Everything you need to know about the UAE Dirham
Do you want to visit, or are you planning to move to, the UAE soon? To ensure your stay is hassle-free, you must familiarise yourself with the UAE currency and exchange rates. MyBayut has compiled a handy guide to the United Arab Emirates currency—the UAE Dirham—including denominations, exchange rates, top exchange companies and more.
History of the UAE Dirham
The UAE dirham’s story begins in 1973, replacing the Qatar riyal, the main currency since 1966 (except in Abu Dhabi). This switch came after a period where Qatar and Dubai both used the riyal, following the transition from the Gulf rupee.
The dirham’s initial coin system mirrored the Qatar riyal, with denominations of 1, 5, 10, 25 and 50 fils plus 1 dirham. Lower value fils coins (1, 5, and 10) were made of bronze, while others used cupronickel.
A 1995 update saw these smaller denominations and the 1 dirham coin shrink. Interestingly, the new 1 dirham matched the size of the old 50 fils, and the new 50 fils coin became smaller and adopted a unique heptagonal shape.
The first dirham bills came out in 1973. They were followed by a new set in 1982 that removed the 1 dirham and 1,000 dirham notes. Higher-value banknotes were introduced later, with 500 dirhams arriving in 1983 and 200 dirhams in 1989. Finally, the 1,000 dirham note made a comeback in 2000.
On 28th January, 1978, the dirham was pegged to the International Monetary Fund (IMF) special drawing rights, but in practice, it is set to the US dollar.
WHAT IS THE OFFICIAL CURRENCY OF THE UAE?
The official United Arab Emirates currency is the UAE Dirham or the Emirati Dirham. The Dirham was put into circulation on 19th May 1973. Before this, the Bahraini Dinar was used in Abu Dhabi, while Dubai and other Emirates used the Qatar-Dubai Riyal.
The UAE Dirham is pegged to the US Dollar, with a fixed exchange rate of 1 USD = AED 3.67.
The official abbreviation for the United Arab Emirates Dirham is ‘AED’. However, unofficial abbreviations such as ‘Dh’ or ‘Dhs’ are also used.
UAE CURRENCY DENOMINATIONS
Below are the UAE currency denominations for the UAE coins and notes.
UNITED ARAB EMIRATES DIRHAM COINS
1 AED or United Arab Emirates Dirham is divided into 100 fils. The UAE Dirham coins come in denominations of 25 fils, 50 fils and AED 1.
UNITED ARAB EMIRATES DIRHAM NOTES
The UAE Dirham notes come in AED 5, 10, 20, 50, 100, 200, 500 and 1,000 denominations. A new 50 dirham note was launched on the occasion of UAE’s Golden Jubilee. Similarly, to celebrate the hosting of COP28 and the country’s 52nd National Day, the Central Bank of UAE (CBUAE) released a new AED 500 polymer note in 2023.
Check out the detailed guide to the UAE currency symbols. You’ll be surprised at what you learn about the UAE’s currency!
UAE CURRENCY EXCHANGE RATE FOR POPULAR CURRENCIES
- Indian Rupee
- Pakistani Rupee
- Nepalese Rupee
- GBP/Pound Sterling
- Euro
- Sri Lankan Rupee
- Bangladeshi Taka
- Moroccan Dirham
- Saudi Riyal
- Omani Rial
- Philippine Peso
- South African Rand
- Russian Ruble
Below are the UAE Dirham exchange rates for popular currencies, including Indian and Pakistani Rupees, Euro, Pound Sterling, Philippine Pesos, South African Rand and more.
Please note that the UAE currency exchange rates quoted below were accurate when this article was written on 16th April 2024. You can contact your local money exchange or check online for the latest rates.
Indian Rupee
The current UAE Dirham to Indian Rupee exchange rate is AED 1 = INR 22.67
- AED 1 = INR 22.67
- INR 1 = AED 0.044
The UAE Dirham to INR rate started at INR 22.65 in January 2024 and has remained in the same range.
Pakistani Rupee
Currently, the UAE Dirham to Pakistani Rupee exchange rate is AED 1 = PKR 75.64.
- AED 1 = PKR 75.64
- PKR 1 = AED 0.013
The PKR exchange value has fluctuated in the past twelve months, with the UAE Dirham rising to 83 rupees. However, the UAE Dirham to PKR rate has dropped in recent weeks.
Nepalese Rupee
The UAE dirham to Nepalese Rupee exchange rate is AED 1 = NPR 36.28.
- AED 1 = NPR 36.28
- NPR 1 = AED 0.028
At the start of 2024, the Nepalese rupee was valued at 36.4 per UAE Dirham and has remained relatively unchanged.
GBP/Pound Sterling
The UAE Dirham to the British Pound exchange rate is AED 1 = 0.22 Pound Sterling.
- AED 1 = GBP 0.22
- GBP 1 = AED 4.64
The AED to GBP exchange rate started at GBP 0.22 in Jan 2024 and has remained stable since then.
Euro
The current United Arab Emirates money to Euro exchange rate is AED 1 = EUR 0.26.
- AED 1 = EUR 0.26
- EUR 1 = AED 3.90
The AED to Euro rate started at EUR 0.26 at the beginning of the year and has remained stable.
