Types of Foreign Currency
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.
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Most Commonly Used Currencies:
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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:
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Other widely known currencies are:
•Mexico: Peso- MXN
•Sweden: Krona- SEK
•India: Rupee-INR
•Russia: Ruble-RUB -
Countries which use the Euro:
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The following countries use the Euro as their form of currency:
•Andorra
•Austria
•Belgium
•Cyprus
•Finland
•France
•Germany
•Greece
•Ireland
•Italy
•Kosovo
•Luxembourg
•Malta
•Monaco
•Montenegro
•Netherlands
•Portugal
•San Marino
•Slovakia
•Slovenia
•Spain
•Vatican City
Countries That Use the U.S. Dollar:
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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
•Ecuador
•El Salvador
•Marshall Islands
•Federated States of Micronesia
•Palau
•Panama
•Turks and Caicos Islands
Sources on Foreign Currencies
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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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