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6 Tell Tale Signs of a Fraudulent Currency Exchange Service in Australia

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Currency exchangers are quite popular in Australia and many other parts of the world too. These are the guys you see whenever in need of a foreign currency exchange for an international tour. When you have a foreign currency left over from a trip, you need to visit these guys too.

Anything that has to do with currency exchange, usually involves money exchange service providers in some way. Australian cities like Melbourne, Adelaide, Sydney and many others have no shortage of currency exchangers at all. Yet, not all of them are reliable sources of quality currency exchange service too.

If you are looking for a service provider that you can trust for honest and realistic money exchange rates, you need to keep few things in mind. Read through to find out some tell tale signs of fraudulent currency exchange in Melbourne and other cities of Australia:

1: No Live Currency Exchange Rates Displayed

Where reliable currency exchangers in Australia will almost always have electronic displays showing live rates, dodgy ones don’t. By having these live displays in their outlets, quality service providers always keep their clients informed. Anyone walking in can quickly glance at the current exchange rates.

Not so reliable service providers tend to remove any proof of live rates being shown to customers. This enables them to miss-inform customers about exchange rates by that little bit that helps them gain more profits.

By telling falsified exchange rates (by any small or large margin), these dodge service providers offer lower rates. It is always a good thing to visit stores only that have clear displays of live currency prices. Whether you need currency exchange Brisbane, Melbourne or Perth, be sure to visit quality stores.

2: Rapid Change of Exchange Rates Offered

Another tell tale sign to look for is rapid change in their offered currency exchange rates. Dodgy guys always try to get the most out of you. All you need to do is to ask for a better exchange rate. If there’s any minor raise in their offering, it’s not a good sign even though it might look like one.

Quality service providers already charge a very minute exchange rate difference from their clients. They will almost always be quite firm on what they offer in their rates. Keeping wider margins, dodgy ones tend to lure you in by relaxing their rates when you ask.

Besides, live exchange rates that should be displayed in stores, should give you the idea about what you should get. If these are both not to satisfactory standards, chances are that you will be ripped off. Avoid such service providers and be vigilant about who you get your currency exchange from.

3: Different Exchange Rates on Different Sums of Money

Usually, quality currency exchange service providers are quite firm on what rates they offer. No matter what amount of money you need exchanging, their rates should stay the same. On the other hand, ones that deploy greater margins, will offer different rates depending on amount of currency.

Exchange rate you would get from such service providers for $100 should be different to what you get for $500. This is again a sign of them having great differences in their exchange rate margins. You will almost definitely pay more and get less in exchange.

What happens is that quality service providers like Danesh Exchange, already have a decent margin. Their exchange charges are so small that they cannot afford any greater exchange rates no matter what the amount is. This is what you should look for to get accurate exchange rate prices.

4: Unknown Name with No Affiliations

Even when a new currency exchange service starts anywhere in Australia, they would probably get an affiliation with a brand. This makes them more reliable and trustworthy for the money involving service they will provide. Yet, some service providers intentionally don’t get any affiliations.

These no name services are often there to trap people into whatever they might be offering. You can almost be certain that such no name service providers will skim you off your money. Either they will provide lower than actual rates or skim you in some other way.

A high fee for exchanging money can also be applicable at such no name outlets. If a service provider has been serving the local market for many years, you can be certain of their trust. This is a service better gotten from people you can trust and rely on.

5: Different Exchange Rate on Call and In Store

Another big sign that should always tell you to find a different currency exchanger is different rates on call and in store. What happens is, dodgy service providers tend to trap you by telling higher rates when you call. Their rates change as soon as you reach them out in store and ask for them.

In this case, you would almost certainly have to deal with a wasted visit. However, it is better to not get your currency exchange especially when you need a big sum exchange. You will end up losing money instead of getting the service standard you need.

Usually, from experience, you can tell about which service provider does this sort of a thing. Asking around in your social circle should reveal some information as well. Consistent exchange rates are the way to go and will bring best benefits.

6: Negative Feedback on Their Website or Social Feeds

In today’s modern world of the internet and social media, it is easy to pick on dodgy services. Currency exchangers often have websites. If you find one that have no websites or social media presence, you should definitely look for an alternate.

Find your local service providers online and also on social media to investigate further. Look for reviews and feedbacks from their existing customer. People who have gotten currency exchange services, tend to leave good or bad reviews online or on social media.

All these are tell-tale signs that should give you quite the idea about which service provider you should not visit. Be sure to visit ones that have good reputations and will provide you good services. Correct rates with convenient services are what you should look for.

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Robert D. Cobb
Founder, Publisher and CEO of INSCMagazine. Works have appeared and featured in places such as Forbes, Huffington Post, ESPN and NBC Sports to name a few. Follow me on Twitter at @RobCobb_INSC, email me at robert.cobb@theinscribermag.com

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