- Where to exchange money in Iran?
- What is the exchange rate in Iran?
- What is Iran’s currency?
Iran’s official currency is Rial with the currency code of IRR. All the banknotes and coins are published based on Rial but itis important to note people do the daily economic chores with Toman.
Toman is an unofficial currency which equals ten Rials. To avoid confusion just put your hand on the last zero of the banknote or coin and you will see the value of it in Toman.
Due to the US sanctions, Iran’s currency has faced a sharp devaluation in past few years. As a result, a system of the multi-tiered foreign exchange rate has formed, which can be even confusing for Iranians. Three different exchange rates in Iran are as follows:
- The official government rate
This rate formed by the government only for importing essential goods. The official government rate is always lower than the market rate.
2. NIMA rate
NIMA is an online currency system launched by the central bank of the Islamic Republic of Iran and is a market where exporters (mainly petrochemical exporters) can sell their foreign currencies.
3. The market rate
The open market rate is the most accurate rate and yet reliable one that reflects how much do you need to buy Rials.
In 2018, Iranian rial fell its lowest rate in 35 years and was devalued to quarter its previous value. This devaluation makes Iran a very cheap country to travel.
You may have heard about those mentioned exchange rates in Iran which can be confusing. As a tourist who has a plan to visit Iran, you need to be aware of the open market rate. Check for rates offered by independent currency authorities (mid-market rates):
Where to exchange your money? Are there any other options?
- Try finding shops that work with the free market rate (licensed exchange shops around the Ferdowsi sq. Tehran) and keep in mind to not change all the money you have at once for more security.
- Another way is by using Travel Debit Cards. With this card, you pay for the card and the money in it which is loaded based on the market rate. You could withdraw the rest in Euro.