Key facts from this guide
- 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.
- A fifth of Brits commonly purchase their foreign currency from their local travel agent, with just 4% making use of foreign currency cards. .
- Most Brits [32%] spend up to £1,000 per year when abroad, with 14% spending up to £1,500 and 12% up to £2,000. .
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.”
Other key take outs from the research include:
- Just over a quarter of Brits believe that the Post Office is the cheapest place to purchase foreign currency.
- A fifth of Brits commonly purchase their foreign currency from their local travel agent, with just 4% making use of foreign currency cards.
- Most Brits [32%] spend up to £1,000 per year when abroad, with 14% spending up to £1,500 and 12% up to £2,000.
Frequently asked questions
How many Brits know the name of Russia's currency?
Just 15 per cent, according to a Quote Goat survey of 1,000 people aged 18 to 65. The remaining 85 per cent could not recall that the currency is the Russian Rouble.
Should I choose pounds or local currency when paying by card abroad?
Select the local currency and let your own bank handle the conversion, as it is almost always cheaper. Choosing GBP triggers dynamic currency conversion charges of around 6 to 10 per cent, which are not capped.
Can I exchange pounds for roubles in Russia?
According to the research, Russian banks and foreign exchange sites were only likely to accept euros or US dollars, so travellers who did not know this risked extra charges by relying on their bank cards.
Where do most Brits buy their foreign currency?
Just over a quarter believe the Post Office is the cheapest place, a fifth commonly use their local travel agent, and only 4 per cent use foreign currency cards.
How much do Brits spend abroad each year?
Most (32 per cent) spend up to £1,000 a year, 14 per cent spend up to £1,500 and 12 per cent up to £2,000.
Michael Foote, Insurance & Finance Expert
Michael Foote is the founder of Quote Goat and has over 20 years experience working in finance & insurance. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city.
