This article tackles a question that’s more common than you might think: “What should I do if I receive counterfeit pesos after exchanging dollars?” I’ll walk you through the practical steps — based on real-life experience, interviews with financial experts, and direct references to actual laws or official documents — to ensure you don’t lose money or run into legal trouble. I’ll also sprinkle in odd mishaps and a bit of self-deprecating humor, because, honestly, nobody’s perfect when it comes to spotting fake bills the first time.
First, let’s be real: currency exchange scams happen far more often than any tourist brochures admit. Even in reputable offices — especially in high-traffic exchange spots like certain border towns or markets in Latin America — it’s not uncommon for someone to accidentally (or not-so-accidentally) slip a fake peso note into your wad of cash. And yes, I have embarrassing stories to prove it.
Certain official bodies like the Bank of Mexico actively publish guidelines on identifying counterfeit money, but no guide can prepare you for that sinking feeling when you realize you might be holding a worthless bill.
This isn’t just a local problem. Different countries have hugely varying standards when it comes to what's accepted as “verified trade” — which is the legal backbone for how currencies should be handled. Here’s a rough summary:
| Name | Legal Basis | Executing Agency | Reference |
|---|---|---|---|
| Mexico: Ley Monetaria | Decreto de la Ley Monetaria de los Estados Unidos Mexicanos | Banco de México | Official PDF |
| USA: Verified Trade Act | U.S. Code Title 31 - Money and Finance | US Treasury & Secret Service | Cornell Law |
| EU: Anti-Counterfeiting Directives | Directive (EU) 2019/713 | European Central Bank | EU Law |
| OECD: Standard for Trade Verification | Guidelines for Integrity & Transparency in Trade Facilitation | OECD Secretariat | OECD Docs |
Before even leaving the exchange booth, always count your money — slowly. Run your fingers over the notes and take a look at watermarks, color-changing ink, and texture. Realistically, unless you’re a cash-handling ninja, you might miss obvious fakes on your first go. I once spent ten minutes at a Mexico City airport cambio holding up every note like a detective, only for the attendant to quietly point out that their glass countertop makes excellent light for catching watermarks.
Picture this: you’re squinting at a 500-peso bill, the line behind you grows impatient, and you start sweating. On my worst trip, I got cocky, did a half-hearted check, and walked away. The next morning, boom — one bill wouldn’t pass at breakfast. Don’t be like me!
Here’s the golden rule: if you think you see a fake note, do not leave the counter. Show the suspicious bill right away. Legally, you’re in a much better place if you catch it before stepping away.
Take a photo of the bill (front and back). This creates a timestamp — pro tip I caught from a long forum thread on Lonely Planet where dozens of travelers share similar stories. Document everything, especially the exchange counter name, attendant’s name tag (if any), and receipt.
Sometimes the clerk will brush you off. I’ve had one try to suggest I passed them the fake! Channel your inner customer-rights superpower and ask to speak to a supervisor. Most legitimate exchanges have procedures for this, often outlined by their country’s monetary authority; see for example, Mexico’s Banxico procedures.
Don’t accept a vague promise to “make it right next time.” Insist on an immediate swap, and refuse to sign anything unless you understand it. If refused, state that you intend to file a formal complaint and, where possible, call local police or currency inspectors (yes, this can get awkward).
Last summer, in Tijuana, I exchanged $200 and later noticed one 200-peso note looked, well, off — the feel was wrong, the edges weirdly cut. I’d already left, so back at my hotel, I tried using it in a shop, and the cashier immediately handed it back: “Falso.” There went my pride.
What I should have done, as Forbes Mexico reports, is return to the exchange right away and formally request escalation. Instead, I called Banxico’s hotline (+52 800 226 9426). They had me take the bill to a local bank branch, where a slightly annoyed manager filed a report, photocopied my ID and the bill, and gave me a case number. Weeks later, I got a very official letter — no money back, but at least acknowledgment.
Lesson: if you catch a fake late, contact your own embassy and the nearest bank — but do it right away.
If the exchange house refuses to cooperate, file a complaint with the local financial regulator. In Mexico, for instance, that’s CONDUSEF or the Procuraduría Federal del Consumidor (PROFECO). Many cases get resolved this way, especially if you have evidence (photos, receipts).
For reference, here’s what Banxico suggests:
“If you inadvertently receive a suspicious banknote, present it at any bank branch for analysis. The bank will forward it for authentication to Banco de México.” (Source)
I once interviewed a compliance officer working for a multinational bank that deals with US-Mexico remittances. “In the US, every suspicious bill triggers a full incident report to the Treasury and Secret Service,” she told me. “In Mexico, banks have to destroy suspected fakes and notify central authorities, but smaller casas de cambio often try to handle it quietly — or blame the customer.”
That’s the crucial difference: in some countries, like the US, the system is highly centralized and punitive (see US Secret Service guidance). In others, such as Mexico, there are specific routes, but much of the practical process can be opaque, especially to non-locals.
Counterfeit currency is a pain, but it doesn’t have to be a disaster. As someone who’s accidentally been both the naive tourist and the outraged customer, my advice is: double-check your bills before you step away, and document every step if you find a fake. Most importantly, don’t just shrug it off — reporting these incidents helps pressure both governments and businesses to clean up dodgy practices.
Oh, and next time you’re at a cambio, maybe resist the urge to tell the clerk, “Don’t worry, I trust you!” Trust, but verify — and keep your eyes sharp.
Need more guidance? Check out official guidelines at Banxico or US Secret Service, and don’t be afraid to share your war stories online. You’re not alone!