The currency exchange bait-and-switch
A "0% commission" booth shows a great rate, then charges hidden fees that erase the saving. Most-documented in Vietnam, Turkey, Czech Republic, Spain. Field guide: how the scam works, how to spot it in five seconds, and what to do if you fall for it.
Also called: Zero-commission scam, Exchange booth scam.
How the scam works
Currency exchange booths in tourist areas display headline rates that look excellent ("0% commission, best rate in city!"). When you complete the transaction the actual amount handed over is 5-15% lower than the headline rate, due to a "service fee" buried at the back of the receipt or applied above a certain amount. Vietnam, Czech Republic, and Turkey are particularly notorious; airport booths everywhere are bad.
How to spot it in 5 seconds
- "0% commission" or "no fees" advertised in big letters
- Two different rates shown — one for buying and one for selling — the gap is the actual margin
- No printed receipt offered before the cash is counted out
- Booth located inside a tourist street or major train station
- Offered to "round up" the exchange to your benefit — almost never actually in your favour
What to do if you fall for it
- Always count the cash before walking away
- Use ATMs of major banks instead of exchange booths — rates are nearly always better
- Travel cards (Revolut, Wise, Monzo) typically beat exchange booths by 3-5%
- Check xe.com or Google for the mid-market rate before any transaction
Frequently asked questions
Where is the The currency exchange bait-and-switch most common?
The The currency exchange bait-and-switch is most-documented in Vietnam, Turkey, Czech Republic, Spain, Thailand. Reports come from FCDO and US State Department advisories, embassy briefings, and Warnely's editorial team. The scam can happen anywhere these patterns repeat — watch for the warning signs above regardless of country.
Is this scam dangerous or just annoying?
This scam is medium-risk: you might lose €20-200 or your phone, but it rarely escalates to physical harm. Block bank cards quickly and file a police report for insurance purposes.
What should I do if I am being scammed right now?
Step away from the situation if safe. Walk to a busier, public, well-lit area. If you have been robbed: block bank cards via your banking app within minutes. If you have been physically threatened: call the local emergency number (varies by country — see the country guide) and your embassy. Most embassies operate 24/7 emergency lines.
Will my travel insurance cover this?
Most travel insurance policies cover theft and fraud if you file a police report within 24 hours and provide the report number when claiming. Card fraud is usually reversed by your bank if reported promptly. Spiked-drink medical costs are typically covered as medical emergencies. Always check your specific policy before travel.