Why Veena World?
Veena World steps in to ease your travel in every possible way. With our passionate, dynamic and experienced team who have an experience of 30+ years in the travel industry, we are all set to bring your travel dreams into reality. And to do that, we cover all possible sets of arenas in travel to help you actually choose a destination by simply throwing a dart on the map and yet having everything about it with ease. Even when it comes to returning the Forex, Veena World brings a simpler process after foreign trip at reasonable exchange rate.
Our team with all their expertise provide good money exchange rate, authentic currency. With Veena World, you can be rest assured that you can buy foreign exchange which are genuine and which will help you enjoy your dream trip abroad.
What is Forex?
Forex stands for foreign exchange. It is the process of exchanging the currency of one country for that of another. This exchange is quite important when it comes to the countries’ needs for importing food or other essential commodities from other countries or for exporting the same to other countries.
The foreign exchange market is the largest and most liquid market in the world. The most-traded forex currencies are the US dollar, the euro, the Japanese yen, and the British pound. If you plan to travel to the UAE, you will need to exchange your INR for dirhams and when you return you will have to exchange them back into INR. For the best prices to buy AED in Mumbai, you can get in touch with Veena World.
How it works?
If a person travels from India to Dubai for the purpose of tourism, the Indian currency, i.e., INR will not be acceptable in Dubai for making payments. The person has to exchange INR into AED (UAE Dirham). Forex is required when a country or any of its citizens have business interests abroad. Also, upon the person’s return to India, they need to convert the AED into INR. There are quite a few ways to buy/sell forex. You can either exchange foreign currencies through a bank or an authorized institution/dealer/person that deals in forex. For forex transactions, certain guidelines have to be followed. The documents needed to buy forex for travelling abroad are:
- A copy of the passport
- A copy of the visa (if applicable)
- A copy of the air tickets
- A2 form (mentions the amount required, the purpose of visit, the total amount of forex transacted in the financial year)
While travelling abroad, you can procure forex either in cash or get the amount loaded in a forex travel card. There could be a different dirham rate in Mumbai for buying currency or for selling. For both these transactions, the respective bank/dealer charges a commission that may vary. If you intend to buy AED in Mumbai from a dealer, it is advisable to check the dirham rate in Mumbai for the day. The dirham rate in Mumbai might fluctuate, sometimes even multiple times in a day. So, before you head out to buy or sell AED, be sure to search for “how much is the dirham rate in India” for that particular day.
Whether you to buy currency or sell it, a simple search for the ‘dirham rate today in Mumbai’ will give you the different forex rates. Veena World can help you with all your forex currency cash requirements at competitive rates. Just get in touch with one of our forex agents and the needful will be done.
The dirham rate in Mumbai is usually different for buying and selling.
UAE Dirham Limit
If you are wondering how much AED one can carry while travelling for leisure to the UAE, there are some limits that you need to be aware of.
In Indian currency, the residents of India are allowed to carry up to Rs. 25,000. However, if you want to carry forex from India for leisure to the UAE, the maximum limit for forex transactions for an Indian national is the equivalent of USD 25 0,000 per traveller in a single financial year, as per regulations. However, only the $3000 equivalent AED of that amount can be carried as currency notes – the balance has to be in the form of prepaid forex cards, Remittances or traveller's cheques. To find the equivalent amount in AED, check out the current UAE dirham rate in Mumbai.
UAE Dirham Trends
There are many factors that can influence the valuation of a particular currency. A basic understanding of these factors will help you decide when to exchange your currency.
- Inflation: Inflation is the situation of a sustained increase in the general price levels of an economy. Inflation refers to an increase in the cost of living. The currency of a country will appreciate if the inflation rate is low.
- Interest Rates: A country with higher interest rates will see an appreciation in its currency. A high-interest rate means better rates for lenders which attracts more foreign capital and causes currency appreciation.
- Country’s Balance Sheet: The balance sheet of a country reflects its forex earnings vis-a-vis its forex expenditure.
- Government Debt: The more debt the country is in, the more will be the depreciation in the country’s currency.
- Terms of Trade: The terms of trade refers to the ratio of export and import prices. If forex revenue generated is more than the forex expenditure, there will be a higher demand for the country's currency.
- Political Stability: The more a country is politically stable, the more will be the interest of foreign investors and a resultant increase in the value of its currency.
To follow the ongoing forex trends with respect to AED, a lot of information is available online. Just search for the “dirham rate today in Mumbai”. Forex is subject to a lot of fluctuations and if you are planning to visit a foreign country, it is important to understand what drives these fluctuations. For fluctuations regarding dirham, you can search for the UAE dirham rate in Mumbai.
Things to remember when buying UAE Dirham in Mumbai
Depending upon the valuation of foreign currency, it is determined as an expensive or inexpensive currency. Here are a few things to keep in mind before you buy AED in Mumbai:
- Buy Forex well in advance: You can buy foreign exchange up to 180 days before the travel date from an authorized dealer.
- Avoid Exchanging at Airports: Exchanging forex at airports could prove to quite expensive as airports charge between 5-10% when you buy or sell currency.
- Compare rates: No matter where you buy your forex from, make sure to compare prices as there could be a huge difference in dirham rates in Mumbai today at different dealers.
Do away with Traveller’s Cheques: Many establishments abroad are wary of accepting these due to the cumbersome process of cashing them.