Know About Currency Exchanges In UAE

currency exchanges uae

The official currency of United Arab Emirates is Dirham, The official text abbreviation is AED and unofficial text abbreviation is DH or Dhs. UAE currency available in notes of various values and coins. If you are visiting UAE or newly moved there you must know at least the basics of the currency used in the region.

Currency Exchanges UAE

Visitors may exchange currency in Dubai at banks or money changers. Currency Exchanges in UAE has no restrictions, so any money can be exchanged at the discretion of the operator. People often find money changer in shopping malls and centres while they were doing shopping there, and they can also change money at hotels but the changing rate is usually less beneficial. Some foreign credit cards also used at ATM here to withdraw local currency, but tourist should know that this practice often incurs heavy charges. Some local stores accept foreign currencies, including the Euro, the British Pound, the US dollar and other Gulf currencies.

History of Emirates Currency

From 1959 to 1966, whole Emirates used the Persian Gulf rupee – issued by the Bank of India and a fixed exchange rate to the Indian rupee. After the devaluation of the Indian rupee in 1966, the Qatar and Dubai riyal was adopted as the Dubai currency. Later the 1971 formation of the UAE, which included Dubai but not Qatar, the Emirates established a common currency called UAE dirham.

Printing of money and coins

Bank notes are actually printed in France and the UK. Current UAE bank notes integrate a falcon watermark as well as advanced security markings to minimize the chances of forgery.