Currency and Money Exchanging in Iran
Heading to Iran, you will face many questions about Currency and Money Exchanging in Iran. Since money is everyone’s basic need, it is necessary to get all the information needed for having a smooth journey.
What is Iran’s Currency?
The official currency of Iran is Rial (IRR); however, Iranians use Toman for quoting different products in their communications. Each Toman is equal to 10 Rials; therefore if you are going to buy something that has 50,000 Rial written on it, the seller tells you to pay 5000 Toman. Understanding the currency is tricky even for Iranians, but an easy way to help you deal with it is to omit one zero from numbers on the banknote which is written in Rial and read it in Toman.
What Are Common Banknotes in Iran?
Knowing the most common banknotes in Iran helps you to not get confused while you are spending time in Iran. Common banknotes that people use in their daily transactions are:
5000R or 500T
10,000R or 1000T
20,000R or 2000T
50,000R or 5000T
100,000R or 10,000T
There are 500,000R or 50,000T and 1,000,000R or 100,000T Iran’s cheque to make money transactions easier.
Besides these Banknotes, Iranians use coins as well. The most common ones are:
5000R or 500T
2000R or 200T
1000R or 100T
Exchange Rate in Iran
Due to the sanctions and the embargo on Iran, the value of Iran’s currency has been variable. The exchange rates can change most of the time, rapidly. Therefore, the best way to avoid problems while exchanging your money is to do it when you arrived in this beautiful country.
Exchanging Money in Iran
You can exchange the currency of different countries in Iran, but the most popular currencies are US Dollars and Great Britain Pounds.
There are several ways to exchange your money traveling to Iran. You can go to the banks and exchange your money with the government official fee. There are branches of two of Iran’s banks which are Saman and Melli in Imam Khomeini International Airport as well.
Arriving at Imam Khomeini International Airport, you can exchange your money to Rial on the way out of the airport at an exchange cabin. It is better not to exchange all of your money there, just enough for taking a taxi and booking a hotel room.
You can find a better price by exchanging your money at the exchange offices, locally known as Sarrafi which are certified by the government.
What Is the Difference Between the Official Exchange Rate and Free Market?
The Sarrafi’s rate is determined based on supplies and demands. The free market exchange rate is higher than the official. Due to the economic situation of Iran, this difference helps the government to keep the balance and have enough foreign currency. The government uses the official rate for importation of essential goods, such as drugs and education loans, whereas the free market rate is used for the importation of luxury goods or tourism.
By exchanging money at a Sarrafi with a free market exchange rate, you’ll get more Rials for your Penny, which basically means you can receive more money than what you get from the banks.
How Much Money Can You Exchange in Iran?
There are no limits to the amount of money you can exchange; however, it is better not to exchange all of your money at once. The value of Rial is much lower than Dollars; hence, you will get a considerable amount of money which cannot be carried safely.
Where to Find Exchange Offices in Different Cities of Iran?
Exchanging money to Rials is possible in different parts of Iran. If you are in Tehran, you can go to Ferdowsi square to find the stores. In Shiraz, most of the exchange stores are located in Zand street. Also, you can find some other Sarrafi in Maliabad Boulevard as well. You can go to these stores in Sepah street located near Naghsh-e Jahan Square of Isfahan. In Yazd, the exchange stores are available in Imam Khomeini Street, near the fire temple.
Note: Be careful about dealers in these locations. They may offer you a higher fee, but they are not legal and can trick you by giving you less money than you should get.
Also, these locations are perfect places for robbers to steal your money, so bring enough cash, and not all your money to these places.
Is It Possible to Use Credit Cards in Iran?
Unfortunately, because of the sanctions, you cannot use Master cards or other international debit cards in Iran.
Running out of cash is stressful and carrying it is dangerous as well since you have to be careful about it not being stolen or lost throughout the whole journey. Also, when you are not entirely comfortable with Iran’s currency, dealing with cash for shopping when most of the services have electronic payment options could be exhausting.
To help you have no worries about money issues in Iran, you can purchase a DaricPay tourist debit card for your trip.
What is DaricPay Tourist Debit Card?
Since international credit cards are not accepted in Iran, DaricPay debit cards are made for tourists during their journey to Iran in order to make them feel as comfortable as using the electronic payment system in their own countries.
The process of purchasing this debit card is easy. You can apply online for your debit card and receive the moment you arrive at Imam Khomeini Airport in DaricPay’s counter there which is available 24/7.
Delivering the card to your hotel room or any place you stay is another option. It does not matter which city of Iran you are spending time in; you can have your Daric card there. By paying a little bit extra, it is also possible to get your card at your residence in your home country, which is available for most countries around the world.
First, you need to activate your account at the branches of the issuer bank by showing your passport. You can have access to Tejarat bank’s branch which is the issuer bank for DaricPay at the Imam Khomeini Airport as well.
You can only use your Daric card for tourism-related services such as booking your hotel room or buying your tickets. However, you can use POS machines and withdraw cash from ATMs all over the country.
By installing the DaricPay application on your smartphone, you can have access to your account information and check your account balance as well.
Your money is safe in your DaricPay account, and when the trip ends, your leftover money can be transferred to you online or by cash.
What Happens if You lose your Daric Card?
If you lose your debit card or someone steals it from you, you can block your account from the application on your phone and go to the branches of Tejarat bank and register for another DaricPay card.
The Daric card’s support team is available 24/7 to help you with any problems.