Survey Finds Britons Losing Money by Not Being Clued Up on Foreign Currencies

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16th November 2012 14:10 - Financial Services

A recent survey of 2,091 people across the UK by online foreign money trader Forex has revealed a gap in currency knowledge - as many as one in three Britons (35%) are not aware that the Scottish pound is acceptable for payments in England and is of equal value to the British pound.

Furthermore, 41% of the UK respondents who took part in the study admitted they had previously visited a country where they did not know what the currency was, with a quarter having to look up a local currency after they arrived at the destination.

The market research found a significant lack of knowledge when it came to more obscure currencies - when asked ‘what is a Balboa?’ the majority of surveyants at 57% thought it was a type of tree rather than the currency of Panama.

When asked ‘what is a Quetzal’, only 19% of Britons knew it is the Guatemalan unit of currency – 43% thought it to be a bird, 20% claimed it is a 'salted dough snack' and 17% ventured to guess it is a 'traditional dress'.

Following the survey results, David Errington of issued a caution: “We'd always recommend clueing yourself up on currency before you go abroad. Leaving it until you're there is never the best idea, and shopping around for the best exchange rates before you go is the only way to ensure that you are getting the best value for money.”

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