# Currency Exchange



## McKenzieT (May 2, 2012)

Hi All

What is the best way to exchange Euro to dirhams? Should i stick to a bank or is there any other option you could suggest?

Thanks


----------



## rsinner (Feb 3, 2009)

Banks will not give you a good rate. If you have the EUR in cash, try a cuurency exchange (and if it is a big amount, go to a less popular branch of the currency exchange to get a better rate - not in Mall of the Emirates)


----------



## McKenzieT (May 2, 2012)

rsinner said:


> Banks will not give you a good rate. If you have the EUR in cash, try a cuurency exchange (and if it is a big amount, go to a less popular branch of the currency exchange to get a better rate - not in Mall of the Emirates)


Thanks


----------



## indoMLA (Feb 6, 2011)

rsinner said:


> Banks will not give you a good rate. If you have the EUR in cash, try a cuurency exchange (and if it is a big amount,* go to a less popular branch of the currency exchange to get a better rate* - not in Mall of the Emirates)


How would that make a difference since the companies will be operating on a percentage of the going rate which means it will change periodically through the day? I doubt one branch of the company will be operating at a different rate than another one is. Can you provide an example where this occurs?


----------



## indoMLA (Feb 6, 2011)

On a side note, what are the various exchange houses in the UAE? I need to convert some dirhams into USD or Euro.


----------



## rsinner (Feb 3, 2009)

indoMLA said:


> How would that make a difference since the companies will be operating on a percentage of the going rate which means it will change periodically through the day? I doubt one branch of the company will be operating at a different rate than another one is. Can you provide an example where this occurs?


Well, this is a very unscientific experiment. I had always suspected this, and put this to test. I asked Al Ansari Exchange in Lulu Al Barsha for the rate, and at the exact same moment asked my wife who was in MOE to ask Al Ansari in MOE to give us a rate. The difference was about 1%. I also have heard from people that the same exchange houses in Bur Dubai give better rates. Exchange houses work on a spread basis (and a small transfer fee) over the market rate. Obviously if they can quote a higher spread (and give you a lower rate), and demand still exists, they can have different pricing from branch to branch. In any case the establishment cost in MOE would be much higher than any other non-mall location in Dubai (and so they need to recover their cost as well).

Some of the exchanges are Al Ansari, UAE Exchange (I think the biggest), Al Rostamani, Wall Street etc etc. Tonnes of them in MOE. Just do a quick google. In USD I doubt there will be a major difference in pricing between the exchanges, but in EUR there could be. Obviously this matters only if you have a lot of cash to exchange, otherwise small diffeerences are insignificant for lower amounts.


----------



## ibkiss (Feb 1, 2012)

rsinner said:


> Well, this is a very unscientific experiment. I had always suspected this, and put this to test. I asked Al Ansari Exchange in Lulu Al Barsha for the rate, and at the exact same moment asked my wife who was in MOE to ask Al Ansari in MOE to give us a rate. The difference was about 1%. I also have heard from people that the same exchange houses in Bur Dubai give better rates. Exchange houses work on a spread basis (and a small transfer fee) over the market rate. Obviously if they can quote a higher spread (and give you a lower rate), and demand still exists, they can have different pricing from branch to branch. In any case the establishment cost in MOE would be much higher than any other non-mall location in Dubai (and so they need to recover their cost as well).
> 
> Some of the exchanges are Al Ansari, UAE Exchange (I think the biggest), Al Rostamani, Wall Street etc etc. Tonnes of them in MOE. Just do a quick google. In USD I doubt there will be a major difference in pricing between the exchanges, but in EUR there could be. Obviously this matters only if you have a lot of cash to exchange, otherwise small diffeerences are insignificant for lower amounts.


The above is quite correct !!! I had also asked the same exchange in two different malls & both the rates were different .... But Euro now seems to be falling down !


----------

