Lois Larson
If you're travelling from India to Dubai, you'll need to be aware of the local currency in Dubai, the United Arab Emirates Dirham (AED). It's a good idea to convert your Indian Rupees (INRs) into AEDs before your trip to avoid unnecessary transaction fees and poor exchange rates. You can do this in India or in Dubai – currency exchange services are available in Dubai's hotels, banks, and currency exchange chains, and foreign currency can be exchanged at Dubai Airport.
| Characteristics | Values |
|---|---|
| Currency in Dubai | United Arab Emirates Dirham (AED) |
| Dirham symbols | AED, Dh, or Dhs |
| Indian Rupee (INR) conversion to AED | Use currency converter tools online |
| Currency exchange in Dubai | Possible at hotels, banks, currency exchange chains, money changer chains, and ATMs |
| Passport requirements | Copy of passport or national identity proof along with contact details |
| Carrying cash from India to Dubai | Residents can carry up to Rs 25,000 in Indian currency |
| Foreign currency declaration | Amounts over USD 5,000 or USD 10,000 with traveller's cheques must be declared using a Currency Declaration Form (CDF) |
| Indian Rupee usage in Dubai | Accepted across all terminals in Dubai International Airport and Al Maktoum Airport |
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What You'll Learn
Currency exchange centres at Dubai Airport
When travelling from India to Dubai, it is advisable to convert your Indian Rupees (INR) into Dirhams (AED) in India before your trip. This way, you can avoid unnecessary transaction fees and poor exchange rates that may be charged for converting currencies twice. You can use a currency converter tool to convert your INR to AED.
If you are still looking to exchange your currency in Dubai, there are a few popular foreign currency exchange locations. Al Ansari Exchange, established in 1966, is one of the most well-known exchanges in Dubai, with over 70 branches across the United Arab Emirates. Al Fardan Exchange is another good option, with branches in the main Dubai malls, including Bur Dubai and the Mall of the Emirates. The Sharaf Exchange offers currency exchange along with personal and corporate remittance services.
It is important to be informed about the exchange rates in Dubai to avoid excessive charges and get the best deals. Services claiming 'no commission' often offer poor exchange rates, and airports and hotels usually offer unfavourable rates and high transaction fees. It is recommended to check the mid-market exchange rate in advance so you know how much your money is worth.
If you are looking for a specific currency exchange centre at Dubai Airport, Travelex is an option to consider. They offer currency exchange services at Dubai International Airport, along with Abu Dhabi Airport and Sharjah Airport.
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Converting INR to AED before your trip
When travelling from India to Dubai, it is advisable to convert your Indian Rupees (INR) into Dirhams (AED) before your trip. This will help you avoid unnecessary transaction fees and the hassle of last-minute forex.
Understanding the Exchange Rate
Before converting your currency, it is essential to understand the exchange rate between the Indian Rupee and the United Arab Emirates Dirham. As of November 2023, 1 AED is roughly equivalent to 22-23 INR. You can use a currency converter tool to get an accurate and up-to-date exchange rate. These tools allow you to select the currencies you want to convert and enter the amount to get the converted value.
Where to Exchange Currency
There are several options available for converting INR to AED:
- Airports: You can find currency exchange shops at airports, but they often charge higher rates to compensate for fixed costs.
- Local banks: Converting currency at a bank may be inconvenient and typically involves paying higher rates.
- Offline money changers: Similar to banks, offline money changers may charge higher rates and involve more effort.
- Online forex platforms: Trusted online platforms like BookMyForex and Thomas Cook offer competitive exchange rates and convenient delivery or pickup options.
- Apps: The Niyo app's 'Travel Mode' feature allows for efficient currency exchange, expense tracking, and seamless financial management for travellers.
Benefits of Converting Before Your Trip
Converting your INR to AED in advance offers several advantages:
- Cost-effectiveness: Exchanging currency before your trip can help you avoid unfavourable exchange rates and transaction fees.
- Convenience: By planning ahead, you can save yourself the last-minute hassle of finding forex services during your trip.
- Effective financial planning: Understanding the exchange rate and having AED before you depart will enable better financial planning for your trip.
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Using currency converter tools
Currency converter tools are a convenient way to get accurate and up-to-date exchange rates. These tools can be used to convert one currency to another, with some tools supporting over 200 currencies. They are especially useful when planning international travel, as they can help you understand the exchange rate between your home currency and the local currency of your destination. For example, if you are travelling from India to Dubai, you can use a currency converter to understand the exchange rate between the Indian Rupee (INR) and the United Arab Emirates Dirham (AED).
There are many free online currency converters that you can use, such as OANDA and Wise. These converters are easy to use and provide accurate and reliable exchange rates. To use a currency converter, simply select the currency you want to convert and enter the amount you wish to convert. The currency converter will then display the converted value in the desired currency, along with the current exchange rate.
