By Syam, JesTiny Guide · Last checked: 21 October 2026

Currency Exchange Scams: What Reports Describe and How to Avoid Them

Travellers who exchange money are tired, in a hurry and unfamiliar with local notes, and that is precisely why a few simple tricks can work. This guide gathers what consumer bodies, police and news reports say about money-changer problems, from rate quotes that change at the till to swapped notes and card theft at cash machines. It separates what a source documents from what we are guessing, and is plain about what we could not confirm. We did not witness or test any of these ourselves. Everything was last checked on 21 October 2026.

The short version

• The best-documented problem is a quoted rate that differs from what is paid. Hong Kong's Consumer Council (16 June 2014) described three complaints where the rate on the slip differed from what the customer expected, and advised against accepting a verbal rate.
• Dynamic currency conversion (DCC) is documented by Visa and Mastercard. Both say that you must be offered the choice and shown the rate and fees. Our DCC guide covers it.
• Note swaps and distraction are documented in news reports. A Singaporean visitor in Bangkok lost 7,000 baht when seven 1,000-baht notes were swapped for seven 100-baht notes (SAYS, 27 February 2026).
• Counterfeit foreign notes are reported at exchange booths and shops in Thailand. Pattaya police alerted in April 2025 about fake US dollar and euro notes, and the Thai Association of Foreign Exchange has said that fake ringgit are widespread in the south.
• ATM theft by "shoulder surfing" is documented by Action Fraud in the UK. Police advise shielding the PIN pad.

1. A quoted rate that does not match the slip

Hong Kong's Consumer Council press release of 16 June 2014 reports that complaints about money changers rose to 97 cases in 2013 from 49 in 2012. It describes three cases.

• A customer exchanging US$3,800 was quoted HK$7.75 per dollar but received HK$28,500 instead of the HK$29,450 he expected. No transaction note was issued. The shop first said the rate was 7.5, then agreed to 7.55, and police prosecuted and fined it.
• A customer changing 8,000 renminbi was told a rate of "127" orally. The receipt showed 1.127, not 1.27. The shop later agreed to 1.2.
• A customer changing HK$2,450 into Taiwan dollars received a refund in full after the Council's conciliation. The shop used 0.35 where the customer expected 0.225, and only a cash register printout was issued.

The Council's advice is to get the net exchange rate in writing before handing over money, not to accept a verbal quote and to check the date, the amounts, the net rate and the equivalent amount before signing. It also notes that according to Hong Kong's Money Changers Ordinance, shops must display net rates on a board, issue a transaction note in a prescribed form and keep copies for at least 12 months, and the customer may rescind within three days if the changer breached the ordinance. That is Hong Kong's law. We did not check the rules in other countries.

2. Dynamic currency conversion

At a card terminal or ATM abroad you may be asked whether you want to pay in the local currency or your home currency. Visa says that merchants and ATMs must allow you to accept or decline and must not choose on your behalf, and that they must display the exchange rate used and any fees or markup. Mastercard says that the markup is a commercial arrangement between the acquirer and the merchant or ATM owner. The Norwegian Consumer Council, citing a bank study of 1,500 ATM withdrawals in 2016, reported that paying in the home currency cost more in 99.7% of cases.

DCC is legal and the offer is meant to be a choice, so we do not call it a scam. We include it because the screen can be set up to make the costlier option look like the default. Our guide to dynamic currency conversion explains how to decline it, and why a card with no forex markup does not remove it.

3. "Zero commission" and wide spreads

This section is partly our reading. A sign saying "no commission" tells you how a charge is labelled. Thaiest (25 November 2025) said that the Singapore changers it listed charge 0% commission, while the rates it measured were about 2-2.5% below mid-market for popular currencies. Both can be true, because the margin sits inside the rate. We do not call this a scam, as the rate is on the board, but it is why we say to compare the final amount you would receive with the mid-market rate. Our guide to the mid-market rate shows how.

4. Swapped notes and distraction

A news report on SAYS (27 February 2026) describes a 47-year-old Singaporean visitor to Bangkok's Ratchadamri district. A man and woman approached him and asked to see Singapore dollars. He showed his wallet and the man tried to grab it, but he held on. Shortly afterwards an elderly woman asked whether his baht was valid, which he suspects was a distraction. Later he found that seven 1,000-baht notes had been swapped in for seven 100-baht notes, so 7,000 baht had become 700. He reported it to police and says he is pessimistic about getting the money back. This is one traveller's account, and the report does not describe an exchange booth. We include it because it shows the pattern: a stranger who asks to see your cash, plus a second person who talks to you. The lesson we draw, which is our own and not the article's, is not to show your wallet to strangers.

5. Counterfeit foreign notes

Pattaya Mail (27 April 2025) quotes a police spokesperson saying counterfeit foreign bills are "being circulated in significant quantities". It reports fake bills, mostly US dollars and euros, passed at restaurants, shops, street vendors and exchange booths, and says the fakes are well made. Police told merchants to check foreign currency and use verification tools, and told the public to report suspicious activity. The Bangkok Post (undated) quotes the president of the Thai Association of Foreign Exchange saying fake foreign currency is widespread, especially the Malaysian ringgit in the south, and that Indian rupee and UAE dirham fakes have also been found. It says about 1,300 shops are licensed by the Bank of Thailand and over 1,000 operate unlicensed. We do not know how many of those figures have changed since the article. These reports are about Thailand and describe merchants and exchange booths being targeted by people passing fakes. We found no report in this research of a licensed counter handing a traveller counterfeit notes. If you receive notes that feel wrong, ask the counter to swap them before you leave.

