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

Fri, 16:43

Find a fabulous gift for everyone with Whatley Manor’s monetary vouchers.

Read more
Thu, 14:59

One lucky reader could win a pair of tickets to see Ella Mills, founder of Deliciously Ella, at Calcot Manor as well as two signed copies of ‘The Plant-Based Cookbook’

Read more
Thu, 13:19

Get out and enjoy seasonal celebrations with a Cotswold twist

Read more
Thu, 11:20

People travel from far and wide to visit the Cotswolds at Christmas. We’ve compiled 24 reasons why you should join them.

Read more
Thu, 09:13

Alleviate the stress of hectic Christmas preparation and endless shopping trips with a festive afternoon tea in one of these gorgeous Cotswold settings

Read more
Wed, 10:23

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

If you’re looking for things to do in the Cotswolds this month, we have gathered plenty of events for you to pop in your diary

Read more
Tue, 13:40

Hundreds of participating National Lottery-funded visitor attractions across the UK are saying ‘thanks’ to people who have raised money for good causes by buying a lottery ticket, including a number of venues in the Cotswolds

Read more
Tue, 11:58

Crispy, frosty days and perhaps even a dusting of snow, winter is a magical time in the Cotswolds. If you’re thinking of tying the knot during this beautiful season in the region, here are six winter wedding ideas to help you start planning your special day

Read more
Tue, 10:28

The hotel in Forest of Dean, Gloucestershire is offering free lunch or afternoon tea for the first ten that book for December 19

Read more
Mon, 12:40

“We’re looking forward to lots of festive fun this Christmas festival and hope to welcome lots of people to our town.”

Read more
Mon, 12:09

A perfect gift where rest and relaxation is required.

Read more
Mon, 11:40

Applications are now open for a new competition that will give people from Gloucestershire the chance to see their food and drink products or ideas appear on supermarket shelves across the county

Read more

Do you remember that glorious childhood feeling of utterly, utterly losing yourself amongst the words of a story? Lucy Mangan certainly does. Katie Jarvis meets her over lunch at Calcot Manor to delve into the little-known stories behind some of our childhood literary favourites

Read more

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

Topics of Interest

Food and Drink Directory A+ Education

Subscribe or buy a mag today

subscription ad

Local Business Directory

Property Search