Currency The Iranian Rial (IR) is the official currency of Iran; however, to save time, prices are mostly quoted it) Tomans.
Currency The Iranian Rial (IR) is the official currency of Iran; however, to save time, prices are mostly quoted it) Tomans. Generally, written prices are given in Rials and costs quoted in conversation are in Tomans.
To confuse shoppers, shopkeepers will often omit the denomination of high prices, so a person may be told a jar of coffee costs 2 Tomans (meaning 2,000 Tomans or IR. 20,000) and that a fine rug will cost 300 Tomans (meaning 3,000,000 Tomans or IR 30,000,000). In conversation, 1 Toman denotes IR 10,000. Most travelers spend the first few days of their trip coming to grips with this mind-boggling system, and money changers on the border may exploit this confusion. So, it is advised to use caution and to always ask a shopkeeper or-moneychanger if they are quoting a price in Rials or Tomans.
The main foreign currency in Iran is the US Dollar and the Euro. However, the English Pound, Japanese Yen, Persian Gulf countries’ Rial, Drachma and Dinar, as well as other foreign currencies are changeable to Iran’s currency in the banks and exchange shops. It is recommended that money be changed to the US Dollar or Euro before arriving in Iran.
After you head to Iran, you can go to Melli Bank at the airport terminal and change the foreign currency to the Iranian Rial. This bank works 24 hours a day. There are certain branches of the Iranian banks, as well as the banks located in the hotels, can do the changing. Authorized exchange shops do the changing as well.
The exchange rate (value of one currency for purpose of conversion to another) of the foreign currency to Iran’s Rial in the banks is unanimous, so there is no discrepancy between the rates in the banks. The foreign currencies’ official rates in Rial are announced in the banks daily.
- It is strongly recommended to not change money anywhere other than the banks and the authorized exchange shops.
- It is highly recommended to keep the receipt of a monetary exchange until leaving the country. This receipt not only indicates the legality of purchase but also enables the exchange of extra Rials in the bank and the exchange of the desired currency.
There is no limit on amount of cash that can be carried into the country. One can also go to one of the branches of the foreign currency banks in Iran during one’s stay and open a foreign currency bank account or change money to Iran’s currency and receive traveler’s checks.
Presently, International credit cards are not accepted in Iran. For more information please call Melli Bank’s Card Service Office: 33922690-1, 33900298, and 33912813.
ATM cards will be issued for all international tourists and travelers at their request by the Iranian Bank branches located in Iran’s international airports. The cards are accepted by all hotels, restaurants, and shops equipped with POS sets.
According to Iran’s Regulation, any foreigner/tourist who has cash of a total value of 10,000 euros or more that they are carrying with them has to declare the amount of the foreign currencies to the Iranian customs authorities.