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:
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:
Other widely known currencies are: •Mexico: Peso- MXN •Sweden: Krona- SEK •India: Rupee-INR •Russia: Ruble-RUB
Countries which use the Euro:
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:
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
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.
Carol Phelps has a MBA in Finance, and over 20 years in corporate finance driving financial profitability. Her passions are economic development and sustainable entrepreneurship worldwide. She writes articles on topics ranging from fiscal controls, budgeting, and planning tools to the effective use of social media to increase business results.