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Money Tips for Iran
Nov. 3rd, 2019 10:12 pmOr: Why Iranian money is the most confusing currency I've ever had to deal with.
So, say you want to visit Iran. Due to the current sanctions imposed on Iran, you can't use your credit card or bank card, nor can you withdraw any cash from a foreign bank account. You'll need to bring all the physical cash you plan to spend with you, and won't have any real opportunity to get any more.
You'll want to bring Euros or US dollars – but, unlike some other countries in the region, stores aren't going to accept them, so once you arrive, you'll need to exchange them for local currency. The Iranian currency is the Rial... sort of. The 'official' exchange rate you'll get in banks is about 50,000 Rial to the Euro – but the real exchange rate is very different. If you go to a dedicated exchange shop, you can easily get an exchange rate closer to 130,000 Rial to the Euro – and the Rial's likely to keep dropping in value, even if the government refuses to acknowledge that in the official exchange rate.
Confused yet? Well, we've only just begun! You see, in practice, Iranians don't use the Rial – they use the 'Toman', which is equal to ten Rials. The thing is... the Toman hasn't officially existed since the 1920s. So all your bank notes will be in Rials, but all the prices on things will be in Toman. Oh, and of course, with the Rial worth so little, listed prices will drop the last few zeroes. So, you see something for sale, and the seller will say '10'. Which actually means '10,000' Toman. Which is 100,000 Rial, which is what you actually pay with!
Unless they decide because you're a tourist and decide to 'help' by quoting you the price in Rial just as you've started to get used to the Tomen system. On the plus side, Iranian shopkeepers are among the most honest people I've encountered, and won't take advantage of you if you get confused and think something is ten times the price it actually is. One time we stopped off in a cafe to buy drinks and spent about 450,000 Rial - we gave the owner a 500,000 note and told him to keep the change. He apparently didn't hear us, and chased us halfway down the street after we left to give us the change!
As you might have guessed, due to the current economic situation, Iran is currently very cheap. A decent meal for two people will rarely be much more than ten euros, and entrance to national parks, monuments, or the like, is generally about two euro or less. Still, it never hurts to bring extra cash, given that, as I said, you won't be able to get any more.
Due to the declining value of the Rial, the Iranian government is discussing bringing back the Toman as a real currency. Until then, expect to be very confused whenever you want to buy something...
So, say you want to visit Iran. Due to the current sanctions imposed on Iran, you can't use your credit card or bank card, nor can you withdraw any cash from a foreign bank account. You'll need to bring all the physical cash you plan to spend with you, and won't have any real opportunity to get any more.
You'll want to bring Euros or US dollars – but, unlike some other countries in the region, stores aren't going to accept them, so once you arrive, you'll need to exchange them for local currency. The Iranian currency is the Rial... sort of. The 'official' exchange rate you'll get in banks is about 50,000 Rial to the Euro – but the real exchange rate is very different. If you go to a dedicated exchange shop, you can easily get an exchange rate closer to 130,000 Rial to the Euro – and the Rial's likely to keep dropping in value, even if the government refuses to acknowledge that in the official exchange rate.
Confused yet? Well, we've only just begun! You see, in practice, Iranians don't use the Rial – they use the 'Toman', which is equal to ten Rials. The thing is... the Toman hasn't officially existed since the 1920s. So all your bank notes will be in Rials, but all the prices on things will be in Toman. Oh, and of course, with the Rial worth so little, listed prices will drop the last few zeroes. So, you see something for sale, and the seller will say '10'. Which actually means '10,000' Toman. Which is 100,000 Rial, which is what you actually pay with!
Unless they decide because you're a tourist and decide to 'help' by quoting you the price in Rial just as you've started to get used to the Tomen system. On the plus side, Iranian shopkeepers are among the most honest people I've encountered, and won't take advantage of you if you get confused and think something is ten times the price it actually is. One time we stopped off in a cafe to buy drinks and spent about 450,000 Rial - we gave the owner a 500,000 note and told him to keep the change. He apparently didn't hear us, and chased us halfway down the street after we left to give us the change!
As you might have guessed, due to the current economic situation, Iran is currently very cheap. A decent meal for two people will rarely be much more than ten euros, and entrance to national parks, monuments, or the like, is generally about two euro or less. Still, it never hurts to bring extra cash, given that, as I said, you won't be able to get any more.
Due to the declining value of the Rial, the Iranian government is discussing bringing back the Toman as a real currency. Until then, expect to be very confused whenever you want to buy something...