Learn All About Dubai Currency
Arab Emirates Dirham also referred to as Emirati Dirham, is the official Dubai currency. It is implemented all across the UAE. The official abbreviation for the currency of Dubai is AED and DH or Dhs (unofficial). There are notes of denominations of 5,10,20,50,100,200,500, and 1000. Each denomination with a seductive yet resemblant color that can occasionally be perplexing. 1 Dirham is equal to 100 Fils. It replaced the Qatari riyal on 19th May 1973.
Origin and History of Dubai Currency
The currency began its history as soon as it replaced the Qatari riyal on 19th May 1973. Since 1966, the Qatar riyal has been in use in all Emirates with the exception of Abu Dabi. Both Dubai and Qatar used the Qatar riyal throughout the shift from the rupee to that currency.
In the year the dirham was in use, coins in the following denominations were made- 1, 5, 10, 25, 50 fils, and 1 dirham. Besides the 1, 5, and 10 fils pieces, all other coins were made of cupronickel. The fils coins were identical to the Qatari riyal in terms of size and composition.
The size of the 1, 5, and 10 fils, as well as the 1 dirham coin, was lowered in 1995. The old 50 fils coin and the new 1 dirham coin both had the exact same diameter. Additionally, the new 50 fils coin was made smaller and given a heptagonal shape.
In 1973 and 1982, the first and second series of 1 and 1000 dirham banknotes were replaced. In 1983, 500 dirham notes were released, and in 1989, 200 dirham notes were circulated. 2000 saw the reintroduction of 1000 dirham notes.
Although the US dollar is the official exchange rate, the dirham was originally pegged to the IMF’s special drawing rights on January 28, 1978.
Dubai Currency Exchange
The Dubai dirham, which is the local currency, is linked to the US dollar at a rate of 3.67%. As a result, you will always get the best rate when converting Dollars to Dirhams because it never changes. When you swap any other currency, the value fluctuates. Before consenting to trade, make sure you verify the current exchange rate on Google or another trustworthy currency converter.
Exchange is available at the airport since it typically offers better rates than other locations.
Here is the list of the best places for exchanging Dubai currency
- Western Union
Western Union is an excellent choice for currency exchange. In addition to the fundamental services, they offer members additional advantages and awards. You might participate in their lucky draws to win significant cash rewards.
- Al Ansari Exchange
The company with the most currency counters in Dubai is Al Ansari Exchange. It has around 73 locations dispersed throughout the city. While exploring the city, you’re probably going to find this. It offers the most affordable prices and is 100% secure. Additionally, it has received numerous honors, including 2015’s Top Arab World Companies according to Forbes Middle East.
- Al Rostamani International Exchange
Al Rostamani International Exchange (ARIE) provides a range of services, including retail remittance and foreign exchange. One of the most reputable foreign exchange companies in Dubai is ARIE. It has more than 16 branches spread across shopping centers, main thoroughfares, and airport terminals. Over the years, their client-centered strategy has helped them increase customer loyalty and grow their business. Since its debut in 1998, it has received more than ten awards.
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