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The official currency in Iran is called Iranian Rial which is also known as IRR. Nowadays, due to high inflation one Riyal is worth so little that no fraction of it is really used. When talking about money in Iran you hear the term “Toman” as well. Toman is an old term but is no longer an official currency, but locals still use it on daily payments and it refers to the amount of ten Rials.

As it is common to see prices said or written either in Rial or Toman, sometimes you may need to ask whether it is in Toman or Rial. For little amounts as taxi fare or groceries, it is common to say prices in Toman, but for example in department stores Rial is mostly used.

Iranian drop one zero to change the rate from Rial to Toman. A Toman is ten times a Rial, so 2,000 Tomans is 20,000 Rials, when you are asked to pay two thousand Toman, you should add one zero, and pay by twenty-thousand-Rial paper money.

Common Banknotes in Iran are 10,000 Rials (1000 Toman), 20,000 Rials (2000 Toman), 50,000 Rials (5000 Toman), 100,000 Rials (10.000 Toman), 500,000 Rials (50.000 Toman), 1.000.000 Rials (100.000 Toman). The few coins in use include 1.000, 2.000 and 5.000 Rials.

Due to the sanctions against Iran, people do not have access to the international banking system; this means, you won’t be able to use your master or visa cards. So you should bring enough cash to cover you for the whole of your trip either in US Dollars/ Euros or have it exchanged to Rial. Good news is that in some hotels, restaurants or even shops you can pay in Euro and Dollar.

Some banks in Iran issue Tourist Debit Cards without opening an account and can be recharged by different currencies such as EURO, USD and AED. However, if you open an account, you will be able to change any amount and have it in your account in Rials. You can get your Card at the Airport on arrival or go to the banks. Banks are opened from 8:00 to 16:00 from Saturday to Wednesday and 08:00 to 13:00 on Thursday. Friday is the public holiday.

Where to Exchange Money in Iran?

Exchange stores are easily accessible in all big cities, they are called “Sarrafi” and have signs, inside there are monitors or boards that show the current exchange rate. You don’t have to exchange your money before your travel, in addition to the official currency exchange shops, almost all airports and hotels will do currency transaction. At the end of your trip you can exchange your leftover Iranian money to Euro, Dollar or other currencies.

Use XE.com and its Free App to have the online exchange calculation system relying the amount of your money. It is known for good customer support and a great online platform. XE.com has also a very useful travel expenses calculator.

Iran Currency