Comments on: Traveler’s Warning: Counterfeit Chinese Currency

By: Governor John Tarus - China

Governor John Tarus - China — Wed, 16 Mar 2016 05:22:00 +0000

I became a victim of counterfeit currency last week after withdrawing 500 RMB from the bank ATM and as I was doing some shopping, it was established that 100 RMB note was fake. I took it to the bank for verification and I was told it was counterfeit yet the source was ATM. The bank seized the fake note, took my details and gave me a receipt. I have never understood how the fake note found its way to an ATM.

By: Travis Ball

Travis Ball — Wed, 28 Jan 2015 10:42:08 +0000

In reply to Jon.

Hey Jon,

Thanks for the comment. I’m a little disappointed to hear this is still such a problem four years later. I’d say you’re right, there’s really no way to keep this from happening except to be educated about it and know what makes them fake. Then you can go into the bank immediately after a withdraw and get counterfeit bills.

Hopefully you’ll be able to use the bills elsewhere and get your money back.

– Travis

By: Jon

Jon — Thu, 22 Jan 2015 11:58:00 +0000

I lived in Beijing from 2007-2011 and heard that you could get fake Y100 bills from ATM machines. However I never had problem with Y100 bills from ATM machines, but occasionally picked up a fake Y10 or Y20 from shops and traders.
This week I was visiting Beijing and withdrew Y2000 from a Bank of China ATM outside a branch in Chaoyongmen. I spent some of them at a restaurant and some other shopping, then tried to pay for a cab ride with one. The taxi driver refused it as it was fake. We went through about 15 notes and they all were fake. Luckily I had enough smaller bills to pay him…
I had always assumed that withdrawing RMB from a reputable bank ATM would be safe. I didn’t have time to go back to the bank as I had to get to the airport, so this was an expensive lesson for me. Someone fairly senior in the bank must be in on this scam, so you’ll need hard evidence to combat this.
Not sure what advice I can give to guarantee this won’t happen to you – I would say avoid remote ATMs, but even those right outside a reputable bank are not secure.

By: Caribbean traveller

Caribbean traveller — Thu, 08 May 2014 06:58:00 +0000

I recently exchanged my 200 US for RMB at ICE International Foreign Exchange Counter at JFK Airport, 600 out of the 1000 RMB that I received turned out to be fake!!

Got no refund when I returned there with receipt in hand a week later. It seems that the only real way to escape it is by educating yourself,since very few places in China accept international or debit credit cards.

By: JDZLA

JDZLA — Thu, 17 Oct 2013 06:11:00 +0000

We got about 2000 RMB from a well known ATM and about 500 of it was fake. The banks do nothing about it. I would pay the fee to exchange currency at a reputable place rather than use the ATM’s and lose 25% of your funds with no recourse.

By: nomadcapitalist

nomadcapitalist — Sun, 22 Sep 2013 09:29:00 +0000

In reply to Eggers. Isn't this an interesting lesson in fiat currency? Trading scraps of paper as if they had no inherent value, just the ability to pawn it off on the next guy. Ironic.

By: nomadcapitalist

nomadcapitalist — Sun, 22 Sep 2013 09:27:00 +0000

Good post on a problem everyone who goes to China encounters one time or another. I’ve gotten counterfeit 10 RMB notes – who counterfeits a buck fifty?

I might suggest, however, that travelers should get their cash from ATMs rather than bringing foreign currency. Rates are much lower, and I’ve used some banks at home that charge NO ATM fee, even when it’s overseas. Spreads are pretty low at many banks, so you get a rate closer to spot than any money changer will give you. Granted, that won’t alleviate all issues in China since ATMs there have been known to dispense fake notes, too. But it’s good advice for most other places (except those places with no ATMs, obviously).

By: Fart

Fart — Mon, 16 Apr 2012 18:00:00 +0000

In reply to Eggers. The whole country is full of cons, the counterfeiting will eventually ruin them in the end.

By: Albert

Albert — Sun, 17 Jul 2011 06:04:00 +0000

Helpful post Travis.Â Thanks!Â I wish I had seen this before my 7 week trip to China this year.Â ALthough some of my friends were unlucky with fakes I never got stopped which probably meant my bills were ok.Â I always got my money from Bank of China ATMs or well known banks.Â I’m sure even if I had one I was able to pass it off and so it continues just like Eggers mentions.

By: Eggers

Eggers — Fri, 14 Jan 2011 07:10:00 +0000

I live in china and run into counterfeit currency frequently. Chinese people get stuck with it to, so assuming everyone might have a couple fake bills to get rid of, be very careful when receiving change as Chinese people will often try to get rid of their fakes on foreigners who are less likely to notice. Its not malicious, but the best strategy is to do the same thing. If you get stuck with some fake bills, try to use them first. Place them between real ones when paying for things, try to spend them when a vendor is busy and is less likely to take the time to check thoroughly or in a dark bar where they can’t study them as clearly. They might get rejected several times but remember that whoever had them before you made a mistake, and so eventually somebody after you will too.