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Did you know that there are currency exchange scams out there? Think a currency exchange scam could never happen to you? Think again!! If you travel outside of the United States, Western Europe, or Australia, you are more likely to be involved in one of these money exchange scams than you realize! Here is how it happens:

Let's say that you just flew into Cairo, Egypt. You land at the airport, grab your bags, and head over to a currency exchange counter to trade your American dollars for Piastres. You see a sign above the counter that offers a great exchange rate, so you quickly hand over your American money to have them trade you fir Egyptian money. Money is flying, everyone is speaking in another language, and then they hand you an envelope full of Egyptian bills.

Everything seemed fine, right? Wrong! This foreign currency exchange scam happened to you because you were not given the posted exchange rate. In effect, they shortchanged you. While you thought that you would receive $x per American dollar, you ended up with a good bit less. How? Because the Egyptian currency exchange just charged you an extra "commission" or a much worse exchange rate than what was posted. The action was so fast and furious that you likely never noticed the difference. Even if you do realize it, you are probably to confused or afraid to do anything about it.

How can these money exchange scams happen? Because in the vast majority of third world countries, currency exchangers are not regulated. Anyone can set up a booth in the airport and do whatever they want to unsuspecting tourist, including ripping you off.

How can you avoid this international money scam? Never exchange currency at the airport! bring a little local currency with you so that you can pay for any tips, cabs, etc. When you get to your hotel, or at a large bank, exchange your money then. The key is to stick with a large financial institution that you can trust.

Has this ever happened to you?

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Cajun boy!