Studying abroad is an exciting adventure that opens the way for you to become a global citizen with a progressive career option. However, it’s essential to be aware of potential threats like the risk of encountering counterfeit money scams. Scammers mostly target tourists and international students who are not aware of the local laws and regulations. Let’s understand all the major factors which you should consider while dealing with currency abroad.
Table of contents
Research Local Currency
Before arriving in your host country, familiarize yourself with its currency. Learn about the various denominations/notes, security features, and common counterfeiting techniques. Most countries provide information online or through local banks on how to identify genuine currency. Check the guidelines issued by the government of that country on secure transactions, currency notes and countering currency-related frauds.
Also Read: Transferring money abroad? Read this blog and check all about Liberalised Remittance Scheme
Use Trusted Exchange Services
When exchanging currency, rely on reputable banks, currency exchange offices, or ATMs. Avoid using informal or unregulated currency exchange services, as they may be more susceptible to counterfeit activities. Check the current exchange rates and fees to ensure fair transactions. Never transact through unauthorised brokers and local shops that exchange services. They will charge unfair rates and transaction fees.
Verify Currency Authenticity
Learn the security features of the local currency, such as watermarks, holograms, and special inks. Take the time to inspect banknotes carefully before accepting them. If in doubt, use currency detection pens or ultraviolet lights, which can help identify counterfeit money. Read all the features of currency notes issued by the government. You can easily find the features and tips on identifying currency notes on the government website.
Stay Informed About Local Scams
Be aware of common scams targeting students in your host country. Stay informed about the latest scams by reading local news, joining student forums, and attending orientation sessions. Criminals often prey on unsuspecting newcomers, so vigilance is very important.
Also Read: Read this blog and know some of the best ways to exchange currency
Use Digital Payment Methods
Consider using digital payment methods to minimize the need for physical cash. Mobile payment apps, credit cards, and online banking are secure alternatives that reduce the risk of encountering counterfeit money. However, be cautious with online transactions and ensure the security of your financial information. Never share confidential information related to your account with anyone.
Report Suspected Counterfeits
If you receive what you believe to be a counterfeit currency, report it to the local authorities immediately. Provide as much information as possible about where and when you received the money. Cooperation with law enforcement helps protect others from falling victim to the same scam.
Attend Safety Workshops
Many universities and international student offices conduct safety workshops that cover a range of topics, including financial safety. Attend these workshops to gain insights into local customs, safety measures, and strategies for avoiding scams.
FAQs on What to Do With Counterfeit Currency
USD currency notes can be identified by observing the watermark on the notes, the security thread, the 3D security ribbon etc. Check the relevant guidelines issued by the monetary authority of the United States.
In order to identify the origins of currency notes, you need to check on the below-mentioned features:
– Check the typography of the words which mention the central bank i.e. Reserve Bank of India’.
– The name of the bank will appear thicker on a fake note but they are very smooth on the original note.
– In the same way, check out the micro-lettering between the image of Mahatma Gandhi and ‘The Reserve Bank of India’.
As per the guidelines of the Reserve Bank of India, on receiving a fake note in any kind of transaction, you need to inform the bank or the police even if you don’t remember where you got it from. Never try to circulate it as circulation of counterfeit currency is a punishable offence under Section 489-A.
For identifying a GBP note, you can tilt the note from side to side. While identifying, check the change of words between the value of the note i.e. ‘Five’, ‘Ten’, ‘Twenty’ or ‘Fifty’ and ‘Pounds’. You also need to check the metallic image over the window. Verify whether the foil is gold on the front of GBP 5 and GBP 10, gold and blue on the front of the GBP 20 and gold and green on the front of the GBP 50 note.
The valid notes of GBP are GBP 5, 10, 20 and 50. These notes are currently in circulation and all four denominations are printed on polymer.
While studying abroad is a remarkable experience, it’s very important to stay vigilant and informed about risks. By understanding the local currency, using trusted exchange services, and staying updated on common scams, Indian students can navigate their financial landscape more safely. Remember, knowledge is your best defence against counterfeit money scams.
To know more about currency exchange, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. ;
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