Currency exchangers: how not to run into scammers

What are the dangers of an illegal money changer?

You can expect anything from illegal exchangers. For example, fraudsters can underestimate the exchange rate by ten times, expecting that absent-minded tourists will not notice anything, and if they do, they will not prove anything. Or use hidden commissions for exchange. In the worst case, they may give out counterfeit bills.

A legal exchange office is a subdivision of one of the commercial banks. Their work is monitored by the Bank of Russia. The regulator clearly prescribes the requirements for currency exchange points. 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 exchange office from an illegal one and not to run into fraudsters. Every legal exchange office must:

1. Belong to a valid bank. To do this, you should check whether it has a license from the Bank of Russia. After that, you can check the bank's hotline or its official website to see if the bank has such an exchanger.

2. Disclose information about yourself. A prominent place in the exchange office must necessarily have all the basic information for clients:
The name of the bank or branch, internal division to which the exchanger belongs, their addresses and phone numbers.

List of operations that can be performed there with currency and checks (if you want to cash a check).

Exchange rates. Please note that even in different exchangers of the same bank the exchange rate may differ.

Immediately clarify whether the rate does not depend 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.

This is exactly the situation Philip found himself in: he had already paid for his hotel stay, he wanted to pay for his purchases with a card, and he needed cash only for the bus and small expenses.

The amount of the currency exchange fee.

Rules for accepting damaged banknotes.

Rules for accepting checks (if this exchanger works with checks).

3. have the necessary equipment. Namely: a banknote counter and a detector for recognizing the authenticity of banknotes.

At your request, exchangers can change large bills into small ones (if, of course, they are available), as well as accept damaged banknotes. But they may also charge a fee for such services.

What should you pay special attention to when exchanging currency?

Here are a few things to keep in mind:

When exchanging money, you may be asked for your passport (if you are exchanging from 40,000 rubles, it will be required, but may be asked for a smaller amount).

Before you put the bills in the tray of the cashier's office, clarify what amount you will get in the end and what commission for the operation the exchanger will charge you.

If the cashier suspects that the money is not real, he can take it away 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 there.

Count the money in front of the cashier.

In addition to the money, you must be given a certificate confirming the exchange. It will come in handy if you declare the money when you leave the country, or, for example, to report on a business trip. Therefore, it is better to check at once that all the data in the certificate is correct: the name of the bank, the date of the exchange, the amount you accepted and how much you received for it, etc.

If you notice a mistake - for example, the amount you exchanged is written incorrectly - draw the attention of the cashier or his manager to it. Perhaps it's just a typo. But there is a possibility that there are fraudsters in front of you.

If you think that the exchange office or a particular cashier violates the rules, call the bank's phone number, which is indicated on the stand in the exchange office. It is also worth reporting violations to the Bank of Russia's Internet lobby.

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.