A practical currency and money guide to travel, living and doing business in Iran and the Iranian rial (IRR).
What's in this Iran currency guide:
The official currency of Iran (country code: IR) is the Iranian rial, with symbol ﷼ and currency code IRR.
If you're drawn to places where echoes of ancient civilisations resonate down through the ages, Iran could be your thing. Some of history's biggest names – Cyrus and Darius, Alexander the Great, Genghis Khan – all left their mark here and the cities they conquered or over which they ruled are among the finest in a region rich with such storied ruins. Walking around the awesome power and beauty of Persepolis, experiencing the remote power of Susa (Shush), and taking in the wonderfully immense Elamite ziggurat at Choqa Zanbil will carry you all the way back to the glory days of Ancient Persia.
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 ($US 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 Air is the largest among a growing roster of domestic airlines and boasts an extensive network of flights, covering most provincial capitals. Domestic prices are set by the government, so it doesn’t matter which airline you fly, the price will be the same. For tickets it’s best to use one of the many travel agencies, where you’ll get all the options, rather than an airline office.
In Iran, if you can’t get somewhere by bus (or minibus), the chances are no one wants to go there. More than 20 bus companies offer thousands of services on buses that are cheap, comfortable and frequent. The quality of bus drivers does vary, but the government does its best to minimise ‘insh’Allah’ (God willing) attitudes by aggressively enforcing speed limits. Speeds are recorded and drivers must stop and show this log to highway police every 100km or so. Fares are set by the government so variations are small. Except on very short trips, standing is not allowed.
You can buy tickets up to a week in advance from bus company ticket offices in town or at the terminal. Between major cities, such as Esfahan and Tehran, buses leave at least every hour between about 6am and midnight. In medium-sized towns, such as Hamadan and Kerman, buses to nearer locations leave every hour or so, but longer trips (and any cross-desert trip) will often be overnight. In smaller places, where there may be only one or two buses a day to your destination, it is essential to book ahead.
Travel insurance is a requirement in order to obtain your visa for Iran. Without proof of its purchase and printed documentation of it, you cannot pick up your visa from the embassy or secure your visa on arrival at the airport. Unfortunately, Israeli citizens cannot enter Iran at all. This is unlikely to change anytime in the near future. Similarly, having an Israeli stamp in any other passport will see you turned away or put on the next flight out. And it's not just Israeli stamps – they check carefully for exit stamps out of Jordan or Egypt at border points that imply that you must have entered Israel.
Iran is a treasure house for some of the most beautiful architecture on the planet. Seemingly at every turn, Islam's historical commitment to aesthetic beauty and exquisite architecture reigns supreme.
Iran's greatest attraction could just be its people. The Iranians, a nation made up of numerous ethnic groups and influenced over thousands of years by Greek, Arab, Turkic and Mongol occupiers, are endlessly welcoming. Offers to sit down for tea will be an everyday occurrence, and if you spend any time at all with Iranians, you'll often find yourself invited to share a meal in someone's home.
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Iran.
The cost of living in Iran is relatively low. Expenses such as food, transportation, and housing are relatively affordable when compared to other countries in the region.
There are a number of challenges that come with living as an expat in Iran. The first is the language barrier, as Persian is the predominant language spoken in Iran. This can be mitigated by learning some basics before coming, or by hiring a translator. Additionally, Iran is a Muslim country, so expats should be respectful of local customs and traditions. There can also be a lot of bureaucratic red tape to deal with, so it's important to be patient and have a good sense of humor. Finally, it's important to be aware of the political situation in Iran, as it can be volatile.
-There are a few things that foreigners should be aware of when travelling to Iran. The first is that it is illegal to take pictures of military and government buildings. The second is that it is illegal to bring in any alcohol or drugs. The third is that it is important to dress modestly, as Iran is a conservative country.
The business climate in Iran is often described as being risky, unpredictable, and challenging. Iran ranks poorly on most global indices measuring business conditions and ranks near the bottom of the World Bank's "ease of doing business" rankings. Corruption is widespread, and the legal and regulatory environment is often opaque and subject to sudden change. Despite these challenges, some businesses have been successful in Iran, often by developing strong relationships with local partners and by learning to navigate the country's complex political and economic landscape.
The economy in Iran is slow but improving. The government is working on diversifying the economy and attracting foreign investment. The sanctions relief from the Iran nuclear deal is helping the economy by increasing trade and investment.
Here we list some key points for expats and businesses to consider when managing financial dealings in Iran:
Understand Iranian rial currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the IRR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Iranian rial bank account: A local IRR bank account can make it easier for you to manage your finances and pay bills while you are in Iran. It may also be more convenient to use a local IRR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Iran. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Iran. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Iran, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
The exchange rate of Iranian rial (IRR), or the amount of IRR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest USD/IRR rate plus recent trend, chart, and historic rates.
12 May 2023
|0.1% ▲||2 Week|
25 Feb 2023
|0.1% ▼||3 Month|
26 May 2022
|no change||1 Year|
27 May 2018
|0.5% ▲||5 Year|
28 May 2013
|243.8% ▲||10 Year|
31 May 2003
|460.4% ▲||20 Year|
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Iran or planning a trip or maybe living there, so will need to exchange and spend Iranian rial.
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It is important to note that the exchange rate of the Iranian rial can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect IRR exchange rates before making any financial decisions.