What is the Benidorm Currency Exchange Scam? The currency exchange scam is big business in Benidorm – and unfortunately it is perfectly legal. So if you get scammed you can expect no help from the authorities.
This is how the scam works…
In several locations around Benidorm you will come across currency exchange offices. They will have a huge sign outside – telling you today’s exchange rate – always a better rate than you might expect. These places look very respectable, very plush and very bank-like. But they are not banks.
Thousands of people use them. They read the sign, go inside, hand over their Pounds and walk out with a bunch of Euros. But when they get outside and count their Euros they find that they have far fewer than they expected.
They go back inside to query the amount – and a smug member of staff points to some very small print in the exchange agreement. The advertised exchange rate is only for amounts of £2000 or more. Some of them use other cop-outs – but the result is the same – they haven’t broken the law – and you’ve been done! The exchange rate that you actually get in these places is far, far worse than you’d get in a bank or even from your hotel.
YOU HAVE BEEN WARNED
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