Dubai is one of the popular destinations in the world for tourism, shopping, business as well as international investment. In fact, millions of visitors arrive from various countries every year in Dubai. They also bring their currencies such as Indian Rupees, US Dollars, British Pounds, Euros, Saudi Riyals, Pakistani Rupees etc. You should know that these visitors need to Currency Exchange in Dubai in order to manage the travel expenses.
No doubt, Dubai has a well developed infrastructure as well as currency exchange services throughout the city. In fact, visitors will find currency exchange counters at shopping malls, hotels, airport, commercial areas and dedicated exchange centre. But visitors need to know that exchange rate, service charge as well as convenience can differ from one place to another.
If you are planning to visit Dubai for a holiday, want to move permanently, send money to different countries or even managing an international business then you should understand Currency Exchange in Dubai. It is essential to know about how currency exchange works and how you can get better value for your money. So, follow the article carefully.
What is Currency Exchange in Dubai?
Tourists should know that currency exchange is the process which converts currency of one country to another country. For example, if you are visiting Dubai from India then you must covert the Indian Rupees (INR) to UAE Dirhams (AED). Actually, Diharms is the official currency of UAE which is mostly abbreviated as AED or written as Dh. The Dirhams is divided into 100 fils.
No matter, you are traveling from India, Pakistan, United States, England, Bangladesh etc. You have to convert your currency to Dirhams
• Indian Rupees → UAE Dirhams
• US Dollars → UAE Dirhams
• British Pounds → UAE Dirhams
• Euros → UAE Dirhams
• Saudi Riyals → UAE Dirhams
The amount which you will receive depends on the current exchange rate, the margin of the provider as well as applicable service fees.
Why Currency Exchange is Important in Dubai?
However, Debit cards, credit card and digital payments are widely accepted in Dubai but it is essential for the visitors to carry the local currency. You may require cash to:
- Shop in small or local business
- Making payments at traditional and souks
- Expenses for taxi and smaller transportation
- Miscellaneous purchases and paying tips
- Expenses for emergency
- Places where card payments are not accepted.
If you will exchange a reasonable amount of money into UAE Dirhams then it will help you in spending money easily.
In fact, residents as well as business also requires currency exchange services for international travel, overseas education, sending money to family, sending money to different countries, property transactions and many more.
Where you can Exchange Currency in Dubai?
You need to know that there are several places where you can exchange foreign currencies in Dubai. Some of the important places are discussed below:
- Currency Exchange Centre
There are several dedicated exchange companies in Dubai which allows the visitors to exchange their currency. These centres receive multiple currencies of various countries and provide UAE Dirhams. You will find several branches across the city which is useful for the tourists. They can provide:
- Foreign currency exchange
- Helps in international money transfer
- Remittances services
- Conversion of currency
- Helps in travel related financial services
It is essential for the visitors to compare rates at different centre as these exchange centres compete with each other.
- Dubai International Airport
Dubai International Airport also allows the visitors to exchange money immediately after arriving. It is much convenient option for the visitors if you need cash for transportation. But you should know that convenience does not mean that you will get the best exchange rate. At Airport, charges are quite high as compared with other exchange centres.
So, if you do not have urgent requirement for cash then you should avoid currency exchange at Airport otherwise you have to pay extra service charge. For emergency, you can exchange only some money at airport for immediate expenses and compare other options later.
- Shopping Malls
Currency Exchange in Dubai are also available at the major shopping malls. It is quite convenient option for the tourist who wants to visit the shopping malls for entertainment, shopping, dining and other activities. But before exchanging money, it is essential to check the displayed rate. You should also ask whether there is any additional service charge for the exchange of currency.
- Hotels
There are many hotels who provides currency exchange services to their guests. It is one of the convenient option for the visitors particularly in emergency situations. Generally, hotel exchange services will not offer the most competitive rates but you should compare the rates with established exchange centres before proceeding for exchanging the large amount.
