calculator or computer to show travelers what they’ll be getting, only this exchange rate is not the same as what’s advertised, and, of course, not in the victim’s favor.
Not as advertised – You may be drawn into an exchange office by signs boasting no commission or very favorable rates outside their office, only to find that these terms and conditions apply only to transactions larger than the one you’re making, or that the rates outside don’t necessarily apply to the transaction inside.

This is not an exhaustive list, but the common theme here is deception through misinformation. Let’s look at how to detect fishy exchange offices.

How to Detect a Scam Exchange Office When Traveling

If, for example, you travel to Brazil or Iceland and unable to speak the language, it can be difficult to spot a scam. Here are some ways to keep yourself safe with currency exchange.

Say “no” to street exchanges – If it’s not in an office, then odds are extremely good that it’s not legitimate or in your favor. Never agree to a currency exchange with someone on the street.
Ask beforehand – If booking your trip through an organization or travel agency, ask someone at that agency about foreign exchange and recommended offices before you travel. Having a reliable branch already in mind is better than searching for one.
Ask for verification – Legitimate exchange offices should have no problem showing you their authorization and taking the time to verify the currency that they distribute to you.
Stick to travel hubs – Exchange offices within transportation stations and airports are under the watchful eyes of security and, thus, have the reputation to uphold. You can avoid being scammed best by choosing one of these facilities.
Double check rates – Even if the office is showing you exchange rates and calculations on their device, it’s a good idea to double check with your own device. Use the calculator on your smartphone to confirm.
Insist on counting – To ensure you’re getting what you paid for, ensure the clerk counts out the money in front of you, without folding it. Then count it yourself before you leave the desk or window.
Beware of time tactics – Exchange rates fluctuate, but a legitimate exchange office should never strongarm you into making immediate decisions. Beware of high-pressure tactics when exchanging money, as this belies shady dealings.
Check online – Be sure to look up an exchange office online to see if their digital footprint exists, and their reputation is solid. Double-check the URLs too.

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