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An introduction to Iran currency
Rial (IRR) is the official currency in Iran, however locals always talk about Toman for daily life.
By deleting one zero from Rial, you will have the price in Toman and vice versa. For instance, the taxi fare is 50.000 Tomans; that is 500.000 Rials.
Keep in mind to have some of your cash money in Iran currency, although some hotels in Iran accept US dollar or Euro.
Tourists and businessmen who visit Iran can really enjoy it, because the money they bring from their countries to Iran can easily afford to buy the goods and services they might need. For example, the rent of a room in a 5-star hotel in Shiraz can be reserved by just about $55 per night. This makes Iran a fantastic destinations for those with limited budget.
A travel guide to Iran will let you know how to change your money into Iran currency through different channels developed for this purpose all over the country.
10.000, 20.000, 50.000, 100.000, 500.000 and 1.000.000 IRR are Iranian common bank notes and there are coins of 1.000, 2.000 or 5.000 IRR value.
Exchanging Money in Iran
Numerous bank branches can easily Chang toy money in Iran through currency exchange centers in all cities and airports. To complete the transaction, you will be charged a small fee. Though not mandatory, learning Persian (Iran`s Official Language) could be also useful.
As you get Iran, a travel guide will help you to learn Farsi numbers to Iran currency, if required.
Where to Exchange Money in Iran?
There are official money exchange centers in all big cities of Iran, where you can exchange your money without being concerned about getting ripped off. Exchange centers called “Sarrafi” have signs and boards or monitors to display the current exchange rate for the customers. Common accepted currencies are Euro €, US Dollar $ or British Pound that can be exchanged in many places. Currencies from other countries are also exchanged in some centers.
Ferdowsi Sq is the most famous place to exchange money in Tehran with many exchange shops. Ferdowsi Sq is easily acceptable through Tehran metro station at the square and you can get there by walking if you are staying at our hostel in Tehran.
Zand street is the most famous place to exchange money in Shiraz.
How to Buy Iranian Rial?
You can use one of the airport currency exchange centers or bank branches to change your money to Iranian Rial, once your Iran visa is checked at the airport. Moreover, your travel guide to Iran can also tell you how to change your money in cities.
Many hotels also provide exchange services but it is recommended not to use them, because they usually have higher exchange fee than others.
Banks are the safest option for buy Iran currency, but they are not as fast as currency exchange centers.
Another option is “Sarrafi”.
Money Transfer in Iran
Various bank branches around the cities provide money transfer service in Iran, so do some of the currency exchange centers, however banks are the safest choice. However, you should remember that due to international sanctions against Iran, any kind of international money transfer and bank transaction may face some difficulties.
You are recommended to consult your travel guide to avoid any unnecessary complications in this regard.
How to Take Money to Iran?
There is no limitation regarding the amount of your money you can take with you to Iran. You can take banknotes and bills with you and exchange them to Iran currency at one of the bank branches or currency exchange centers at the airport or in the city. Because of international sanctions, transferring money from bank accounts in other countries to Iran is not going to as easy as you would expect.
Having paper money would be the best option as you travel to Iran.
How to Take Money Out of Iran?
Again, due to international sanctions against Iran, taking money out of the country is a difficult task. Moreover, there is $5000 limit imposed by the Iranian Customs Office on the amount of cash a person can take out of Iran.
The best choice is to take a fixed amount of paper money based on your travel plan to the country and spend that amount before leaving. Your Iran travel guide will let you know how to take money out of Iran if you are making a business trip to Iran.
What is the Best Currency to Take to Iran?
Due to Iran currency rate, you will have more than your money’s worth after an exchange, but there are a number of currencies that are more common in Iran and changing them is much easier and faster compared to other currencies. American dollar, euro, Turkish lira, Swiss franc, Emirati dirham, and British pound are among the best and most popular currencies to take to Iran.
ATM and Credit card
US sanctions caused Iran not to have access to the international banking system, therefore, international credit cards like Visa, Master, etc. are totally useless in Iran. You have to use cash or Iranian debit cards in shops, public transportation, hotels and restaurants. Foreigners cannot have Iranian debit cards, unless they apply for Iran prepaid 7 Coin debit cards prior to their trip. According to what was said, make sure to plan your trip carefully before traveling to Iran and to have enough cash to pay for all costs of your trip. There would be few places to accept international credit cards in case you run out of money and they will certainly take a commission for their service.
Do not rely upon credit cards as there are very limited places to use them, due to the U.S. embargo on Iran which does not allow American businesses (incl. American Express, Visa Card, Master Card, PayPal, etc.) to operate in the Iran.
There are rare exceptions to this rule to access credit card systems, But in most places you have to pay cash.