Types of Foreign Currency

Types of Foreign Currencythumbnail
A stack of U.K. Pound notes. (Photo: Adam Gault/Digital Vision/Getty Images)

Understanding the varied types of foreign currencies and exchange rates is a daunting but needed skill in our global world. This knowledge affects decisions ranging from choosing travel destinations to short- and long-term financial investments.

Most Commonly Used Currencies:

Coins and paper Yen from Japan. (Photo: Hemera Technologies/AbleStock.com/Getty Images)

Over 150 types of currencies exist in the world. The most common are :
•E.U.: Euro-EUR
•U.S.: Dollar-USD
•U.K.: Pound-GBP
•Switzerland: Swiss Franc-CHF
•Japan: Yen-JYP

Other Known Currencies:

A selection of Swedish Kronas. (Photo: Stockbyte/Stockbyte/Getty Images)

Other widely known currencies are:
•Mexico: Peso- MXN
•Sweden: Krona- SEK
•India: Rupee-INR
•Russia: Ruble-RUB

Countries which use the Euro:

Several denominations of paper Euro notes. (Photo: John Foxx/Stockbyte/Getty Images)

The following countries use the Euro as their form of currency:
•San Marino
•Vatican City

Countries That Use the U.S. Dollar:

A display of U.S. currency. (Photo: Digital Vision./Photodisc/Getty Images)

The USD is the most widely used currency in most international transactions. In addition to the U.S. and its regions--Puerto Rico, Northern Mariana Islands, U.S. Virgin Islands, American Samoa and Guam--some other countries use the U.S. Dollar as its official currency.

They are:
•East Timor
•British Indian Ocean
•British Virgin Islands
•El Salvador
•Marshall Islands
•Federated States of Micronesia
•Turks and Caicos Islands

Sources on Foreign Currencies

A teller exhanges foreign curency. (Photo: Keith Brofsky/Photodisc/Getty Images)

Popular travels sites contain information regarding the specific currency used and the exchange conversions for most countries and geographies. For up-to-the-minute investment and trading decisions, consult on-line sources for exchange rates, and major global brokerage firms and banks. Be prepared to be awed by the diversity of the information contained on foreign currency. They often are a mirror to the cultural identities of the specific countries.

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