How to Use Money Exchange Board Rates to Your Advantage
When he comes to a branch, customer is looking for Remittance or FC
He checks the rate, found dollar rate or pound rate
Struggling to know the rate for INR, why? Cos it is written 0.044, not in common language, how will the customer know this rate.
What is the meaning of this rate? Why it is written like this, how to simplify this term.
When you come to an exchange house, there are 3 rows of rates:
You must check the rates in the same columns and understand the purpose of your transaction – whether it's transfer or exchange money. If you want to buy currencies such as USD (United States Dollars), Euro, or Pound, then check the rates against the flag of the country. If you want to sell currencies, you can verify the rates in the respective countries' flags. If you want to transfer money, see the following flag of the countries, and go to the transfer column of the rates. Whenever you want to come an exchange house, there are 3 types of exchange rates: Buying currency Selling currency Transfer currency / money
Scenario 1: Buying UAE Dirhams
The 2nd scenario, you have Indian rupees, and you want to buy UAE Dirhams. This means, you are selling Indian Rupees and buying UAE Dirhams. So, now you are now paying 1 rupee for 0.040 Dirhams.
Scenario 2: Selling UAE Dirhams
The INR is 0.0476, if u want buy INR currency in exchange of AED, it means u are giving AED and taking Indian rupees. Or in other words, for 1 rupee, you are paying AED 0.0476. Or to calculate this, you can divide this figure by 1. 1 / 0.0476 = 21.22.
Scenario 3: Transfer money
You can also check the exchange rate for UAE Dirhams by 1 divided by 0.045 as mentioned on the exchange board. When you transfer money abroad such as 50,000 Indian Rupees, then calculate 50,000 x AED 0.045 = 2250 UAE dirhams.
These rates are indicative rates and are subject to fluctuation. But you can negotiate with the exchange house over these rates, however, please note the exchange rate of US Dollars is pegged locked with the UAE Dirhams and does not fluctuate. Mostly Asian currencies fluctuates a lot such as Indian Rupees, Pakistan Rupees, Philippines Pesos, Nepal, Bangladesh, and Sri Lanka. The customers check / verify the exchange rates accordingly and try to send money instantly when the exchange rate is good. But the markets are closed during the weekends (Saturday & Sunday) apart from Nepal and Bangladesh.