The first thing you need to know once you arrive in Iran and even before landing on airport is the currency. At the first glimpse, it seems complicated. You might have heard Rial as the Iranian official currency but you’ll hear Toman all the time during your trip. Why? How could you fix this problem? There is nothing to worry about. I’ll tell you the whole story about Iranian currency, how can you exchange it, how to avoid becoming a fraud victim and a lot more.
- 1 Before traveling: Make sure you have got enough cash!!!!
- 2 What’s Iranian currency?
- 3 Money and Costs in Iran
- 4 Where can you exchange the money?
- 5 what’s the exchange rate for euro and Dollar?
- 6 Is it Iran a cheap destination?
Before traveling: Make sure you have got enough cash!!!!
The huge problem of every travelers is that Iran isn’t connected to the international banking system. Due to the American sanctions, all international credit cards like Visa, Master … are useless. So, you need to bring cash to pay for public transportation, hotels, restaurants, …
Recently, one of the Iranian private banks called Ayandeh has offered a debit card for foreigners which could be an alternative to the international ones. To get informed more about, visit https://www.mahcard.com.
What’s Iranian currency?
The Official Iran currency is Rial (IRR); meaning that all notes are printed in Iranian Rial. But in daily life, we use Toman. Confusing? There’s nothing to get confused. Drop one zero and then you’ll have the price in Toman. Example: 10000 Rial (IRR)=1000 Toman.
Because of inflation, Rial’s value has been dropping in a way that you can’t almost buy anything with 10.000 Rial. So, it’s more easy to pronounce 1000 Toman instead of 10.000 Rial. that’ it.
Money and Costs in Iran
Where can you exchange the money?
It’s highly recommended to exchange your money. Although some hotels, restaurants, shops accept Euro or Dollar but as the exchange rate isn’t fixed-there is a huge difference between the official rate, 42000 IRR, and what’s exchanged in market- It’s better to exchange it from the first spot.
** It’s not suggested to exchange money in banks including the banks in the airport, as their rate is low and equal to the official rate (42000 IRR).
The best place to exchange is “Sarrafi” (exchange shops) in Ferdowsi Sq. in Tehran. The exchange rates are shown on monitors.
** Don’t trust salesmen of black market-you may face even in Ferdowsi Sq.- or those who are roaming in touristic areas or airports.
what’s the exchange rate for euro and Dollar?
As I said, unfortunately it’s not fixed. While I am writing this text (23 Apr 2020), in market, one dollar is about 150000-160000 IRR or 15000-16000 T but officially it’s equal to 4200T. Great difference!
After President trump’s decision to withdraw the nuclear deal between Iran and 5+1, Rial traded near record lows against the dollar in the free market (1 USD=near 20000T). The government’s attempt to control the market and in consequence the inflation was resulted in having two rates with a great difference. So, pay attention to the exchange rate offering you.
** Google exchange rate as well as lots of website will probably give you a wrong rate. Be careful.
Is it Iran a cheap destination?
I guess Yes. Because of the dramatic decline of Rial against Dollar and Euro, your travel to Iran would cost you far lower than 2015. A complete Iran visit with all inclusions and at least 7 nights stay is 1000-1500 USD.
At the end, I tried to go in detail to make it clear everything about Iranian currencies and the problem you might face during your trip. If you have any question, don’t hesitate to leave a comment. All questions are embraced:)