6 ISSUES FOR JUST £6 Subscribe to Business & Professional Life today CLICK HERE

Just 15% of Brits clued up on Russian currency, research finds

PUBLISHED: 17:15 06 July 2018

A massive 85% of people could not recall the official title of the foreign tender

A massive 85% of people could not recall the official title of the foreign tender

Archant

3 in 4 people were also completely unaware as to what the most cost-effective or cheapest method is, when exchanging GBP into Russian Rouble [RUB]

Despite England’s success in the World Cup, just 15% of Brits are clued up on Russian Currency, according to new research by cost comparison site, Quote Goat.

The research, which surveyed 1,000 participants between the ages of 18 – 65 on their understanding of Russian currency, revealed a massive 85% of people could not recall the official title of the foreign tender, with 3 in 4 people completely unaware as to what the most cost-effective or cheapest method is, when exchanging GBP into Russian Rouble [RUB].

Respondents also advised that when using their UK bank cards overseas, an alarming 50% of Brits either don’t know which currency to choose or select GBP, facing additional dynamic currency conversion [DCC] charges of 6 – 10%.

This stat alone suggests Brits supporting the World Cup team in Russia, are likely to be facing additional charges by using their bank cards, particularly if they were unaware that they could not exchange GBP into RUB when visiting the country, with Russian banks or foreign exchange sites only likely to accept Euros or US Dollars.*

Michael Foote, Managing Director of Quote Goat, commented: “This latest research highlights that despite England’s success in the World Cup, we as a nation are far from clued up in Russian currency.”

“Aside from just 15% of participants able to recall the Russian Rouble as the country’s tender, a vast majority of Brits supporting the England team are likely to have racked up masses in DCC charges, which is not subject to a cap on the amount charged, as long as the customer is presented with a choice of which currency to use.”

“There is an evident lack of understanding in how best to use bank cards when purchasing goods or services overseas. The best option is to select the visiting countries currency and let your own bank handle the conversion as they are almost always cheaper.”

“Ultimately, the best option for England fans during their time in Russia is to use a currency card or pre-order your foreign currency online to get the best rates.”

Founded in 2014, Quote Goat is quickly becoming one of the UK’s leading cost comparison sites, offering instant quotes for Household, Business, Insurance and Financial sectors. To find out more visit quotegoat.com.

0 comments

Welcome , please leave your message below.

Optional - JPG files only
Optional - MP3 files only
Optional - 3GP, AVI, MOV, MPG or WMV files
Comments

Please log in to leave a comment and share your views with other Cotswold Life visitors.

We enable people to post comments with the aim of encouraging open debate.

Only people who register and sign up to our terms and conditions can post comments. These terms and conditions explain our house rules and legal guidelines.

Comments are not edited by Cotswold Life staff prior to publication but may be automatically filtered.

If you have a complaint about a comment please contact us by clicking on the Report This Comment button next to the comment.

Not a member yet?

Register to create your own unique Cotswold Life account for free.

Signing up is free, quick and easy and offers you the chance to add comments, personalise the site with local information picked just for you, and more.

Sign up now

More from Cotswold Life

Neil and Alison Smith wanted a project, but then their old coach house began to reveal its interesting little glitches

Read more
Wednesday, October 17, 2018

Taking over the reins on a well-established 50 year old family business, third generation family member Matt Cleevely has taken his own passion for sustainability and put in place a business vision that marries the heritage of Cleevely Motors and a future commitment to all things electric

Read more
Wednesday, October 17, 2018

He quit his job with a few thousand pounds in savings and an empty garage. In less than a year, Nick Grey’s technology company Gtech was flying. Tanya Gledhill meets him

Read more
Tuesday, October 16, 2018

From food and farming champions to expert retailers, design houses to haulage companies, the old guard to the new kids on the block, we are lucky to count them among our numbers and applaud the contribution they make to the Cotswolds’ business landscape

Read more
Tuesday, October 16, 2018

Did you attend the opening of Lodders’ new office in Cheltenham? If so, you could be in our social photos...

Read more
Tuesday, October 16, 2018

“It’s important to keep investing in new equipment, not only to meet demand but to also maintain the high quality of our packaging that our customers rely on.”

Read more
Tuesday, October 16, 2018

Crowe, the national audit, tax, advisory and risk firm, has acquired a Gloucestershire accounting business that specialises in helping entrepreneurs

Read more
Tuesday, October 16, 2018

I send this postcard from Cirencester, complete with the discoveries and viewpoints from four members of my family – both the young and not so young

Read more
Tuesday, October 16, 2018

Of all the castles in the region, none have seen as much war, romance and royalty as Sudeley over its dramatic 1,000-year history. And with such a colourful and eventful past, it is easy to see why some people believe there could be spirits from bygone eras which still wander the halls and corridors to this day

Read more
Tuesday, October 16, 2018

‘If its autumn in Gloucestershire, then it must be time for Apple Day when we celebrate cider’

Read more
Monday, October 15, 2018

What started as a business ploy by one Cotswold firm has developed into an inspirational garden

Read more
Monday, October 15, 2018

The weekend is fast approaching and for those still deciding how to spend their Friday through to Sunday, we pick 5 of the best ways to spend your weekend in the Cotswolds

Read more
Monday, October 15, 2018

‘What meal would you choose, if you could only ever eat that meal three times a day forever and day?’

Read more
Friday, October 12, 2018

Here’s our pick of some of the very best chefs from our local pubs, restaurants and hotels in and around the Cotswolds and sharing their advice and tips on how they made themselves and their businesses successful

Read more

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

Latest Competitions & Offers

Topics of Interest

Food and Drink Directory A+ Education

Subscribe or buy a mag today

subscription ad

Local Business Directory

Property Search