When you arrive in Dubai, you may be tempted to visit in a bureau de change to collect local currency.
I'll tell you all about it here!
Exchange offices in Dubai: article summary
What you need to know about money exchange in Dubai
It's important to be informed before changing money in Dubai. That way, you can avoid excessive charges and find the best deals.
Although money exchange is a popular choice for foreign visitors, you can also consider opening a bank account in Dubai if you plan to stay for the long term or if you're making investments such as buying property or cars in the city.
Beware of "free" services
While in Dubai, you're likely to come across services that claim to offer currency exchange for "zero fees" or "commission-free". However, this is too good to be true! These services need to make a profit. They often give you a poor exchange rate that doesn't reflect the real market rate, and pocket the difference.
The real rate is known as the average market rate, which is the exchange rate that banks and other financial institutions use to exchange currencies on the world market. In case of doubt, use Google or an online currency converterYou'll surely discover that your money is worth far more than what the exchange office or bank offers.
Avoid exchanging money at airports or hotels
Airports and hotels are a popular choice for last-minute currency exchange. However, they are usually the first to offer mediocre rates and charge high transaction fees.
Choose withdrawals in local currency
When you use an ATM abroad, you may be asked if you wish to be debited in your national currency. This is not a good idea, as it means that your money will be converted at an undisclosed exchange rate and that you'll probably have to pay extra for the conversion. For a fairer price, choose to be billed in local currency.
Where to exchange money in Dubai
For those who like to keep cash on hand, here are some popular places to exchange money in Dubai. Many of these services have branches in the city's popular shopping centers.
In Dubai, you're sure to find the best rates available if you exchange US dollars. AED is indexed to the dollar, so you'll receive about the same rates when exchanging dollars for dirhams.
To avoid scams and overcharging, always check the average market rate before exchanging your money. examine the terms and conditions of each service to see what will be included in the final bill.
Al Ansari exchange office
Al Ansari Exchangeestablished in 1966, is one of Dubai's best-known exchanges. It has over 70 branches throughout the United Arab Emirates.
Their branches are located in :
Al Fardan exchange office
If you are looking for a currency exchange service available in Dubai's main shopping malls, Al Fardan Exchange is a good option. The Group has over 15 branches, including one in Bur Dubai and another at Mall of the Emirates.
Sharaf exchange office
In addition to currency exchange, Sharaf Exchange offers personal and corporate money transfer services.
Their branches are located in :
- Al Qusais
- Downtown Deira
- Jumeirah Beach
So there's no shortage of options for exchanging money in Dubai. Remember to do your research on the exchange rate before converting your money. Always be aware of what you're paying. You'll be to be sure of exchanging your change at the best price.
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