Concerned about exchanging UAE Dirhams for UK Pounds? If you do not have enough information, you could end up sending a lot more money, which can be a tedious process too. Fortunately, a simple equation can help you guide through the process: the exchange rate. The definition of exchange rate itself is the value of one currency in relation to another currency. So, for example, when exchanging your dirham for U.S. dollars, the value of each currency goes up because now it takes more U.S. dollars to buy one dirham than it used to take before the exchange rate went up or down. Therefore, whenever you don't know or don't remember what the current exchange rate is between two currencies, use this equation as a base guideline: currency > exchange rate> relative value>.
What is the current exchange rate?
If you're unsure what the exchange rate is between dirhams and pounds, a quick Google search will help you find out. However, if you need to know the exact exchange rate between two currencies at a particular moment, there are a few websites to help you out. The simplest way to determine the exchange rate between two currencies is to use Google's Currency Conversion Calculator. The current exchange rate is always changing, so it's important to note the rate at which it changed over the course of a day. You can find this information on most exchange rate websites by clicking the "interactive graph" option.
Check the value of your dirham.
The best way to begin to calculate the right amount to send to your loved ones is to first convert the value of your dirham to pounds. When you first open your foreign exchange platform, you'll usually see the current value of 1 dirham in the U.S. dollar. To convert it, take the current value of your dirham and multiply it by the current exchange rate between dirham and the pounds. For example, if 1 Dirham is worth 0.23 Pounds, then the current exchange rate is 1 Pound = 4.40 dirhams.
Know the Right Time to Transfer
One of the things to consider while transferring money is knowing the best time. There are times when the demand for money is high, and the rates are high. It might cost you more if you send money when there is a high demand in the UAE market. These durations can be when salaries are paid, or people receive their pension. It is advisable not to make a transaction but if you need to transfer money during these times, make sure you are ready to pay extra.
Ask About Fees Before Sending Money
Before checking Remit4x, make sure to double-check the exchange rate against the foreign exchange platform you are specifically opting for. If you're not sure which foreign exchange platform you're using, you can find the exchange rates used by your bank or by asking a friend who uses that platform or the customer service department through whichever payment method you choose. Also, you can use a financial app or website using the same equation we just discussed above.
You can find the exact amount of foreign taxes you'll be paying by surfing on Google again. All banks and money transfer companies charge different fees for different transfers, so by analyzing all your options, select the best-suited one. If in doubt, inquire further details to the customer-care about the charges. It will spare you the hassle and stress of dealing with a delayed money transfer and the associated fees. You'll also spare your loved one from spending more than necessary.
Calculate the correct amount to send to your loved ones
.
Now that you know how much dirhams to convert into pounds and the amount of dirham you want to change, you can use the best combination of the equations and find the exact amount you need to send. Of course, this will again depend on how much money your loved one has, how much you have available to send, how frequently you transfer money, etc. Also, keep in mind that the longer the money transfer takes to process, the higher the chance that the bank will charge you a fee for making the transfer.
Wrapping up
As you can see, it's important to stay on top of the current exchange rate when sending money to loved ones abroad. The exchange rate can sometimes differ from the rate you are used to. The exchange rate can be important if you send money to family members who live in a different country. If you don't know what the current exchange rate is between two currencies, you can use the equation provided above to help you determine the exact value of uae currency to pound.
