Currency in United Arab Emirates
What Currency Does United Arab Emirates Use Now
In the worldwide spectrum of currencies, the United Arab Emirates Dirham (AED), is the recognized medium of exchange in this Middle Eastern nation. Instituted in 1973, Dirhams are available as notes in 5, 10, 20, 50, 100, 200, 500, and 1000 denominations. Additionally, coins are available in values of 1 Dirham and 50 and 25 fils. The coins are minted from a combination of copper and nickel which gives them a silver appearance. It is easy to exchange your local currency to AED at banks, hotels, and exchange centers across the nation. It must be mentioned that the Dirham is pegged to the US Dollar at a rate of approximately 3.67 Dirhams to one dollar.
Credit and Debit Cards in United Arab Emirates
United Arab Emirates is a modern, developed country with extensive banking infrastructure. Consequently, credit and debit cards are widely accepted across the Emirates. Cards issued by popular providers such as Visa, Mastercard, and American Express are recognized and accepted in most commercial establishments especially in the cities of Dubai and Abu Dhabi. Often, using your international card is as straightforward as swiping or tapping your card. Remember, your local bank may charge fees for foreign transactions so it's worth checking ahead of time.
Using Cash in United Arab Emirates
While credit and debit cards are prevalent, using cash in the United Arab Emirates remains a convenient mode of payment especially in small shops, markets and with taxi drivers. It's advisable to keep a small amount of Dirhams on hand. As mentioned earlier, the Dirham is readily available through currency exchange counters in many places across the country. Currency exchange rates are competitive and in most cases, there are no additional service charges. Lastly, it would help if you're familiar with the local currency denominations to ensure you're given accurate change.
ATMs in United Arab Emirates
In line with its advanced banking infrastructure, ATMs are widespread throughout the UAE. These ATMs are multi-lingual and compatible with international cards. It's convenient to withdraw cash 24/7, though it's important to bear in mind that there may be a transaction fee. Additionally, many ATMs offer additional services such as mobile phone top-up, balance inquiries, and fund transfers. Make sure to use ATMs from reputable banks, or those located in high-traffic areas or inside shopping malls, for your security.
Bank Hours
Banking hours in the United Arab Emirates typically run from 8 am to 1 pm, Sunday to Thursday, reflecting the Muslim work week. Some banks reopen in the afternoon from 4:30 pm to 6:30 pm. It's essential to note that during the holy month of Ramadan, banking hours are reduced. Certain banks offer extended working hours and operate on weekends to cater to customer needs. Additionally, online banking services are available 24/7, providing the convenience of making transactions outside regular bank hours.
In summary, whether you prefer card, cash, or digital transactions, conducting financial activities in the UAE is hassle-free, secure, and accommodating to your preference. Always remember to notify your home bank about your travel plans to ensure uninterrupted access to your funds. Enjoy the UAE with its modern, flexible, and accessible banking infrastructure.