AED - UAE Dirham
In UAE, the issuance of currency is monitored by the Central Bank of UAE. Dirham is a word derived from Arabic. In UAE, the first dirham coin was launched on 19 May 1973. Previously the currency in UAE was Dubai Riyal and Qatar Riyal. The currently available denominations in UAE are 1, 5, 10, 20, 50, 100, 200, 500 and 1,000. Other than Dh 1, other denominations are available in paper currency. On the currency notes, there is a watermark of the national emblem which is the Hawk of Quraish and a falcon on the other side of the note.
INR - Indian Rupee
In India, the issuance of INR is regulated by the Reserve Bank of India(RBI). The word rupee is derived from Sanskrit. Use of coins was started around 1540 in India where silver coins were used. Currently there are 1, 2, 5, 10, 50, 100, 200, and 2000 denominations available. 1, 2, 5 are available in coins, 10 is available both in coins and notes as well, 50, 100, 200 and 2000 are available in paper currency.
AED to INR historical rates
More than half of the UAE population comprises of expats. There are around 2.63 Million Indians which is 27% of the total expat population in UAE. Having a huge Indian population in UAE, the relation between UAE and India is always pleasant. Every year in remittances at least $10-15 Billion are transferred from UAE to India. The AED-INR currency rate keeps fluctuating. 1 AED equals 19.39(currently) which rose from INR 17 in 2015.
UAE Dirham to Indian Rupee Historical exchange rates graph
The AED to INR currency conversion graph helps in understanding the fluctuations in the exchange rate. Check the historical rates of DHS to INR for up to past 1 year.
What impacts the currency rate in India?
There are certain things like inflation, interest rates, capital flows, etc., that influence the foreign exchange rate in India.
AED to INR exchange rate tips
It is better not to exchange your currency at the airports, as the fees & charges at the exchange outlets in the airports are high
- Compare 4-5 exchange vendors and pick the one that charges low fees
- Don’t exchange all the currency you have. It is advisable to have a forex card than cash
- While getting a forex card or cash in India, make sure the vendor is authorized by RBI
- Don’t carry a huge amount of foreign currency with you in India, as it is not legal
How to Send money from UAE to India i.e AED to INR?
There are many ways UAE residents can avail to send money to India. Some of the ways are:
- Cash to Cash transfer: There are several well-acclaimed exchange centers 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 centers 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 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 conversion of AED to INR.
Tips to save money while transferring money
- Compare different options before transferring the money and pick the one that charges low fees.
- Some banks provide free remittance facilities on a monthly basis try considering those.
- Avoid transferring funds using the credit card as the service charges are very high compared to other transfer options.
- Check the currency exchange rate before you transfer. Try not transferring if the rates are very high than any other day.