Sri Lankan Rupee
The UAE Money Dirham to Sri Lankan Rupee exchange rate is currently AED 1 = LKR 81.39.
- AED 1 = LKR 81.39
- LKR 1 = AED 0.01
The exchange value on 1st January, 2024 was LKR 88.14. However, it has now come down to LKR 81.39.
Bangladeshi Taka
The UAE Dirham to Bangladeshi Taka rate currently stands at AED 1 = BDT 29.83.
- AED 1 = BDT 29.83
- BDT 1 = AED 0.03
The AED to BDT ratio started at 29.78 in January 2024. Like other currencies, there’s been very little change during these past months.
Moroccan Dirham
The current UAE Dirham to Moroccan Dirham exchange rate is AED 1 = MAD 2.77.
- AED 1 = MAD 2.77
- MAD 1 = AED 0.36
In January 2024, the UAE Dirham to Moroccan Dirham rate started at 2.69 and has increased slightly since then.
Saudi Riyal
The UAE money exchange rate from the UAE Dirham to the Saudi Riyal is AED 1 = SAR 1.02.
- AED 1 = SAR 1.02
- SAR 1 = AED 0.98
Over the last year, the AED to SAR exchange rate has remained quite steady.
Omani Rial
The exchange rate for the UAE Dirham to Omani Rial is AED 1 = OMR 0.10.
- AED 1 = OMR 0.10
- OMR 1 = AED 9.54
The exchange rate between AED and OMR has remained stable.
Philippine Peso
The UAE Dirham to Philippine Peso rate is currently AED 1 = PHP 15.50.
- AED 1 = PHP 15.50
- PHP 1 = AED 0.06
The UAE currency exchange rate was PHP 15.08 at the beginning of the year.
South African Rand
The UAE Dirham to Rand rate currently stands at AED 1 = ZAR 5.17.
- AED 1 = ZAR 5.17
- ZAR 1 = AED 0.19
2024 started with ZAR at 4.99, but the rate slowly climbed during these four months.
Russian Ruble
Currently, the UAE Dirham to Ruble exchange rate is AED 1 = RUB 25.46.
- AED 1 = RUB 25.46
- RUB 1 = AED 0.04
The exchange rate between the Russian Ruble and the UAE Dirham has fluctuated slightly over the past few months.
FAQS ABOUT THE UAE CURRENCY
ARE THERE PENALTIES ON MISUSING CURRENCY IN THE UAE?
Counterfeiting or forging UAE currency notes, or foreign currencies in the UAE is illegal under Articles 239 to 245 of the Penal Code. Also, Article 184 of the same code forbids insulting or harming the reputation of the UAE, its flag, emblem or any of its institutions. This offence carries a maximum sentence of 5 years in prison and a fine of up to 500,000 UAE dirhams.
WHAT IS THE STRONGEST CURRENCY IN THE WORLD?
The Kuwaiti dinar (KWD), introduced in 1960, is the world’s strongest currency. This small nation, wealthy due to its oil exports, initially pegged the dinar to the British pound. Today, exchanging one US dollar yields only about 0.30 dinar, solidifying the KWD’s position as the world’s most valuable currency.
WHAT IS THE CURRENCY USED IN DUBAI?
The official currency used in Dubai is the UAE Dirham, like the rest of the United Arab Emirates.
CAN YOU USE US DOLLARS IN DUBAI?
Yes, most malls, restaurants, hotels and stores in Dubai will accept US Dollars. However, retailers may levy extra charges. Remember that certain retailers may not accept older USD notes, so we recommend visiting an exchange bureau to have some Dubai currency denominations.
WHICH ARE SOME OF THE BEST EXCHANGE CENTRES IN DUBAI?
The well-known money transfer services in Dubai include UAE Exchange, Al Ansari Exchange, Al Fardan Exchange and Al Rostamani Exchange. You can find branches of these money exchange companies in Dubai at these popular locations:
- UAE Exchange:
- Mall of the Emirates, Al Rigga, Al Quoz Mall, Burj Khalifa/Dubai Mall Metro Branch, Dubai International Airport and Various metro stations.
- Contact: 600-555-550
- Al Ansari Exchange:
- Marina Walk, Deira City Centre, Dubai International Airport, Dubai Mall, Ibn Battuta Mall, Jumeirah Beach Residence (JBR) and Mall of the Emirates.
- Contact: 600-546-000
- Al Fardan Exchange:
- Dubai Mall, Mall of the Emirates, Bur Dubai, Satwa, Al Quoz and Dubai Festival City Mall.
- Contact: 600-522-265
- Al Rostamani Exchange:
- Dubai International Airport, Ibn Battuta Mall, Mall of the Emirates, Dubai Marina and Palm Jumeirah.
- Contact: 800-4250
Similarly, you can find money exchange services in Abu Dhabi.
And that wraps up MyBayut’s guide to the UAE currency rate and AED denominations. Besides currency notes, you can use bank cards or digital wallets in the UAE to make payments.
Curious about the emblems that embody the UAE’s spirit? Check out our blog on national symbols of UAE and the stories they tell.
