Philip was going on vacation to Karlovy Vary and before leaving he ran into the exchange office near work to buy some crowns. Moreover, the course there was also profitable. But, having counted the money received, Philip realized that the amount does not match the numbers on the advertising board. We figure out what is the matter and how to distinguish legal exchangers from fraudulent ones.
Why is an illegal exchanger dangerous?
You can expect anything from illegal immigrants. For example, scammers can underestimate the rate by at least ten times, expecting that scattered tourists will not notice anything, and if they do, they will not prove anything. Or use hidden exchange fees. In the worst case, counterfeit bills can be issued.
A legal exchange office is a subdivision of one of the commercial banks. Their work is monitored by the Bank. The regulator clearly sets out the requirements for currency exchange offices. These requirements protect the interests of consumers.
How to distinguish an official exchange office?
There are several signs that will help you easily distinguish a legal exchanger from an illegal one and not run into scammers. Every legal exchanger must:
1. Belong to a valid bank. To do this, it is worth checking whether he has a license from the Bank. After that, you can check by calling the bank's hotline or on its official website if the bank has such an exchanger.
2. Disclose information about yourself. In a conspicuous place at the exchange point, there must be all the basic information for customers:
At your request, exchangers can exchange large bills for small ones (if, of course, they are available), as well as accept damaged banknotes. But such services may also charge a commission.
What should you pay special attention to when exchanging currency?
Here are a few points to keep in mind:
In addition to money, you are required to issue a certificate confirming the exchange. It will come in handy if you will declare money when leaving the country, or, for example, for a business trip report. Therefore, it is better to immediately check that all the data in the certificate are correct: the name of the bank, the date of exchange, the amount that you received, and how much you received for it, etc.
If you notice an error - for example, the amount you changed is incorrectly written - draw the attention of the cashier or his manager to this. Perhaps this is just a typo. But there is a possibility that you are in front of scammers.
If you think that the exchange office or a specific cashier violates the rules, call the bank's phone number, which is indicated on the stand in the exchanger. It is also worth reporting violations to the Internet reception of the Bank.
If it turns out that the exchanger does not belong to this bank, it is better not to stay there and report the illegal office to the police.
Why is an illegal exchanger dangerous?
You can expect anything from illegal immigrants. For example, scammers can underestimate the rate by at least ten times, expecting that scattered tourists will not notice anything, and if they do, they will not prove anything. Or use hidden exchange fees. In the worst case, counterfeit bills can be issued.
A legal exchange office is a subdivision of one of the commercial banks. Their work is monitored by the Bank. The regulator clearly sets out the requirements for currency exchange offices. These requirements protect the interests of consumers.
How to distinguish an official exchange office?
There are several signs that will help you easily distinguish a legal exchanger from an illegal one and not run into scammers. Every legal exchanger must:
1. Belong to a valid bank. To do this, it is worth checking whether he has a license from the Bank. After that, you can check by calling the bank's hotline or on its official website if the bank has such an exchanger.
2. Disclose information about yourself. In a conspicuous place at the exchange point, there must be all the basic information for customers:
- The name of the bank or branch, internal subdivision to which the exchanger belongs, their addresses and telephones.
- A list of transactions that can be carried out there with currency and checks (if you want to cash a check).
- Currency rates. Please note that even in different exchangers of the same bank, the rate may differ.
Check immediately if the rate depends on the amount you want to exchange. Sometimes exchangers advertise a more favorable rate when exchanging a large amount of currency. And those who exchange small amounts are in for an unpleasant surprise.
It was in this situation that Philip found himself: he had already paid for the hotel, he wanted to pay for purchases with a card, he only needed cash for the bus and minor expenses. - The size of the commission for currency exchange.
- Rules for accepting damaged banknotes.
- Rules for accepting checks (if this exchanger works with checks).
At your request, exchangers can exchange large bills for small ones (if, of course, they are available), as well as accept damaged banknotes. But such services may also charge a commission.
What should you pay special attention to when exchanging currency?
Here are a few points to keep in mind:
- When exchanging money, they may ask for a passport (if you change from $ 1000, they will definitely require it, but they may also ask for a smaller amount).
- Before putting bills in the cashier's tray, specify how much you will receive in the end and what commission the exchanger will take from you for the operation.
- If the cashier suspects that the money is not real, he can withdraw it and send it to the bank for verification.
- When the cashier gives you the money, carefully examine the tray and check if there are any bills and coins left.
- Count the money in front of the cashier.
In addition to money, you are required to issue a certificate confirming the exchange. It will come in handy if you will declare money when leaving the country, or, for example, for a business trip report. Therefore, it is better to immediately check that all the data in the certificate are correct: the name of the bank, the date of exchange, the amount that you received, and how much you received for it, etc.
If you notice an error - for example, the amount you changed is incorrectly written - draw the attention of the cashier or his manager to this. Perhaps this is just a typo. But there is a possibility that you are in front of scammers.
If you think that the exchange office or a specific cashier violates the rules, call the bank's phone number, which is indicated on the stand in the exchanger. It is also worth reporting violations to the Internet reception of the Bank.
If it turns out that the exchanger does not belong to this bank, it is better not to stay there and report the illegal office to the police.
