Monday, May 16, 2011

CURRENCY AND EXCHANGE RATES

CURRENCY AND EXCHANGE RATES
 
Currency
The dirham (pronounced dir-ham) is the official currency of the UAE. Dirham notes are in 5, 10, 20, 50, 100, 200, 500, and 1000 denominations. The dirham is divided into 100 fils, coins include Dh1, 50, 25, 10 and 5 fils (10 and 5 fils are rarely used). The value is written in Arabic only but Arabic numerals are easy to memorize (see section on Arabic Language).
There are no currency regulations and foreign currency of almost any denomination is readily exchanged in the UAE. The dirham is index linked to the dollar and the official exchange rate is Dh3.671 = US$ 1.00. The best exchange rates are generally available at private moneychangers found throughout the UAE, but especially in the more popular souqs and shopping centres.

The UAE Exchange Centre (associated with Western Union) has branches throughout the UAE. Thomas Cook Al Rostamani (authorized representative of Thomas Cook’s financial division) and Al Razouki International Exchange Company are also well represented.



The UAE Exchange Centre
Abu Dhabi
02 6322166
Dubai 04 3537070
Sharjah 06 5625125
Al Ain 03 7654258
Ajman 06 7424666
Fujairah 09 2226665
Ra's al-Khaimah 07 2271066



Thomas Cook Al Rostamani Exchange Company
Abu Dhabi
02 6727717
Dubai 04 2223564
Sharjah 06 5614656
Al Ain 03 7665558
Fujairah 09 2226822



Al Razouki International Exchange
Abu Dhabi
02 6210308
Dubai 04 2615113
Sharjah 06 5624129



Al Fardan Exchange
Abu Dhabi
02 6223222
Dubai 04 3513535
Sharjah 06 5635371
Al Ain 03 7656325
Ruwais 02 8774877

Welcome to UAE Exchange

Welcome to UAE Exchange, which features the UAE exchange rate and details about the currency AED (United Arab Emirates Dirham) that is used in the United Arab Emirates. You can find a breakdown of the contents of this webpage below or in the pages-banner that is presented above.

To the right you can find a currency converter, which converts the United Arab Emirates Dirham to other currencies. Around fifty currencies are available with latest rates! You may freely use the currency converter for your purposes to calculate the UAE exchange rate. First, select either “from” or “to” in order to convert either from or to AED. For instance, the default setting in the converter calculates how many United Arab Emirates Dirhams 100 dollar equals. Vice versa, by selecting “to” you can find how many dollars 100 United Arab Emirates Dirhams equals. Second, select the amount you want to convert, you can also use decimals i.e. 250.5. Please be advised, the converter only accepts the “dot” or “.”, the comma “,” however does not function in this UAE Exchange Rate converter.

Sunday, May 15, 2011

Director, UAE Exchange

  • Left to right: Mr Marwan Al Mazroei, Director, UAE Exchange, Jamal Abdul Salam , Director, Partner Relations, Dubai Internet City, Abdulla Humaid Al Mazroei, Chairman, UAE Exchange, Sam Pitroda, Founder and Chairman, C-Sam Inc, USA,  B R Shetty , Managing Director and CEO, Dataline FZ LLC and Murray Sims, Head of Personal Banking, RAKBANK at the launch of the UAE Exchange's E-WALLET.
    Left to right: Mr Marwan Al Mazroei, Director, UAE Exchange, Jamal Abdul Salam , Director, Partner Relations, Dubai Internet City, Abdulla Humaid Al Mazroei, Chairman, UAE Exchange, Sam Pitroda, Founder and Chairman, C-Sam Inc, USA, B R Shetty , Managing Director and CEO, Dataline FZ LLC and Murray Sims, Head of Personal Banking, RAKBANK at the launch of the UAE Exchange's E-WALLET.

Sunday, April 24, 2011

Foreign exchange market

 Foreign exchange market

The foreign exchange market (forex, FX, or currency market) is a global, worldwide decentralized over-the-counter financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.
The primary purpose of the foreign exchange is to assist international trade and investment, by allowing businesses to convert one currency to another currency. For example, it permits a US business to import British goods and pay Pound Sterling, even though the business's income is in US dollars. It also supports speculation, and facilitates the carry trade, in which investors borrow low-yielding currencies and lend (invest in) high-yielding currencies, and which (it has been claimed) may lead to loss of competitiveness in some countries.
In a typical foreign exchange transaction, a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market began forming during the 1970s when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.
The foreign exchange market is unique because of
  • its huge trading volume, leading to high liquidity;
  • its geographical dispersion;
  • its continuous operation: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday;
  • the variety of factors that affect exchange rates;
  • the low margins of relative profit compared with other markets of fixed income; and
  • the use of leverage to enhance profit margins with respect to account size.
As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks. According to the Bank for International Settlements, as of April 2010, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion, a growth of approximately 20% over the $3.21 trillion daily volume as of April 2007. Some firms specializing on foreign exchange market had put the average daily turnover in excess of US$4 trillion.
The $3.98 trillion break-down is as follows:
  • $1.490 trillion in spot transactions
  • $475 billion in outright forwards
  • $1.765 trillion in foreign exchange swaps
  • $43 billion currency swaps
  • $207 billion in options and other products

