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.
Iran dropped 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 for the whole of your trip either in US Dollars/ Euros or have
it exchanged to Rial. The good news is that in some hotels, restaurants or even
shops you can pay in Euro and Dollars.
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 open from 8:00 to
16:00 from Saturday to Wednesday and 08:00 to 13:00 on Thursday. Friday is a
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 transactions. At the end of your trip you
can exchange your leftover Iranian money to Euro, Dollars or other currencies.
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.
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