Whether you’re going abroad for business or a family vacation, one of the first things you’ll probably need to do when you land is exchange money so you can go to shops, restaurants, and tourist sites. But you may not realise that because you’re from out of town, you’re a prime target for getting fake money. This is because you probably don’t know about the different security features of the local currency. E-commerce have made illegal purchasing very convenient for those who are interested. People now buy counterfeit money online very easily from different platforms
Most of the time, it’s easiest for counterfeiters to trade their fake money for real money in places where there are a lot of foreign tourists, like tourist shops, markets, street vendors, and even some foreign currency exchanges. So, we thought we’d look at some of the most commonly faked currencies and talk about how to avoid them.
Most Frequently Imitated Money
Mexican Pesos
According to marketplace.org, the Bank of Mexico found about 300,000 fake bills worth about 99.1 million pesos. The 20, 100, and 50 peso bills were the most common ones to be faked. Even though this may not seem like a lot, it’s important to note that tourists who don’t know better are one of the easiest ways for fake bills to get into circulation.
The British Pounds
Even though the British pound has many modern features that make it hard to fake, it is still one of the most counterfeited currencies in the world. A report from the Bank of England says that about 33,000 fake notes were found and taken out of circulation just in the first half of 2020. The £20 note was the most common of those.
Euros
Even though the number of fake Euros is at an all-time low, a recent report from the European Central Bank says it’s still a big problem. Their estimates show that the €20 note and the €50 note are the most often faked amounts.
US Dollars
The Federal Reserve Bank of Boston says that the US dollar is the most often faked currency in the world. This may not come as a surprise. Since there are counterfeiting operations not only in the US but also in other countries, you still need to be careful about fake dollars if you plan to change your foreign currency back to dollars before you leave town.
Three ways to keep yourself safe when exchanging money at your bank
You can change your US dollars into foreign currency at the National Bank of Arizona before you leave the country. Not only can you be sure you’re getting the real thing, but it also gives you one less thing to do when you get there. When you get home, all you have to do to turn your foreign currency back into US dollars is go to the bank.
Check the details
Like the US dollar, most foreign currencies have things like microprint, small lines and designs, and other small writing that is hard to copy on any printer but the most expensive ones. Look closely at your bill (use a magnifying glass if you need to) and be suspicious if you don’t see any of these things or if the small details look blurry.
Find the watermark
In addition to the security features we talked about above, most currencies also have some sort of watermark, like Benjamin Franklin’s face on the $100 bill. Hold a foreign bill up to the light and look for a watermark, especially if it is a large bill. If you can’t find a watermark or it’s hard to see, you should think twice before spending the bill.
