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What impacts the currency rate in any country over the world?

There are certain things like inflation, interest rates, capital flows, etc., that influences the foreign exchange rate in any country.

Important Exchange rate tips

Currency exchange can be a simple task but you need to follow some tips to avoid spending so much that what is required.

  • Always use a currency converter, UAE and know the rates before proceeding with the exchange.
  • Know the cash limit of your destination country.
  • Get your currency exchanged before reaching the destination
  • Compare different exchange vendors to find the ones with low fees
  • It is not advisable to exchange all the money you have.
  • Carry a travel card that works in your destination country .
  • While getting a forex card or cash in India, make sure the vendor is authorized by RBI.
  • It is better to avoid currency exchange in the airports as the exchange fees are high.

How to Send money from UAE to other countries?

There are many ways UAE residents can avail to send money to other countries. Some of the ways are:

  • Cash to Cash transfer: There are several well-acclaimed money converters in UAE where you can give cash and they exchange the money according to the currency rate and send it to the destination address. This process takes up to 2 days maximum. Service charges are levied.
  • Cash to bank account transfer: The exchange centres accept cash from the sender, convert it according to the exchange rate of that particular day and transfer it to the receiver’s bank account. Service charges are levied.
  • Bank to bank: Most of the banks in the UAE provide remittances services to their account holders. Send can directly add the beneficiary details and send the amount. There are some charges levied on the remittances. This is the fastest way to transfer funds.
  • Mobile wallets: There are few genuine mobile wallets available where the users can transfer funds from their mobile wallets. There are some service charges levied for the conversion of AED to other currency.

Tips to save money while transferring money

  • Compare different money transfer ways and pick the one with low processing charges.
  • Many banks provide free remittances on monthly basis on their savings accounts. You can explore that option.
  • Compared to any other transfer option, the transfer charges on credit cards is high. Hence keep it as the last option.
  • It is important to check the exchange rates before transferring outside UAE.

Important Currencies around the world

CountryCurrency codeBank Notes
United Arab EmiratesAED1, 5, 10, 20, 50, 100, 200, 500 and 1,000
USAUSD$1, $2, $5, $10, $20, $50, and $100
IndiaINR₹10, ₹50, ₹100, ₹200, ₹500 and ₹2000
UKGBP£5, £10, £20 and £50
EuropeEUR€500, €200, €100, €50, €20, €10, €5
PhilippinesPHP20, 50, 100, 500, 1000