Thousands of tourists and visitors land in Dubai every day. Some flock to the Emirate for fun and leisure while others visit the city for work and business. No matter what purpose the visit serves, you would need to convert your money into the local currency for convenient transactions at malls, restaurants, and hotels.
If you are residing in Dubai and planning to fly abroad for work or a family trip, even then you would need to exchange your Dirhams into the currency of the destination country. Having firsthand knowledge of where to exchange your money in Dubai into the local currency is important to get the best rate possible.
This comprehensive guide will provide you with valuable information on the best places in Dubai to exchange your money along with tips that you may consider when thinking of changing your money into Dirhams.
Things to Consider when Exchanging Money in Dubai
Before you head out in the market to exchange foreign currency for Dirhams or vice versa, there are things that you must keep in mind to help avoid extra hidden charges and get the best rate in the market.
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Stay away from free services
You may often come across establishments on the web claiming to offer free or zero-commission currency exchange services.
While this sounds too tempting, it’s just something that doesn’t seem much aligned with reality. Most of the time, these zero-fee money exchange services provide a poor rate that is a bit too off from the prevalent market rate.
The actual exchange rate is commonly known as the “mid-market rate” which banks and other notable financial establishments use to exchange money in the international market.
You can check the mid-market rate online by using Google’s online currency converter. Compare this rate with what a money exchange service provider is offering and save yourself from any loss.
It’s better to pay a Dirham or two for exchanging your currency rather than getting scammed with a big amount.
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Get an Estimate of the Exchange Rate
Now that you are well informed about the fact that a lot of money exchange services do not offer the actual exchange rate, it’s better to get an estimate of the exchange rate of your currency before visiting a service provider to avoid getting into an awful deal.
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Avoid Exchanging Currency at Airports and Hotels
Dubai has a lot of options to exchange currency at airports, hotels, malls, and markets. While these are convenient options to exchange money when traveling in and out of the city, some service providers charge exorbitant fees and offer poor rates.
It’s better to avoid the money exchange services at airports and hotels as they will most probably offer a bad deal and charge high fees.
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Check beforehand if you’re Bank has a Presence in Dubai
If you are visiting Dubai from a foreign country, check beforehand if your bank has a branch in the city. If your bank does has a presence in town, you can use their ATMs to withdraw cash conveniently. Your bank might also have a partnership with a local bank in Dubai that would allow you to use their ATM using your own bank card. This would save you from paying extra fees for money withdrawal at ATMs across the city.
Also, it’s better to check beforehand if your card can be used for international transactions.
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Prefer to be charged in Dirhams
If you are a visitor in Dubai, it’s advised to be charged in Dirhams when using your bank card. When making a transaction at an ATM, you may be asked if you would prefer to be charged in your local currency or UAE Dirhams.
If you choose your local currency, your money might be converted at a poor rate and you may be charged extra conversion fees.
To get a better rate, prefer to be charged in Dirhams instead of your home currency.
Best Places for Currency Conversion in Dubai
Tourists or visitors who prefer keeping cash in their wallets can visit any of the many currency conversion institutions in Dubai for a better rate and reasonable fees. You would many of these services inside shopping malls and get your currency exchanged in a quick and hassle-free way.
If you carry US Dollars, you would most probably get a fairer exchange rate as compared to other currencies. If you plan on flying out of UAE and need to get Dirhams exchanged into the local currency of the destination country, you may also visit any of the popular money exchange service providers to find a good deal.
To help you save some time and ease the process of finding the most reliable and trusted currency conversion providers, we have jotted down a list of the best places to exchange money in Dubai.
Now let’s have a closer look and see the variety of the most suitable choices available in the market.
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Al Ansari Exchange
Established back in the year 1966, Al Ansari Exchange is one of the most renowned money exchange providers in UAE. The establishment has over 70 branches across the country and is a reliable company to get your money converted into any foreign or local currency.
Al Ansari Exchange offers the best conversion rate along with exceptional services for remittance, utility bill payments, and a variety of corporate financial services.
The company has a dedicated mobile app that you can download on your mobile device to carry out several types of transactions. You can get the best exchange rate for popular currencies including
USD, GBP, EUR, INR, QAR, KWD, OMR, PKR, CNY and TWD.
Branches in Dubai:
Al Ansari Exchange is located at multiple locations in the emirate of Dubai with the most popular branches located in Dubai Mall, Mall of the Emirates, Al Barsha, Burjuman Center, City Center Deira, Dubai Festival City, Global Village, Ibn Batutta Mall, JBR, Marina Mall, Sheikh Zayed Road, and The Pointe Palm Jumeirah.
For further details and information, you may log on to Al Ansari Exchange’s Official Website.
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Al Fardan Exchange
Another notable financial institution in Dubai that you may consider for currency conversion is Al Fardan Exchange. You may come across its branches in almost every popular mall in Dubai offering quick and seamless services of currency conversion to residents and tourists alike.
