The Emirati Dirham (AED), also known as the United Arab Emirates Dirham is the official currency of the United Arab Emirates. The Emirati Dirham was introduced in 1973 and replaced the Qatar and Dubai Riyal. When the Emirati Dirham was first established, it adopted the fixed exchange rate to the International Monetary Fund’s special drawing rights. Then, only four years later in 1977, it was re-pegged to the US Dollar at a rate of 1 USD = 3.6725 AED. The Emirati Dirham is a very stable and strong currency as it is the national currency to one of the UAE, which has the second largest economy in the GCC after Saudi Arabia. Therefore, the online trading market is quite large and successful here too. There are numerous trading brokerages who accept the Emirati Dirham as their primary currency.show more
The Emirati Dirham symbol is a string of Arab symbols, ( د.إ). In the English and most every other language when referring to the Emirati Dirham currency, it is represented by it’s currency code, which is (AED). Using the currency code to represent the Emirati Dirham currency is easiest because it is an English code and can be used to represent any denomination of the currency. The Emirati Dirham is broken up into denominations of 100 and each subunit 1/100 is called, “fils” or (فلس)in Arabic. The frequently used banknotes are 5, 10, 20, 50, 100, and 200 Dirhams. As for the frequently used coins they are 25, 50 fils, and 1 Dirham.
As the Emirati Dirham is a strong currency pegged to the US Dollar, it is fairly easy to exchange and find trading brokerages who will exchange this currency. The UAE economy is a strong international economy and is highly recognized by countries around the world. Therefore, their currency is easily exchangeable. The top rated Emirati Dirham conversion is with the Indian Rupee, AED/INR. Many online brokers and exchanges in the middle east accept the Emirati Dirham as a viable currency and exchange it with their native currency with ease.
The Emirati Dirham is issued and regulated by the Central Bank of the UAE. Online trading brokerages accepting the Emirati Dirham as a viable currency provide traders with an array of banking options. For instance, various e-wallets from the Middle East accept and support the AED currency. As well, there are a variety of bank wire transfers and international wire transfers available. Many brokers based out of the UAE allow traders to link their bank accounts to their trading accounts for local bank transfers. All in all, the Emirati Dirham currency has numerous banking options for traders.