Money Matters |
The UAE operates a free, open economy and there are no currency regulations in operation. It is extremely easy to change money at banks at exchange houses throughout the country where the best rates are available.
Currency and Exchange Rate
Currency
The dirham (pronounced dir-ham) is the official currency of the UAE. Dirham notes are in 5, 10, 20, 50, 100, 200, 500, and 1000 denominations. The dirham is divided into 100 fils, coins include Dh1, 50, 25, 10 and 5 fils (10 and 5 fils are rarely used). The value is written in Arabic only but Arabic numerals are easy to memorize (see section on Arabic Language).
Exchange
There are no currency regulations and foreign currency of almost any denomination is readily exchanged in the UAE. The dirham is index linked to the dollar and the official exchange rate is Dh3.671 = US$ 1.00. The best exchange rates are generally available at private moneychangers found throughout the UAE, but especially in the more popular souqs and shopping centres.
The UAE Exchange Centre (associated with Western Union) has branches throughout the UAE. Thomas Cook Al Rostamani (authorized representative of Thomas Cook’s financial division) has eight branches in the UAE. Al Razouki International Exchange Company has six branches in Dubai, one in Sharjah and one in Abu Dhabi.
Banks
There is an efficient banking network throughout the country. Banks open at 8 a.m. and close at 1.00 p.m., except on Thursdays, the start of the weekend, when they close at 12 noon. They are closed all day Friday and public holidays.
Most of Abu Dhabi’s banks are located in the centre of the city: Sheikh Hamdan bin Mohammed and Sheikh Khalifa bin Zayed streets have a particularly high concentration.
Banks in Al Ain are concentrated around the clock tower roundabout and the main post office. Most of the international banks in Dubai can be found along Khalid bin Al Waleed Road in Bur Dubai. Burj Avenue (also known as Bank St) houses most of Sharjah’s banks.
Payment Methods
Personal Checks
Although there have been major changes in recent years, the UAE is still a cash-driven society and personal cheques are not readily accepted.
Most travellers’ cheques can be cashed at hotels, some moneychangers and banks. You should enquire about the commission before exchanging your cheques. Banks usually charge about Dh10 per transaction
Most internationally recognized credit cards (e.g. VISA, MasterCard, American Express, Diners) are accepted by car rental companies, larger shops, hotels and some restaurants, however you should carry some cash for general shopping and eating out at smaller establishments. Some small retailers, even if they do accept credit cards, may charge an additional 5 per cent for processing your payment with a credit card.
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Money Matters |
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