Question 1

What is the "Unfavorable Currency Exchange Kiosk" scam in New York?

Accepted Answer

Currency exchange kiosks at JFK and LaGuardia airports and in Times Square advertise "0% commission" but apply extremely wide bid-ask spreads, effectively charging 10–15% above the mid-market exchange rate. Kiosks operated by Travelex and similar chains near tourist zones routinely offer rates far worse than any bank or ATM. Tourists changing large amounts of cash lose significant money without realising the fee is embedded in the rate itself. Never exchange currency at airport kiosks or Times Square exchange booths unless it is an emergency. Use your debit card at a bank ATM to withdraw local dollars and pay the standard ATM fee — it will almost always be cheaper. If you must exchange, compare the rate offered to xe.com's mid-market rate; anything worse than 3% below mid-market is exploitative.

Question 2

What is the "ATM Skimming Device" scam in New York?

Accepted Answer

Skimming devices attached to standalone ATMs — particularly in tourist-heavy areas and bodegas — capture card data and PINs via a hidden overlay and pinhole camera. NYC has documented multiple large-scale skimming rings; one operation stole $17 million from NYC ATMs in a single scheme. Tourists using unfamiliar machines in areas like Times Square, Midtown side streets, and near Penn Station are prime targets. The devices are increasingly sophisticated and difficult to spot visually. Use ATMs located inside bank branches during staffed hours whenever possible — Chase, Citibank, and TD Bank branches are widely available across Manhattan. Before inserting your card, wiggle the card reader; a skimmer will feel loose. Cover the keypad with your other hand when entering your PIN. Check your bank statements daily while traveling.

Money & ATM Scams in New York

Unfavorable Currency Exchange Kiosk

ATM Skimming Device

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