The UAE dirham and international money transfers
About the AED:
AED, or dhs, is fixed to the US Dollar. As a result, the recent decline in the value of the US Dollar against the Euro and the GB Pound has had an obvious effect on the AED rate when trading currency in Europe.The UAE dirham (AED) is divided into 100 fils. Coins are in 5, 10, 25 and 50 fils and AED1. Notes are in denominations of AED5, 10, 20, 50, 100, 200, 500 and 1,000. $1 = 3.6722AED and currently £1 = 7.2504AED.
Currency exchange between Dubai and London:
With the opening of the Gatehouse Bank Plc in Central London, a fully compliant shariah bank, there is likely to be an influx of interest in exchanging AED´s for Pounds.
There are no restrictions on the import and export of money into, and out of, Dubai.
Everyone holding a residence visa in Dubai is allowed to open a bank account and to import and export funds, although it’s unusual for people to bring funds into the country with the current excepion of foreign funds being used to buy property in Dubai. Accounts held overseas are of no interest to the fiscal administrations in any of the states. No declarations of currency are required when entering any of the territories, so travellers can move currencies in and out without restriction and in any form that they choose.
International bank transfers are something the Dubai currency exchange brokers handle comfortably. The money transfers out of Dubai have long been a lucrative business, particularly since the property boom began in recent years. The large number of expats who have moved to Dubai regularly exchange their money, and make transfers abroad to their home country.
currency conversion by professionals
How to transfer aed and get the best exchange rates:
All the retail banks will transfer money to any destination and in any currency. Many people find it convenient to use their own bank to transfer money overseas, but there are plenty of currency dealers offering this service, so shop around to obtain the best currency deal. The main factors involved in transferring funds overseas are the exchange rate offered and any commission charges plus the money transfer charge. The rate quoted by a high street bank may look attractive, but if the combined charges are high, you might be better off with a company like fx-foreignexchange. In addition, many overseas receiving banks will make a recipient charge. Using fx-foreignexchange, there will not be any receiving charges in most cases.
Different transfer systems are available, and the speed of transfer is the main determinant of the charge levied. The methods are postal, bank-to-bank, telex, telegraphic and SWIFT (or similar titles). For an explanation of currency terms, visit this page.
If you intend to send significant amounts of money abroad for business transactions, such as buying a property, or making a payroll payment on a monthly basis, ensure that you’re given the commercial rate of exchange. The tourist rate or standard rate that you see quoted in your newspaper or posted on the bank’s currency exchange board can be considerably bettered for large exchanges and transfers.
Fx-foreignexchange have a currency trading office in Dubai.
Get a quote for the best aed, eor, gbp currency exchange rate today, just call +44 (0) 1480 458 400
or simpy fill in the form and a fx-foreignexchange dealer will contact you: