Currency Exchange in Iran: A Guide for Tourists

Publish Date: 2018-12-08

Iran is a wonderful country, widely known for its historical legacy and natural diversity. Many tourists around the world visit this vibrant country, but those who want to navigate its financial landscape may find it quite difficult. Unfortunately, foreigners who visit the country are not able to use international credit and debit cards because of international sanctions; thus, they are forced to use cash exchanges. But money exchange in Iran is not as simple as in other countries. This can be due to conversion limits and fluctuation rates.

Here, we’ll help you comfortably manage your finances while traveling through Iran. You must know the situation regarding currency exchange in Iran for tourists, the Iranian currency name and also where to buy Iranian rial currency.

Key Points:

National Currency: Iranian Rial (IRR)
Currency: Toman (1 Toman = 10 rials)
Currency Symbol: ﷼

Understanding Iranian Currency: Rial vs. Toman

You probably might ask yourself, “What’s the currency of Iran?” Well, let’s find out and truly understand it:

The Official Currency: Iranian Rial (IRR)

Iran has a national currency, just like any other country. The country’s official currency is the Iranian Rial (IRR). This currency is used for every official transaction and can be seen on coins and banknotes. The usual Rial denominations are 10,000, 50,000, 100,000, 500,000 and 1,000,000 Rials, with larger notes like 1,000,000 Rials being most practical because of the country’s hyperinflation.

Seeing smaller bills like 1,000 or 5,000 Rials in daily transactions is not that common, since inflation has lowered the currency’s worth. Just to give you an idea, a coffee could set you back around 500,000 Rials, which is about $1-2 USD based on the 2025 market rates. That means you’d need to pull out a bunch of those big notes.

The Unofficial, Everyday Currency: Toman

Although visitors might come to see that most locals toss around the term “Toman” when dealing with money. Toman isn’t a different currency; it’s just a way to make big numbers simpler—1 Toman is equal to 10 Rials. So, if something is priced at 10,000 Rials, locals will just say 1,000 Tomans. This can throw off tourists at first, so it’s a good idea to double-check if a price is in Rials or Tomans to keep things clear.

You should know that you will probably carry tons of Rial bills. That’s because inflation is high and the bills are big, so you’ll be dealing with a lot of cash on your trip.

Read also: Pack for Iran

The Dual Exchange Rate System in Iran

Iran has different exchange rates for its national currency. Travelers must keep that in mind before visiting the country so no misunderstandings arise. Let’s see the various Persian money exchange rate systems:

Official (Government) Rate

The government exchange rate in Iran is mainly for official transactions, like imports. It’s usually way lower and does not really apply to tourists when they’re exchanging money daily. So, if you are planning to visit the country and are concerned about this matter, you should put your mind at ease.

Market (Open/Free Market) Rate

The market rate or open/free market rate is what travelers need to use for most of their currency exchanges in Iran. The great thing is that this rate shows the real supply and demand of the country, giving you a lot more Rial currency for each unit of foreign currency.

Black Market

Travelers should avoid the black market for Iranian currency exchange. The chances of getting scammed, dealing with fake cash and running into legal issues are just not worth it.

Where to Exchange Money in Iran (Best Options for Tourists)

Foreign visitors may need to know where they can exchange money in Iran. Here are the places to exchange your money into Rials:

Licensed Exchange Offices (Sarafi)

If you are traveling to Iran, a currency exchange in Iran for tourists may be done by hitting up a licensed exchange office (Sarafi), which may be the best option for currency exchange in Iran for foreigners. Tourists can benefit from better rates and quicker services. Sarafis are also great due to their opening hours being longer than Iranian banks.

You may be wondering how to identify them. Well, it is rather simple. You only need to keep an eye out for official licenses (make sure the rates are easy to see) showing the صرافی (Sarafi) sign. Sarafis are commonly found in city centers, main bazaars and tourist areas in major cities such as Tehran, Shiraz, Yazd, Isfahan and Mashhad.

Airports

Iranian airports may seem convenient, but they usually don’t give the best rates. Airport exchange counters are super convenient for swapping a little cash when you land, which is great for hailing a taxi or dealing with immediate expenses. The prices you will discover there, however, aren’t as favorable as those at licensed Sarafis, as was previously noted.

Banks

Although banks offer services regarding currency exchange in Iran for tourists, it seems that this is not the greatest choice for travelers looking to convert money in Iran. This is because they frequently employ those subpar official exchange rates, the procedure takes longer and their hours are very limited.

Hotels

Exchanging cash at Iranian hotels usually isn’t the best choice and must be considered as a last resort. This is due to their rates not being great compared to Sarafis. Hotel exchanges are usually advised when the traveler is in an emergency or wants small amounts.