Sunday, May 23, 2010

UAE Exchange launches UAE Exchange Wallet

UAE Exchange launches UAE Exchange Wallet 

UAE Exchange Wallet is a unique secure transaction solution, which allows UAE Exchange customers to transfer money using their existing mobile phones and bank accounts, to their near and dear ones across the globe, from anywhere and at anytime.

UAE Exchange Wallet enables customers to send money securely from the comfort of their home or office or any location at any hour of the day or night, using UAE Exchange's trusted network, without having to make trips to the branches, braving traffic, parking and other inconveniences. The Wallet provides a leather wallet metaphor on mobile phones and its security features ensure that only a registered UAE Exchange customer can access his/her Wallet on his/her mobile phone. The Wallet is very easy to register and use, and can be setup either by the customer or a UAE Exchange representative. Once setup, the customer can then conduct any number of transactions - anytime, anywhere. In addition, the Wallet has an attractive and user-friendly interface, icons to facilitate easy navigation, images and branding of UAE Exchange and Bank Cards, ability to generate and store receipts of transactions, and various other personalized value added services, such as, transaction history, etc., all securely available on the customer's mobile phone, in real-time, making the Wallet an ideal money transfer solution.

The Wallet leverages UAE Exchange's existing global money transfer network and the participating banks' settlement networks, to provide greater value, convenience and cost savings to customers. RAKBANK, Bank of Baroda, Union National Bank and Mashreqbank will provide settlement for the Wallet, with other banks expected to join in shortly. The Wallet has a simple registration process, after which the UAE Exchange Gold Card and participating banks' payment cards are immediately issued over-the-air to the customer's mobile phone. The customer can then transfer funds using the Wallet, without having to visit any bank or UAE Exchange branch.

"We are very excited about being the first Exchange Company in the world to launch this unique solution, which we firmly believe will provide additional convenience, comfort and security to our customers, further strengthening UAE Exchange's conviction to continuously offer more value to customers through innovative technologies" said Mr. B. R. Shetty, UAE Exchange's Managing Director. UAE Exchange is one of the largest exchange houses in the Middle East with 960,000 registered customers in UAE alone, and a point-of-presence in more than 64 countries worldwide.

UAE Exchange's Wallet has been developed by C-SAM, Inc. of USA, based on a patented technology (US Patent #s 5,590,038, 5,884,271, etc.), which allows mobile phone users to securely load an "empty wallet" and create a personalized account at a web-based transaction portal. Thereafter the user can create or load their existing card information for secure storage, reference and conducting transactions. C-SAM's technology also provides card issuing banks and merchants the ability to wirelessly and securely issue cards over-the-air directly to their customer's mobile phones, with card images, branding and mag-stripe or smart card information. C-SAM enables users to load multiple cards and multiple payment instruments, and use them with the existing transaction acquisition infrastructure and networks. Once setup, users can conduct various transactions at retail locations or over-the-air or with other wallet users, storing digital receipts on the mobile phone and web-based transaction portal. Over and above various payment related services, C-SAM's secure Transaction Platform can be customized for various lifestyle enhancement services, allowing merchants and service providers to deliver personalized coupons, promotions and tickets directly to their customers on to their mobile phones.

C-SAM's Platform can also be used to electronically issue telephone, gas, electricity, school, credit card, etc. bills securely to mobile phones of Wallet users. The Wallet users can settle these bills directly from the Wallet through their preferred bank accounts in real-time and a receipt is then generated and issued securely to the user's mobile phone. The Wallet will be subsequently scaled to various other Value Added Services like payment cards, loyalty cards, coupons, promotions, tickets, etc. Consumers will benefit immensely from the additional Convenience, Security and Flexibility, with the ability now to conduct various transactions - payment and non payment - anywhere and anytime, directly from their mobile phones and PCs.

"UAE Exchange will now be able to offer another secure, simple-to-use and convenient channel to their customers, for transferring funds, paying bills and accessing various other value added services - by leveraging the growing number of mobile phones, existing telecommunication networks and banking infrastructure - and in the process bringing tangible benefits to all the stakeholders, starting with the customer, UAE Exchange, participating Banks and Telephone Companies" said Sam Pitroda, Founder and Chairman of C-SAM, Inc., who is hailed as the father of the telecom revolution in India, and as a serial entrepreneur has successfully started various technology companies in the US, Europe and India."

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