Al Fardan is known widely across UAE for its fair money exchange rates and offers a range of financial services at the best affordable rates.
You can convert your currency, send money within the country and abroad, get prepaid cards, and a lot more without having to shell out an unreasonable amount of money from your wallet. Get all your money-related queries sorted under one roof and get the best foreign exchange rate for USD, GBP, EUR, KWD, NZD, SGD, SAR, INR, PKR, PHP, and CHF.
Popular Branches in Dubai
Al Fardan Exchange is located at multiple locations across Dubai including Dubai Festival City Centre, Nakheel Mall, Onyx Tower, Dubai Mall, Mall of the Emirates, Ibn Battuta Mall, Nakheel Mall, and Dubai Hills Mall.
For further details and information we recommend you visit the official website of Al Fardan Exchange or talk to their customer care agent for a quick response.
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Sharaf Exchange
Next one in our list of best money exchange service providers in Sharaf Exchange. The company offers a wide selection of financial services to visitors, citizens, and residents of the UAE including foreign currency exchange, remittance, corporate services, paycheck services, and ancillary services.
You can find the best value for your money and get fair conversion rates for USD, GBP, EUR, KWD, SAR, QAR, and CAD.
Prominent Branches in Dubai:
You may find Sharaf Exchange branches at more than 15 locations across Dubai including Al Qusais, Deira City Centre, JBR, Al Nahda, Bur Dubai, DIP, Dubai Airport, Ibn Battuta Mall, and Mercato Mall.For more details and queries, we recommend you visit the official handle of Sharaf Exchange or talk to their customer care support for a quick response.
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Al Rostamani International Exchange
For reliable and fair currency exchange services, you may also consider visiting Al Rostamani International Exchange and getting the foreign currency converted into local Dirhams or vice versa.
The company has over 30 branches in the emirate of Dubai and is one of the best places to get your money converted into another currency.
Visit any of the branches of Al Rostamani Exchange in Dubai and get your financial queries sorted within minutes. The exchange service provider has a dedicated mobile app where you can transfer money, pay bills, get payroll solutions, and receive corporate financial services on the go.
The company offers fair currency conversion for popular foreign currencies including USD, AUD, GBP, EUR, SAR, QAR, KWD, INR, PHP, NZD, and ZAR.
Popular Branches in Dubai:
Al Rostamani has multiple branches at different locations in Dubai with the most popular outlets located in Dubai World Trade Centre, Mall of the Emirates, Al Khaleej Centre, Al Nahda, Dubai Marina, Jumeirah Village Circle, Dubai Silicon Oasis, and Ibn Battuta Mall.
For queries and further details, we recommend you visit the official website of Al Rostamani International Exchange or talk to their customer care support for a quick response.
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WISE
Launched in the year 2011, WISE has turned out to be UAE’s number one foreign money exchange service provider. The company has introduced cheaper solutions for money transfer along with a multi-currency account that helps individuals and businesses access and manage their financial assets from anywhere around the world.
With WISE, you can send, spend, and receive money internationally in an instant.
A bit different from conventional currency conversion providers, WISE offers a digital platform that helps people who do not want to carry cash abroad.
With its international multi-currency account, you can convert and hold money in popular foreign currencies. WISE makes use of mid-market rates so you will find fair and transparent rates when switching between two different currencies.
For a very little fee, you may be able to make transactions at ATMs with your WISE card in UAE and exchange your money for local Dirhams.
For more interesting details and information on this unique digital money exchange service, you may visit WISE.
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UAE Exchange/Unimoni
The last one on our list of best currency conversion providers in Dubai is UAE Exchange or Unimoni. The company changed its name to Unimoni quite recently and was earlier known as UAE Exchange among the masses in the United Arab Emirates.
The reliable and popular platform allows customers to transfer money and exchange currencies in a pretty simple way.
You may find the best rates for popular foreign currencies at Unimoni and enjoy a range of financial services including remittance, card payments, utility bill payments, money transfers, and a lot more.
Popular Branches in Dubai:
Unimoni or UAE Exchange has a presence across multiple locations in Dubai including Al Qusais and Al Fahidi Station.
Summing it up
There is no shortage of exchange houses when it comes to converting foreign currencies in Dubai. You may come across multiple money exchange services in malls, hotels, and public spots in the Emirate.
No matter where you choose to go, exchanging your home currency for local UAE Dirhams is a quite seamless process if you carry all the required documents when visiting a center.
You can exchange any foreign currency in Dubai or convert Dirhams into foreign currencies by paying only a little amount of fee.
Although as a tourist you always have the option to use your credit card at retail stores, restaurants, hotels, airports, and leisure spots in Dubai, it’s a good idea to carry cash as some establishments may not accept card payments.
Do your research before heading over to a money exchange provider and check out the rate of the currency you need to exchange beforehand to avoid any unpleasant surprises and scams. Also, being informed of the best places to convert your money in Dubai will save you from paying excessive conversion charges and get a fairer exchange rate.