Money and Taxes
The monetary unit in the UAE is the Dirham (Dhs/ AED), divided into 100 fils. There are denominations of 25 and 50 fils coins, and paper currency is in the form of 5, 10, 20, 50, 100, 200, 500 and 1000 dirham notes. In the UAE, the Dirham is linked to the Special Drawing Right of the International Monetary Fund. It has been held constant against the US dollar since the end of 1980, at a mid-rate of approximately US$1= Dh3.66.
Exchange rate
If you wish to see the current exchange rate of any currency against the Dirham, visit www.xe.com/ucc/
Dubai Banks
All banks in Dubai , both local and international, provide a range of commercial banking services. Banking hours in the UAE are normally 8.00am to 1.00pm, from Saturday to Wednesday, although some Dubai banks are open until 4:00pm. On Thursdays, banks in the UAE operate only from 8.00am to noon and all banks are closed on Fridays. As a rule, all major credit cards, like American Express, Diners Club, Visa, MasterCard, etc. are accepted in the main hotels and larger shops - but some retailers offer better bargains for cash.
Insurance
Dubai also offers easy insurance options for cars and households through many well-known international insurance companies based in the UAE.
Taxes
Dubai has the distinction of being a tax-free city. Visitors to Dubai enjoy the added bonus of a tax-free salary plus all goods in shops can be bought for tax-free prices. Compared to many other countries, this is a welcome relief to tax payers. However, in some countries, there are tax laws enabling them to tax expatriates on their earnings in Dubai, so we recommend you seek legal advice if this is an issue for you.