Foreign Exchange Guide to Iran
In this guide we review :
- Iranian Rial info - general info about the Iranian Rial
- Travelling in Iran - currency & money saving tips
- Buying Iranian Rial cash online - travel money for Iran
- Sending money to Iran - save on Iranian Rial bank transfers to Iran
- Iranian Rial exchange rates - latest info & charts.
Iranian Rial (IRR) general currency information
Iran currency and money saving tips
The currency is Iranian Rials and when you are wandering out and shopping or eating (most places only accept Rials). Even common, major credit cards like Visa and MasterCard are not accepted in Iran, so bring cash. It is usually not possible to change travellers’ cheques. You should bring enough hard currency with you ( or Euros) so you can exchange a decent amount on arrival. It is illegal to change money on the street however money exchange shops are all over Iran so you will have no problem finding one. Take note however that you need to have bank notes in very good conditions without anything being written or stamped on them.
Iran also has another unit of currency which is Toman (a sub unit), 1 Toman is equivalent to 10 Rials. Thanks to the rapid inflation, Iranians often use Tomans and this is how they count money but it is always better to ask. I can be confusing at first but will become normal to you pretty fast. Just be sure to confirm which unit you are exchanging into first to avoid confusion.
Iran Trip Checklist
Travel money for Iran
Save money and time by Ordering your Iranian Rial online from Travelex, you get better rates and can pick up the IRR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Iranian Rial otherwise you may get much worst exchange rates.
Sending money to Iran
When sending money to Iran it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Iranian Rial amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted IRR amount will be transfered to the recipient account you specify in Iran.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Iranian Rial deposited into the recipient bank account in Iran and less margins and fees kept by the banks!