GBP to EUR, these acronyms may not sound familiar to you. However, if you are thinking of exchanging money in Fuengirola, knowing them will be very useful.
Changing British Pounds to Euros is really easy in Fuengirola. Exis Exchange is one of the largest foreign exchange offices in Malaga.
We have more than 10 years of experience exchanging money in Malaga. For this reason, in this article we want to explain to you why the pound sterling is called GBP or the US dollar is called USD.
ISO codes for international currencies
The reason the pound is called GBP lies in the ISO code. These codes are made up by the ISO organization. The acronym ISO refers in English to the International Organization for Standardization.
This organization works on methods to standardize all kinds of products and mechanisms. From standards in safety and health to standardizations for the use of energy.
And, obviously they have also developed codes for the financial world. That is the reason ISO codes were invented. To establish a standard acronym for the currencies of all nations.
How do ISO codes work?
If we want to change currencies in Marbella, let's say changing Euros to Canadian dollars, the system will show EUR to CAD.
The reason for these names is that ISO currency codes are based on ISO country codes. They are formed with the first 2 letters taken from the agreed ISO country code, and the third, as far as possible, represents the first letter of the currency.
For this reason, when we change sterling pounds in Torremolinos GBP is used. GB for Great Britain, plus the letter P for English pounds. So we get GBP.
USD is obtained from the first two letters of the United States (US) and the D of dollar. In this link you can see all the ISO monetary codes for currency exchanges.
There are exceptions to this rule such as the Mexican peso which is MXN. This is because the MXP for the Mexican peso used to exist. But the Mexican government removed three zeros from the currency. This is how the new peso was born in 1992. For this reason, the ISO currency denomination is MXN. MX for Mexico and N for new pesos.
You already know if you want to change GBP to EUR or you want to obtain EUR to MAD (Moroccan Dirham) in Fuengirola at Exis Exchange we will be happy to assist you.
