Counterfeit Money – Could You Spot a Fake?

When we go off travelling the last thing we want to think about is the possibility of running into ‘funny money’.  It’s a good idea to keep your wits about you when accepting bank notes to make sure you don’t end up with a dud. 

Do you pay attention to the money you handle every day?  If not, give it a try the next time you access notes from your bank or ATM. The notes are printed on paper which is a mixture of cotton and linen, so get used to the feel – which should be crisp and never limp or slippery. The print should be clear, not fuzzy or smudged. There are other signs to look for, such as raised print, watermarks, holograms and colour changing ink.  Businesses have gadgets to instantly spot fake notes, but the average traveller doesn’t have ready access to this sort of technology. 

Banks constantly monitor the quality of fakes they take out of circulation so they can try to stay one step ahead of the forgers.  If you don’t know how to spot a fake why not start with the good old British pound.  Visit the Bank of England’s website and take a virtual tour which shows ways to tell a fake from a genuine note.  Click here.  To view the short film ‘Take a Closer Look’ which gives more in-depth explanation of how to spot fakes (£20 notes in particular) click on the Bank of England video link here.

Play it safe and order foreign currency from your bank or other trusted source well before travel.  It’s hard to get by without some cash in your pocket and if you wait until reaching your destination there will be fees to pay.  At all costs, beware if you are approached to change money on the streets, as this is one of the most common ways to land yourself with a fistful of fake dollars!  

You should always have a way to access money to cover emergencies when travelling. Although travel insurance may cover your claims, in some countries you are required to pay hospital or medical expenses upfront and claim back from your insurance later.  Remember that if you accept a fake note you will be stuck with it – as banks will not exchange it for real money!

Flickr cc Image: milenamihaylova