Money in Iran

Guide to Exchanging Money in Iran

Iran’s Central Bank fixes an artificially strong official rate, but a widely used black-market (informal) rate is much weaker (up to 2.5 times weaker). All international exchange rate portals only show the official exchange rate. Savvy travellers check the unofficial rate and use local money-exchanges to get more rial for their foreign currency. Expect to receive slightly less than the listed black-market rate — within ~5% is normal.

Quick Tips to Maximise your Exchange

• Bring new, crisp 100 USD (with security ribbon) or 100 EUR notes. These get the best rates, other currencies have a worse exchange rate.
• Know the current black-market rate and show it when negotiating.
• Use dealers (“sarafi”) in big cities — ask locals or check iOverlander for exchanges. Avoid small towns or, worse, borders. Don’t use banks for exchange.
• Shop around for small differences; rates are usually similar between exchangers.
• Consider exchanging with an Iranian friend — many locals want foreign currency.
• Avoid banks, hotels and jewellers — they often offer worse rates.
• Don’t change everything at once — IRR often depreciates, so stagger exchanges.
• Ask about bank transfers to Iranian cards — some dealers offer better rates if they can transfer to an Iranian card (e.g. Traveller Card) instead of giving cash.
• When exchanging, count carefully and only hand over money once satisfied.

Iranian Travel Bank Cards

Iran is a largely cash-free society. Bank cards are accepted virtually everywhere: from supermarkets to corner stores, luxury restaurants to the lady selling food on the street, everyone carries a card reader. There are no minimum transaction fees for paying by card. Even if you only want to pay a few cents, it is commonly paid by card.

While cash is generally accepted in many places, there are a few downsides to using cash in Iran, which are summarised briefly here:

• Forget about your change. Many vendors do not carry sufficient bills to give you the right change. It is usually you who will have to accept the loss.
• Cash not accepted. There are places where cash is not accepted, for example in bakeries or some government offices.
• Security. Your cash, especially when you carry big bundles of it, may attract unwanted attention and can get stolen. Money on your account remains safe as long as your PIN code remains secret.
• Money exchange. Money exchangers often do not carry around enough bills. A travel card is connected to an account and money can be transferred to it; it makes exchange much easier and sometimes you even get a better rate.
• Convenience. Using a card makes daily life a lot easier in Iran. Do it as the locals do and pay by card – and you can easily keep track of your expenses.

The following documents are required to get a card:

• Passport copy
• Address for delivery of the card (only takes a few days)
• Top-up amount (how much you wish to load onto your card)