# Dirham to US$ exchange rate



## Stellen (Mar 19, 2010)

My bank, Mashreq, has just transferred money from my Dirham account to my dollar account at the rate of 3.69.

I was expecting 3.68 or less. I thought the dirham to dollar rates are fixed by the central bank. Does anyone know what rates other banks use before I ask Mashreq for a refund? I hate to get ripped off, especially by a bank!

Many thanks.


----------



## Gavtek (Aug 23, 2009)

The official rate is always 3.67

Emirates NBD always charges me 3.665 or 3.675 depending on the direction of the transfer.


----------



## ALLAITH (May 19, 2011)

This is the rang for banking exchange some banks charge little more some litte less
but normaly like this, 
The problimes it`s the banks here they not accept to credit the account with doller
so if you want to open account with doller they are only recive from you dirhams and they exchange it on them rate, which usualy little more expeinsive than the exchange companies out side
Regards


----------



## md000 (Dec 16, 2008)

This technique is called the "spread". Every bank/financial institutiona has this Buy @/Sell @ rate in order to make money on the transaction. Quite normal. Don't worry unless it is less than 3.5/higher then 3.8 (roughly the hotel rate). 

If you want more details, check out: Bid-offer spread - Wikipedia, the free encyclopedia

-md000/mike


----------



## Tropicana (Apr 29, 2010)

3.5 to 3.8 is too large a spread for currencies that are pegged to each other. 

You will be royally ripped off if you ever pay 3.75 through a bank. Airport exchanges can get away with asking so much but not banks


----------



## ash_ak (Jan 22, 2011)

go talk to your bank and ask for 3.67 and depending on your relationship with your bank, they may oblige or negotiate a better rate. i get 3.671 from my bank. ADCB


----------

