Currency
In Dubai, currency exists in the form of the United Arab Emirates Dirham (Dh or AED as it is sometimes called.) Dirham notes come in an array of denominations which range from Dh 5 to Dh 1000. In line with Arab tradition, falcons are pictured on the notes and the value of each note is written in Arabic only.
One Dirham can be divided into 100 fils and coins can be obtained in values of Dh1, 50 fils, 25 fils, 10 fils and 5 fils. As is the case with all currencies exchange rates may vary, but when markets are stable exchange can be expected at around 7 Dirham to 1GBP British Pound Sterling and 3.7 Dirham to $1 US Dollar.
As convenient and tempting as it may be, it is sensible not to exchange money at airports due to the fact that exchange rates offered at airports are usually exceptionally poor.
Exchange centers, and local and international banks can be easily located in the city and will all likely present you with far better rates. There is no prohibition on the exchange of money in Dubai and most local banks will willingly transfer and exchange money for you.
New research has shown that about 550,000 British people now own a second home abroad and most would have traditionally used their High Street Bank to convert their cash. This means that a potential £1.8 billion has been lost because of poor exchange rates.
- Quote from Sunday Times Money pages February 5 2006
Both banks and exchange houses operate from around 8am to 1pm Saturday to Thursday. Some banks reopen from 4pm to 6pm Saturday to Wednesday and exchange houses typically reopen from 4:30pm to 8:30pm Saturday through to Thursday. Keep in mind the fact that the weekend falls on a Friday in Dubai and therefore all banks will be closed on this day and exchange houses are likely to only be open for a portion of the day if at all.
Travellers Cheques and major credit cards like Mastercard, Visa and American Express are accepted at the majority of hotels, shopping centers and restaurants. Tips and municipality taxes are usually already added into bills, although if you are unsure or wish to further compensate staff for good service, 10% is seen as more than generous. In the event that you are looking to pick up bargains, it is advisable to rather carry cash due to the fact that vendors will be more willing to lower prices for cash sales than they will for electronic sales. Smaller shops, especially those in souks will often refuse to accept credit cards altogether.
If you have any currency related queries whilst in Dubai you can contact either First Rate FX office.
As convenient and tempting as it may be, it is sensible not to exchange money at airports due to the fact that exchange rates offered at airports are usually exceptionally poor.
Exchange centers, and local and international banks can be easily located in the city and will all likely present you with far better rates. There is no prohibition on the exchange of money in Dubai and most local banks will willingly transfer and exchange money for you.
New research has shown that about 550,000 British people now own a second home abroad and most would have traditionally used their High Street Bank to convert their cash. This means that a potential £1.8 billion has been lost because of poor exchange rates.
- Quote from Sunday Times Money pages February 5 2006
Both banks and exchange houses operate from around 8am to 1pm Saturday to Thursday. Some banks reopen from 4pm to 6pm Saturday to Wednesday and exchange houses typically reopen from 4:30pm to 8:30pm Saturday through to Thursday. Keep in mind the fact that the weekend falls on a Friday in Dubai and therefore all banks will be closed on this day and exchange houses are likely to only be open for a portion of the day if at all.
Travellers Cheques and major credit cards like Mastercard, Visa and American Express are accepted at the majority of hotels, shopping centers and restaurants. Tips and municipality taxes are usually already added into bills, although if you are unsure or wish to further compensate staff for good service, 10% is seen as more than generous. In the event that you are looking to pick up bargains, it is advisable to rather carry cash due to the fact that vendors will be more willing to lower prices for cash sales than they will for electronic sales. Smaller shops, especially those in souks will often refuse to accept credit cards altogether.
If you have any currency related queries whilst in Dubai you can contact either First Rate FX office.