Are you all set to move to Dubai? Have you arranged for Dubai currency to be used here? Do you know that most retail shops in the UAE don’t accept foreign currencies?
Therefore, before relocation, the first thing to do is to get an idea about Emirati Dirhams, their denominations, and exchange rates. Let’s begin!
- Emirati Dirham – A Brief Overview
- Currency in Circulation – The Present
- Currency Violation Laws
- Currency Exchange Rates
- Currency Exchange Services Dubai
- FAQs
Emirati Dirham – A Brief Overview
Emirati Dirham, introduced in 1973 is the official currency of Dubai. Its official abbreviation is AED. Some people also call it Dh or Dhs. One Emirati Dirham contains 100 fils.
To shop in top Dubai malls, dine out, or indulge in entertainment, you must carry the Emirati Dirham for transactions.
History of Dubai Currency
Before moving ahead, let’s have a look at the brief history of Dubai currency:
- Initially, since 1966, there were three currencies in circulation in the UAE. Abu Dhabi had the Bahraini Riyal. Dubai and other Emirates had the Qatar Riyal and Dubai Riyal as the transaction currencies.
- As per the Union Law No. 2 of 1973, to standardise currency throughout the Emirates, a ‘Currency Board’ was established.
- The currency board took the major step of replacing all the currencies with a single official currency throughout the Emirates. As a result, on 19 May 1973, the UAE Government announced Emirati Dirham as its official currency.
- Established in 1980, the Central Bank of the UAE (CBUAE) took charge of all currency-related matters in the Emirates.
Evolution of Dubai Currency
Let’s explore the period of evolution of Emirati coins and paper notes:
| Year | Evolution |
| 1973 | The first Emirati currency was introduced in the form of coins of different denominations. These were AED 1, 5, 10, 25 and 50 fils. Moreover, paper currency also came into circulation in the same year. The denominations for paper bills were AED 1, 5, 10, 50, and 100. |
| 1976 | This year, CBUAE introduced AED 1000 paper bills. |
| 1982 | After the CBUAE establishment, the institution revamped Emirati Dirham. A new version of paper bills was introduced, one that we use today. |
| 1989 | AED 200 banknote came into circulation, later revamped in 2016. |
| 1997 | The first Emirati currency was introduced in the form of coins of different denominations. These were AED 1, 5, 10, 25 and 50 fils. Moreover, paper currency also came into circulation in the same year. The denominations for paper bills were AED 1, 5, 10, 50 and 100. |
| 2015 | The central bank launched AED 500 banknotes. |
| 2021 | Introduction of AED 50 polymer took place. |
| 2022 | CBUAE launched AED 5, 10 and 1000 polymer paper bills. |
| 2023 | Launch of AED 500 polymer banknotes. |
Between this period, Dubai’s currency saw a transition, with different series launched and withdrawn.
Currency in Circulation – The Present
Here is the list of Dubai currency in circulation today:
- Polymer banknotes: AED 5, 10, 50, 500 and 1000
- Normal bank notes: AED 5, 10, 20, 50, 100, 200, 500 and 1000
- Coins: 1, 5, 10, 25 and 50 fils
Moreover, the Emirati dirham is pegged to the US dollar at an exchange rate of 1 USD = 3.6725 AED.
Commemorative Coins – Special Currency
To celebrate important events and mark achievements, CBUAE mints and launches commemorative coins. These coins come in silver or gold, such as commemorative coins for the Asian Cup or for the UAE Astronaut’s first space mission.
Currency Violation Laws
Emirates has some strict laws and forging or misusing currency is a punishable offense.
- As per Articles 239 and 245 of the UAE Penal Code, it is strictly prohibited to forge any currency.
- As per Article 184 of the UAE Penal Code, any form of insult or harm to UAE’s symbols or emblem is a legal offense. In such cases, the punishment can be imprisonment for up to 5 years with a fine of up to AED 500,000.
Currency Exchange Rates
Refer to the table below for Dubai currency exchange rates to popular currencies such as Indian Rupee and Pakistani Rupee. Expats coming to Dubai must have an idea about their currency conversion rates. Let’s explore!
Note: The exchange rates listed below are of 09 September 2024. For exact current rates, please verify online or contact exchange centres.
| Currency | Exchange Rates |
| Indian Rupee (INR) | 1 AED = 22.86 INR1 INR = 0.044 AED |
| Pakistani Rupee (PKR) | 1 AED = 75.61 PKR1 PKR = 0.013 AED |
| Bangladeshi Taka (BDT) | 1 AED = 32.54 BDT1 BDT = 0.031 AED |
| Nepali Rupees (NPR) | 1 AED = 36.56 NPR1 NPR = 0.027 AED |
| Philippine Peso (PHP) | 1 AED = 15.49 PHP1 PHP = 0.065 AED |
| Egyptian Pound (EGP) | 1 AED = 13.23 EGP1 EGP = 0.076 AED |
| Euro (EUR) | 1 AED = 0.25 EUR1 EUR = 4.03 AED |
| Pound Sterling (GBP) | 1 AED = 0.21 GBP1 GBP = 4.81 AED |
Currency Exchange Services Dubai
Short on local currency or forgot to exchange money? Here is the list of some popular currency exchange centres in Dubai to consider:
- Al Ansari Exchange | Dubai International Airport Terminal 1, Departure Area
- Al Fardan Exchange L.L.C. | Lower Ground Floor, The Dubai Mall
- Al Rostamani International Exchange JVC | The Manhattan, Dubai Kaheel Boulevard
- Radha Al Ansari Exchange | Dubai Marina Mall
FAQs
Dubai uses Emirati Dirham as its official currency. AED is the abbreviation of Dubai currency.
As of September 09, 2024, 1 AED equals 22.87 INR.
With this guide, you must have sufficient knowledge about Dubai currency. If you are moving to Dubai, ensure to exchange currency to avoid any hassle. Moreover, before relocating, get an idea about living costs in Dubai with our comprehensive guide.
