Iran Travel: Banking & Money in Iran
It is recommended you bring US dollar notes (in good condition and printed after 1996) for any travel to Iran or alternatively Euros also in good condition and in higher denominations. UK Pounds are more difficult to exchange.
Banks and moneychangers favor US dollar 100 and 100 Euro notes.
International credit and debit cards cannot be used in Iran since the US trade embargo on the country. Visitors cannot draw cash on credit or bank cards (such as Cirrus or Maestro). Iran does have a network of ATMs but these are for use with locally-issued bank cards such as the Haj Card or Melli Card issued by Bank Melli.
Banks
Banks that will be able to perform currency exchange include Bank Melli (BMI). Bank Melli can exchange foreign currency up to 2000 USD or it's equivalent on other major currencies for each passport holder and each companion of the passport holder or up to 2000 Euro for the same purpose per transaction.
Other banks where you might be able to exchange foreign currency include: Bank Mellat, Bank Saderat, Bank Sepah and Bank Tejarat. Look out for an English-language sign.
Visitors may consider purchasing Iranian traveler's cheques with their rials while in Iran as they are lighter than carrying cash and can be exchanged at any bank.
Mah Card
Mah Card is an Iranian prepaid debit card designed for tourists and temporary visitors. You can instantly add funds to your card, in your preferred currency and convert it to Iranian Rial (IRR).
Use your MahCard everywhere Shetab Cards are accepted - at hotels, restaurants, grocery stores, entertainment venues, ATMs and more.
Shetab is the Iranian electronic payment system.
Money Changers
Changing your money at money changers is quicker than using banks and involves less paperwork. Look out for English-language signs saying "Exchange" or "Currency". Changing money on the street is not particularly recommended.
Transferring Money To Iran
If for some reason you run out of money in Iran (robbery, loss etc), you will need to seek out a central branch of Bank Melli with your passport and arrange for a friend back home to make a transfer to that branch of Bank Melli using its Swift code, your full name and passport details. Bank Melli has branches in London, Hong Kong, Paris, Moscow, Dubai, Hamburg, Baghdad, Muscat, Baku, Abu Dhabi, Fujairah, Ras-Al-Khaimah and Sharjah and a number of foreign banks have affiliated agreements with it in such places as Kabul and Bahrain. Many European, Indian and Japanese banks provide service to Iranian banks including Bank Melli.
The rial (IRR) is the currency of Iran. The rial is sub-divided into100 dinar though this is not used in official accounting or international transactions due to the very low value of the dinar.
The toman (ten rial) is often used to express amounts of money and prices of goods in Iran. Thus 1,000 toman is 10,000 rial and 1 million toman is 10 million rial.
Since 2002 the rial has become fully exchangable with other international currencies.
Rial banknotes are issued by the Central Bank of Iran and come in denominations of 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000 and the 100,000 rial note, which are too small for substantial purchases.
In recent years a useful method also has been adopted which does away with the need to carry bags of money when going shopping. It is called chek-pul (check money) and works like a traveler's check but doesn't have a name written on it, so it functions as a large denomination bill.
The most common denominations ofchek-puls are 500000 and 1000000 rials, but even higher ones are used in large transactions.
For more information on Iranian money see surfiran.com/iranian-currency-and-exchange/
Coins come in denominations of 1, 5, 10, 50, 100, 250, 500, 1000, 2,000 and 5,000 rials. However lower denominations of rials are no longer minted and are worthless.
To the Rial
Currency data courtesy coinmill.com
To speed up the process (though at extra cost) you may consider using the services of a visa agency.
From the Rial
Currency data courtesy coinmill.com
Foreign embassies and consulates in Iran