In addition to online converters, there are also mobile apps available that offer currency conversion and other financial tools specifically for travellers. For example, the Niyo app's 'Travel Mode' feature includes a currency converter, expense tracking, and financial management tools. These apps can be a convenient way to handle your finances while travelling.
It is important to note that currency conversion rates can differ between companies, as each company manipulates the interbank rate to make a profit. Therefore, it is recommended to use a trusted source for your currency conversion needs, such as those powered by government datasets or leading market data contributors. By using a reliable currency converter, you can ensure that you are getting accurate and reliable exchange rates.
Overall, currency converter tools are a valuable resource when planning international travel or sending money abroad. They can help you understand the exchange rate between different currencies, convert currencies, and manage your finances more effectively. By using a trusted and reliable currency converter, you can make informed financial decisions and avoid unnecessary transaction fees or unfavourable exchange rates.
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Understanding the exchange rate
The exchange rate is a crucial concept to understand when travelling from one country to another, especially when it comes to managing your finances. An exchange rate essentially tells you the value of your currency when traded for another country's currency. For example, as of November 2023, 1 United Arab Emirates Dirham (AED) is roughly 22-23 Indian Rupees (INR). This rate is subject to change, so it is advisable to stay updated on the current exchange rate before your trip.
Exchange rates can be either free-floating or fixed. A free-floating exchange rate, also known as a floating currency, is one that rises and falls due to changes in the foreign exchange market, also called the forex or FX market. This market operates globally and around the clock, with financial institutions, money managers, and speculators trading currencies. Most major economies have free-floating currencies, allowing exchange rates to adjust to economic and market developments, which can improve financial stability worldwide.
On the other hand, a fixed exchange rate is pegged to the value of another specific country's currency. For example, the Hong Kong dollar is fixed to the US dollar, with its value remaining within a predetermined range. Fixed exchange rates still exist today, though they are less common than floating rates. An example of a fixed exchange rate system is the Bretton Woods agreement, developed after World War II, where 40 countries tied their currencies to the US dollar, which was, in turn, tied to a gold standard.
The exchange rate between any two currencies is influenced by several factors, including interest rates, economic activity, gross domestic product, and the unemployment rate in each country. Changes in exchange rates can occur frequently, from hourly to daily, and can be small changes or large incremental shifts. It is important to be aware of these fluctuations, as they can impact the cost of imports, the level of demand for a country's products overseas, and the overall trade between nations.
When travelling, it is generally advisable to convert your currency into the local currency before your trip to avoid unnecessary transaction fees and less favourable exchange rates that may be charged for converting currencies multiple times. Currency converter tools and apps can be extremely helpful in understanding and obtaining the best exchange rates.
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Carrying cash vs using cards
When travelling from India to Dubai, you may wonder whether to carry Indian Rupees (INR) or United Arab Emirates Dirhams (AED). It is generally recommended to convert INR to AED in India before your trip to avoid unnecessary transaction fees and poor exchange rates. However, it is also beneficial to have some local cash on hand when travelling, in addition to a credit card.
Carrying Cash
Carrying cash can be useful when travelling as some local shops and vendors may not accept credit cards. Having local cash provides a safety net in case your bank shuts off your card or you lose your card. You can obtain local forex cash through your bank, a currency exchange kiosk, or an ATM. However, ATM fees and account fees for cash withdrawals abroad can be expensive, especially at out-of-network ATMs. It can also be challenging to know how much cash you will need, and carrying large amounts of cash comes with the risk of loss or theft.
Using Cards
Using a credit card is a more convenient and secure option when travelling, as credit cards are easy to carry and can be replaced if lost or stolen. Credit cards also eliminate the need to carry large amounts of cash. When using a credit card abroad, always use the local currency to avoid unfavourable exchange rates. Additionally, try to stick to ATMs within your bank's global network to avoid excessive fees. It is also a good idea to contact your bank before your trip to avoid any issues with international transactions being flagged as fraudulent.
In summary, it is advisable to have a mix of both cash and credit when travelling. Carrying some local cash will ensure you are prepared in case of emergencies or places that do not accept cards. At the same time, using a credit card can be more secure and convenient, especially if you are aware of the fees and exchange rates involved.
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Frequently asked questions
Yes, foreign currency can be exchanged at licenced money exchange centres located at Dubai's airports.
Most exchange centres will ask for a copy of your passport or another form of ID, as well as your contact details.
It is recommended to convert your Indian Rupees into Dirhams before your trip to avoid unnecessary transaction fees and poor exchange rates.
As of November 2023, 1 AED is worth approximately 22-23 INR.
You can exchange money at hotels, banks, currency exchange chains, and money changer chains.
