Dubai currency. Money Exchange
Emirati Dirham is the official currency of the United Arab Emirates and it is divided in 100 fils. It was introduced in the country in 19, May, 1973.
AED is the currency abbreviation of the United Arab Emirates Dirham (the ISO 4217 Currency Code of the Dirham). The currency sign is د.إ and it is also abbreviated to Dhs and DH)
History of Dubai currency
Before Emirati Dirham, there have been other currencies in Dubai:
– Maria Theresa Thalers and British Sovereign gold coins (starting 20th century)
– Indian Rupee
– Persian Gulf Rupee: adopted in 1959, its value was equal to the Indian Rupee (created by the Central Bank of India)
In 1966, due to the Indian Rupee devaluation, the United Arab Emirates introduced its own currency.
Temporary, Saudi Riyal was used and, in less than one year it was replaced with a new official currency: Qatar and Dubai riyal, but not in the whole country; Abu Dhabi did not use it.
Coins and banknotes
The coins are of 1, 5, 10, 25, 50 fils and 1 Dirham and the banknotes are of 1, 5, 10, 50 100, 200, 500 and 1000 Dirham. The 500 Dirham banknote was created in 1983, the 200 Dirham in 1989 and the 1000 Dirham banknote in 2000.
The front of the banknote is written in Arabic and the reverse is in English.
United Arab Emirates Dirham (AED) is also used in Ajman, Abu Dhabi, Fujairah, Sharjah, Ras al-Khaimah and Umm al-Qaiwain
Emirati Dirham is re-pegged to the US Dollar. 1 Dirham equals 0.272 US dollars, so one United States dollar is equivalent to 3,6730 United Arab Emirates Dirhams.
Central bank: United Arab Emirates Central Bank
Dubai currency. Changing money in Dubai
People can change money in many banks and money exchanges places, all around Dubai (including shopping malls). Money can also be changed in hotels and airport.
Money exchanges in Dubai:
– Al Ansari Exchange
– Al Ghurair Exchange
– Al Rostamani International Exchange
– Al Fardan Exchange
There are many banks in Dubai. Most of the big international banks has presence in Dubai. Some of the local banks in Dubai are: National Bank of Abu Dhabi, Dubai Islamic Bank, Emirates NBD, Union National Bank Abu Dhabi Commercial Bank, Mashreq and RAKBANK (National Bank of Ras Al Khaimah).
Credit Cards in Dubai
In most hotels, shops and restaurants, VISA, American Express and Mastercard are accepted as a method of payment.