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The UAE dirham (AED) is divided into 100 fils. Coins are in 5, 10, 25 and 50 fils and AED1. Notes are in denominations of AED5, 10, 20, 50, 100, 200, 500 and 1,000. $1 = AED3.6727 and currently £1 = AED5.9465.

It’s wise to have some local currency when you arrive to cover small purchases and taxi fares, although you might well be met at the airport by your sponsor’s staff or your new colleagues.

Currency exchanges and banking facilities are available at most major airports and many are open 24 hours a day. Exchange rates, however, are unlikely to be favorable at these outlets. More competitive rates can be obtained from city-center financial establishments. You should avoid changing money at your hotel, as hotel rates are probably the worst on offer.

Importing & Exporting Money

There are no restrictions on the import and export of funds into and out of Dubai.

Everyone holding a residence visa in Dubai is allowed to open a bank account and to import and export funds, although it’s unusual for people to bring funds into the country. Accounts held overseas are of no interest to the fiscal administrations in any of the states. No declarations of currency are required when entering any of the territories, so travelers can move currencies in and out without restriction and in any form that they choose.

International bank transfers are an area of local expertise, as handling the outflow of money has been a lucrative industry in Dubai for some years. The volume involved reflects the large number of expatriates who move to the region and who export the majority of their earnings to their home country. Many open offshore bank accounts to avoid income tax in their own countries.

All the retail banks will transfer money to any destination and in any currency. Many people find it convenient to use their own bank to transfer money overseas, but there are plenty of institutions offering this service, so shop around to obtain the best deal. The main variables involved in transferring funds overseas are the exchange rate offered by the different institutions and any commission charges. The rate quoted might look attractive, but if the combined charges are high, you might be better off elsewhere. At the receiving end, your own bank will undoubtedly make a charge too, depending on the amount involved. Some banks are greedier than others, and loyalty to long-standing customers seems to be a thing of the past.

Apart from banks, there are plenty of exchange companies operating in Dubai, usually owned by the major trading families, who have long experience in the business and frequently give better rates than the banks. Different transfer systems are available, and the speed of transfer is the main determinant of the charge levied. The methods are postal, bank-to-bank, telex, telegraphic and SWIFT (or similar titles). Banks and exchange houses in Dubai are generally competitive, speedy, accurate and reliable, but the efficiency of the transaction also depends on the institution involved at the receiving end. Electronic transfer is usually the quickest method, although long delays can occur if you’re sending funds in, for example, US$ to a GB£ account, and delays can also occur between different banking systems (e.g. if the banks have no reciprocal arrangement). It’s therefore simpler and quicker to send money between branches of the same bank or banks with close affiliations. You should monitor the charges being made at the various stages until the money arrives in your account and query any that you feel are unwarranted or excessive.

If you intend to send significant amounts of money abroad for business transactions, such as buying a property, ensure that you’re given the commercial rate of exchange. The tourist rate or standard rate that you see quoted in your newspaper or posted on the bank’s currency exchange board can be considerably bettered for large exchanges and transfers.

Another way to transfer money is to use a bank check or draft, which you can send yourself by registered mail or courier or which can be sent by bank-to-bank mail at a small additional cost. If, however, the check or draft is lost, stolen or goes astray for any reason, this can cause you a lot of administrative ‘hassle’. Personal checks can be sent, although these are subject to delays in clearing. For example, a US$ personal check made out to a GB£ account will go from your UK bank to a New York clearing system before the funds finally return to your account, and this can take some time. It’s obviously essential to check that all the details shown on a check or draft are absolutely accurate.

Dubai’s government is keen to protect the status quo and doesn’t want to compromise its cultural values or standard of living by allowing foreigners to become a permanent part of society. Your only route to becoming a naturalized citizen is by marriage to a national; even this, however, doesn’t guarantee citizenship, particularly for non-Muslims.

In exceptional circumstances only, a Dubai’s ruler might grant citizenship to a foreigner who has provided outstanding service to the state over a number of years. A generous employer might reward a loyal worker who has made a major contribution to the company over many years by providing him with a work and residence permit of indefinite duration. After your retirement, however, the employer would have to be a figure of considerable influence to maintain this gift and satisfy the labor authorities. In this case, you wouldn’t be a citizen, but merely be allowed to remain in the country indefinitely.

Children of foreigners born in Dubai don’t have rights of local citizenship and automatically assume the nationality of the parents. If one of the parents is a national of Dubai, the child will usually be granted local nationality and may later become a national of Dubai and obtain a local passport.

It’s recommended that you fully acquaint yourself with the implications of giving birth in Dubai.

In many cases, the child isn’t affected, but any children that he has might not enjoy the same rights of nationality, citizenship, abode, etc. as his parents and grandparents.

In order to obtain a visa, you require a sponsor, which is normally your employer if you’re working. If you’re visiting for a holiday or business, the hotel where you’re staying can act as your sponsor. To request this service, you must send your travel itinerary and passport details by fax a few weeks in advance of your stay. Ensure that confirmation has been given and that your visa will be left at your point of entry before you depart. A small fee will be added to your hotel bill for this service. Additionally, your hotel might be able to obtain short extensions to your stay, provided they’re sure of your itinerary during the stay. The hotel is responsible for you during your time in the country. If you’re taking up work in Dubai, your sponsor will normally arrange the necessary visas and permits for you.

Most visas and permits consist of passport stamps, so that immigration authorities can easily check that you have the necessary authorisation when you enter or leave the country. There are costs associated with the various visas and permits, but in the case of foreign workers these are normally met by your employer. Note that the prices quoted below should be taken as a guide only, as they’re subject to change, as are the conditions and requirements; the relevant state’s embassy or consulate can provide you with the current information.
Visa Types

GCC nationals, expatriates residing in other GCC states and holders of British passports may enter the Dubai without a visa.

Other nationalities need a visa, obtained from a UAE embassy prior to traveling. Young, single female visitors should carefully check the entry requirements. An income minimum applies to family members visiting expatriate workers.

Transit Visa

Valid for 14 days, transit visas are intended for those traveling within the Emirates and for short-stay business trips. A sponsor or hotel can arrange one and they cost around AED120 ($33).

Visitor Visa

All visitors should obtain a visa before traveling, by applying to the UAE embassy in their own country. Hotels can act as sponsors for visas, provided they’re given sufficient notice. Visitor visas cost around AED110 ($30) and are usually valid for 30 days, although 60-day visas are also available. Overstaying the period can result in a daily fine of around AED100 ($27).

labor Card & Residence Visa

All foreign workers require a residence visa and ‘labor card’. To obtain these, you must first undergo a medical examination. Non-westerners generally require a more extensive examination than westerners. In due course, a residence visa is issued and eventually a labor card, which is a kind of identity card to be carried at all times, your passport having been surrendered to your employer.

Residence visas are valid for three years and are easy to renew. There’s an age limit of 50 years, but this can occasionally be overcome, if appropriate reasons are presented. New residents should remain in the Emirates for the first six months of their stay.