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Wednesday, July 11, 2018

What To Do If You Receive Counterfeit Currency

What To Do If You Receive a Counterfeit Note

 

While coming across counterfeit notes isn’t a common occurrence, it’s important to know what to do if you do receive one.

Being able to identify counterfeit currency early on can help prevent you from ending up with ingenuine bills. Here are some tips on identifying and protecting yourself from counterfeit banknotes.

What CXI Does to Fight Counterfeit Currency

In order to prevent counterfeit currency, CXI has multiple layers of checks and training our staff receives. We also comply with our internal policy and process by submitting the incident to the secret service for review if we receive it.   

Identifying a Counterfeit Note

You may be concerned that you wouldn’t be able to spot a counterfeit banknote if you had one. However, banknotes from every country are full of security features, so the most important thing is to familiarize yourself with your country’s currency features.

Common features present today include watermarks, holograms, and raised ink. Identifying these security features is more reliable than using a counterfeit detection pen.

 

 
 

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Knowing Beforehand

Being aware of these security features mentioned above before you think you have received a counterfeit note is important. Once a counterfeit note is in your possession, you cannot exchange it for a genuine one. It is also important to keep in mind that knowingly passing one on is illegal. 

How to Report it

If you end up possessing a counterfeit note in any country the first step is to contact the local police. By passing your note over to the police, they will be able to inspect it to determine if the banknote is in fact counterfeit.

How to Avoid Counterfeit Bills

If you are in a situation where you are receiving cash for a major transaction or you are just suspicious about receiving cash from someone, you can always have them bring it directly to the bank with you. This will ensure that the funds are authentic during the transaction.

Hopefully you never have to find yourself in this situation, but if you do, hopefully these tips help you resolve it. If you are ever suspicious of any banknotes it’s extremely important that you report it immediately.

 

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About Currency Exchange International
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations and travelers. Products and services for international travelers include access to buy and sell more than 90 foreign currencies, multi-currency cash passport’s, traveler’s cheques and gold bullion coins and bars. For financial institutions and corporations, our services include the exchange of foreign currencies, international wire transfers, global EFT, the purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software www.ceifx.com

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Posted By Jennifer Danuff at 12:00 PM
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