Exclusive Feature: Counterfeit money is a problem that is prevalent in many countries around the world, it has been affecting the hotel industry and all of their guests on a global scale for decades.

The hotel industry is affected more than other industries because of the customer base that they have which includes people from outside of their geographic area.

The Risk for Tourists

One reason it has had such a dramatic impact on the hotel industry is because of the amount of international travelers that they do business with. It is much easier to spot counterfeit money for a local than it is for a tourist. A person that is from the area is already use to seeing what the real currency is supposed to look and feel like. To someone that does not regularly use a specific type of currency, it will be much more difficult for them to differentiate the real currency from the fake currency. This makes international visitors the ideal people to use to get rid of counterfeit money.

The Trickledown Effect

This will have a trickledown effect that will impact hotels. If a traveler accepts fake currency, they will be unable to use it for other expenses throughout their trip. This will result in shorter stays and could dissuade them from visiting the area again in the future.

Taking Precautions

No matter how many precautions are taken, there is no way to completely eliminate the problem of counterfeit money. With that said, it is helpful for travelers to take precautions in order to reduce the chances it happens to them.

Since the hotels are one of the business that are negatively impacted by the exchange of fake currency, it is in their best interest to do what they can to help their guests identify and avoid situations where they would come in contact with counterfeit money.

The hotels that visitors are staying at are best suited to tackle this problem because they will have the most access to travelers. There are many things that they can do in order to reduce the occurrence of this happening

What You Should Do If You Have Counterfeit Money

If you discover that you have counterfeit money on hand, you don’t have a lot of options. If you turn it in to the police, you are out that money. They usually won’t replace counterfeit money that is turned in for any reason. If you hold on to it and get caught, you could face serious fines or even jail time. The best thing to do is to know how to avoid accepting it in the first place.

How to Avoid Counterfeit Money

It is important for the hotel to be able to explain to their guests what to look out for when it comes to handling money. One of the easiest ways to do this is by showing them each type of note or coin and explain what they should look for in order to differentiate the real from the fake notes. Let the guests feel and inspect each note and compare them to fake notes. A hotel should also explain that they will be targeted for counterfeit money as a tourist.

What Locals Do with Counterfeit Money

Counterfeit money isn’t worth anything until the moment it is exchanged for a good or service. The tricky part is to find ways to spend this money without being caught. The easiest way to get value out of the fake currency is to exchange it in “under-the-table” transactions.

By doing this, they will be able to get some value out of the money without exposing themselves to the risks that come with getting caught with it. Unfortunately, this means a lot of counterfeit money will go to innocent people trying to make an honest living.

Alex Reichmann, CEO of www.itestcash.com