- Banks
For Currency Exchange in Dubai, you can also visit the Banks. They also provide currency exchange services. However, the requirements, available currencies, operating hours as well as fees can vary.
Banks are mostly useful for the certain customers mainly the residents and business owners who already maintain accounts with the banks.
How to Get Better Currency Exchange Rate in Dubai?
You should know that getting a good exchange does not always require complicated financial knowledge. By taking some precautions, you can also make a noticeable different. The best ways to get better exchange rates in Dubai are mentioned below:
Compare Multiple Exchange Rates
After visiting at first counter, do not exchange a large amount of money. You are advised to compare rates from various reputable providers and check the final amount which you will receive after all the deduction of fees.
Avoid Exchanging at Airport
However, airport exchange counter is one of the convenient option but tourists will find better rates at somewhere else. If you want cash immediately then you are advised to exchange a small amount of money and check for the better option later.
Check for Additional Charges
You need to know that an exchange rate may look attractive until the additional fees are not included. So, you should always ask:
“How much AED will I receive after all fees and charges?”
It will help you to know the clearer picture of the actual value of the transaction.
Use Reputable Exchange Providers
Visitors are always advised to choose the licensed as well as established currency exchange businesses. You should not exchange money from unknown individuals or unofficial sources. By using a legitimate provider, you will get security and transparency.
Check your Money before Leaving:
Once you complete the exchange transaction, you need to check the cash as well as receipt before leaving the counter. You need to ensure:
- The amount is correct
- Currency is correct
- You have received transaction receipt
- All the applicable fees are clearly mention on the receipt
Can you use Indian Rupees in Dubai?
As you know, The UAE Diharms is the official currency of Dubai. Generally, Indian Rupees are not accepted as a normal payment in Dubai at shops, restaurants, taxi or other business. So, Indian visitors are advised to carry an appropriate payment method which includes:
- UAE Dirhams
- International Debit Cards
- International Credit Cards
- Travel cards
Travelers are advised to Currency Exchange in Dubai and have some AED for immediate expenses to avoid unwanted troubles.
Frequently Asked Questions About Currency Exchange in Dubai:
Q: What is the currency of Dubai?
A: The official currency of Dubai and UAE is the United Arab Emirates Dirhams (AED).
Q: Which is the best place for Currency Exchange in Dubai?
A: You should know that dedicated licensed exchange centre can be a good option but the best choice depends on the currency, amount, fees as well as rates. But visitors are advised to compare several providers.
Q: Can I exchange Indian Rupees in Dubai?
A: Yes, you can easily exchange INR to AED. However, availability and rates can vary between providers.
Q: Is keeping cash necessary in Dubai?
A: No doubt, cards and digital payments are widely accepted in Dubai but for making small purchases and payments, visitors are advised to carry some UAE Dirhams.
Q: Should I exchange currency at Dubai Airport?
A: Airport exchange counter is convenient but here exchange rates are high. So, you can use airport for emergency and avoid exchanging the larger amount.
Final Thoughts:
Currency Exchange in Dubai is extremely important for tourists. Residents, students, business travelers etc. It will help you to manage the expense more effectively. In Dubai, converting money is quite convenient because you will find lots of exchange centre and counters across the city. Apart from counters, you can also exchange money from bank, airport, shopping malls, etc.
Visitors are advised to not only find the highest advertised exchange rates but also compare the final amount received after fees and charges. So, it is extremely essential to make use of reputable providers. You should avoid exchanging large amounts without checking the alternative options.
It is advised to the travelers to keep some UAE Dirhams for their immediate expenses while using cards for larger purchases can be a practical strategy. Business dealers are advised to pay close attention to the exchange rate movements and transaction costs with international currencies.
If you are visiting Dubai for holiday, investing in property, relocating for work etc then you must know about the Currency Exchange in Dubai. It will help you making smarter financial decision in UAE.