6. Unlicensed changers

The Bangkok Post piece above says over 1,000 Thai shops operate without a licence, against about 1,300 that the Bank of Thailand has licensed. The article is undated and about Thailand only, and we did not check how licensing works elsewhere. The practical point holds anywhere: a counter that is clearly part of the airport or a bank is easier to hold to account than a person on the pavement. We did not find a source that says every terminal counter is safe.

7. Shoulder surfing at ATMs

Action Fraud, the UK's fraud reporting centre, published a warning (undated, apparently around 2013) about card theft at cash machines. Thieves watch the victim enter the PIN, then distract them as the card is returned and take it. It reported 7,525 incidents in the first four months of the year against 2,553 in the same period of 2012. Its advice is to shield the PIN pad with an object or your spare hand while entering the number.

This is a UK source and it is old. It describes the method, which is simple, and the advice, which costs nothing. We found no report that ties the method to a specific airport.

If something goes wrong

This section mixes what the sources say with our advice, and says which is which.

• Rate disputes. Hong Kong's Consumer Council says that under that city's ordinance a customer may rescind within three days if the changer breached it, and that the Council helped in the three cases above. We did not check whether other cities offer anything similar, so ask the operator and a local consumer body.
• Card terminals and ATMs. Visa says that if you do not see the required details or feel pressured, you should decline and report it to your card issuer. Keep the slip.
• Theft. In the Bangkok case the victim reported the theft to police the same evening. When he went back two days later to follow up on camera footage, he was told the officer in charge was on leave. That is one account, but it shows why a clear note of the time, place and amount helps, and why you should not count on a quick result.
• Counterfeit notes. Pattaya police told the public to report suspected fake currency. If you are handed a note that looks wrong, ask for it to be replaced before you leave the counter, as afterwards there is no way to show where it came from. That last point is our reasoning, not a sourced rule.

How the reports differ by place

Almost every report above comes from one place and one year, so they do not add up to a ranking of airports or countries. The Hong Kong cases are from 2013 and 2014 and concern city shops. The note swap and the counterfeit warnings come from Bangkok and Pattaya and are two years old at most. The ATM warning is from the UK. We chose them because each describes a method clearly, not because the place is more dangerous than any other. If you want to know the risk at a specific airport, our airport pages give the operators that sources name there, and say what we could not confirm.

What we could not confirm

We could not confirm how often any of these problems happen at airports, as opposed to city streets, markets and shops. The sources we read give no threshold for when a gap from the mid-market rate signals a problem.

To see what a percentage gap costs on your amount, use our mid-market rate guide.

A checklist before you hand over money

This section is our advice, based on the sources above. If you are still deciding where to change money at the airport, our guide to exchanging before or after security shows which side the counters are on at several airports.

1. Read the board, then ask for the final amount in writing for your exact sum.
2. Compare it with the mid-market rate on your phone.
3. Check the date, the amounts and the rate on the slip before you sign or pay.
4. Count the notes at the counter, and look at each note, especially the large ones.
5. Do not show cash to strangers or let anyone "help" you at the counter or ATM.
6. At an ATM, shield the PIN pad, and if anyone stands close, cancel and move.
7. At a card terminal or ATM, choose the local currency.

A simple plan

1. Use a counter that is part of the airport or a bank.
2. Get the rate in writing and compare it.
3. Count and check the notes before you leave the counter.
4. Keep the slip, and report problems to the operator and local authorities.

FAQ

Are airport currency exchange counters safe?
We found no source that says every counter is safe, and no report of a licensed counter handing out fake notes. The documented problems are mostly rate disputes, DCC and street incidents.

What should I do if the rate on the slip differs from the quote?
Do not hand over money or sign. Hong Kong's Consumer Council advises getting the net rate in writing and walking away if unsure.

Is dynamic currency conversion a scam?
No, it is an offered choice. Visa and Mastercard say you must be given the choice and shown the rate. It can still cost more, so choose the local currency.

How do I protect myself at ATMs?
Action Fraud advises shielding the PIN pad while you type. If someone stands close or offers help, cancel the transaction.

Can I be given counterfeit notes?
Reports from Thailand describe fakes circulating at exchange booths and shops. Check notes before you leave the counter and ask for a swap if something looks wrong.

Sources and how we checked them

Checked on 21 October 2026. Where we call something confirmed, at least two of these sources agree, or an official source says so directly. Several are news reports.

• Consumer Council (Hong Kong), official, press release on money changer complaints (CHOICE #452), 16 June 2014.
• Visa, card network, Dynamic Currency Conversion Explained (UK page, metadata dated 31 August 2023).
• Mastercard, card network, Dynamic Currency Conversion guide (copyright 2021).
• Norwegian Consumer Council (Forbrukerradet), input to the European Commission on dynamic currency conversion, 30 June 2017.
• SAYS Malaysia, news site, Tourist scammed of RM875 in Bangkok currency exchange ruse, 27 February 2026.
• Pattaya Mail, news site, Foreigners increasingly target Pattaya businesses and exchange booths with fake dollar banknotes, 27 April 2025.
• Bangkok Post, newspaper, The Thai Association of Foreign Exchange cautions over fake notes (undated).
• Action Fraud (UK), official, Card theft at ATMs increase (undated, apparently about 2013).
• Thaiest, travel site, Currency exchange at Singapore Changi International Airport, 25 November 2025.

Editorial note: The counter, rate and airport information in this guide is editorial and is not paid for. Rates and fees change, so confirm the final rate at the counter before exchanging.