What to Avoid: Street Money Changers

We may have mentioned this earlier, but it is so important that we need to stress this matter for foreign travelers. Please stay away from street money changers since they are dubious and you run for risk of falling victim to fraud, receiving fake money and unintentionally taking part in unlawful actions. Just be sure you only use reliable exchange offices for a hassle-free and secure experience.

Read also: Persian Calendar & Holidays

What Foreign Currencies to Bring to Iran

The best currencies for currency exchange in Iran for tourists are US dollars (USD) and euros (EUR); Sarafi offices provide the greatest exchange rates. You can also swap other significant currencies such as Australian Dollars (AUD), British Pounds (GBP) and Canadian Dollars (CAD) in bigger cities, but the deals might not be as good.

Make sure to bring crisp, undamaged bills, especially in 50s and 100s, since old or marked bills can get rejected or valued lower. It’s a smart idea to bring enough cash for your trip, but to exchange it bit by bit instead of all at once.

This way, you can avoid losing money as the Rial slowly loses value and it’s safer than lugging around a ton of local cash. In the event of an emergency or anticipated opportunity to spend money, having a small reserve of foreign currency (about 20% of your total funds) might be helpful.

Essential Tips for Exchanging Money in Iran

Here are some essential tips about currency exchange in Iran for tourists:

Check Current Exchange Rates

Check out market rates in Iran on sites like Bonbast.com, which keeps an eye on daily prices (you might need a VPN because of Iran’s internet limits). Make sure to visit 2 to 3 Sarafis in the same neighborhood to compare rates, since it is pretty normal to see 5-10% differences. For example, if one Sarafi has $1 at 850,000 Rials, another one close to it might be giving $1 for 87,000 Rials.

Bring Cash, Cash and More Cash

Since international cards and ATMs can be tricky with foreign accounts due to sanctions, make sure you bring enough cash in USD or EUR for your whole trip.

Don’t Exchange All Your Money at Once

The Rial currency is dropping in value pretty quickly due to the country’s political and economic matters, so if you exchange a bunch of money all at once, you might experience a loss if rates get better later. It’s smarter to change just enough expenses for about 3 to 5 days and hold onto some USD or EUR for when you need to exchange again. Also, this can save you the trouble of lugging around a bunch of heavy Rials.

Ask for Higher Denomination Rials

When you are receiving Iranian Rials, try to get higher denomination bills, especially the 1,000,000 Rials ones. It will make carrying cash much easier and less bulky. Plus, when you are handling a lot of cash―more than most places―you will definitely want to think about keeping it safe with things like hotel safes, money belts and keeping your cash separated to avoid any hassle.

Always Get a Receipt

Remember, the quality of your foreign banknotes is very important —any micro tears or excessive folding could either mean you won’t be able to use your cash or it will be worth less. Receipts are important for many reasons—to remember exchange rates and to sort out mix-ups, among other things. So, passengers should be sure to obtain a receipt each time they buy something.

Alternatives to Carrying All Cash: Tourist Debit Cards

Tourist debit cards Standard tourist or Iran Tourist Card or Mah Card — load it first with Rials in Iran CVS with your US ATM/debit card. Simply put, you should avoid carrying a lot of cash when you’re out and about. These cards may be used for ATM cash withdrawals in large cities as well as retail establishments (for PoS transactions) such as stores, eateries and lodging facilities. You can take USD or EUR at a currency exchange or a specified branch and transfer it to Rials at good market rates.

The card can be utilized at businesses equipped with POS systems, which are widely available in major cities such as Tehran, Shiraz and Isfahan. For instance, you can pay for a meal costing 500,000 Rials directly with the card instead of having to handle cash.

Benefits

Here are the main benefits of using tourist debit cards:

Safety: It can greatly reduce the risk of theft.
Convenience: It can make payments super easy, so you do not have to experience the hassle of counting all those Rials.
Accessibility: These cards can be used in most Iranian cities, but not as much in the countryside.

Limitations

Here are the limitations of these debit cards:

Maximum Load: The maximum load is usually around $5,000, which is quite enough for most trips.
Validity: It is linked to your visa, which is 30-90 days, or can be used for up to a year.
Non-Reloadable Internationally: You can only add funds while you are staying in Iran.
Fees: There might be a small setup or transaction fee (1 to 3 percent), and the rates could be 5 to 10 percent lower than the best Sarafi rates.

Managing Your Money During Your Trip

In the last section of our guide, we will talk about some useful tips for managing your money during your stay in Iran:

Budgeting

Here is an estimate of daily costs while traveling in Iran:

You need to have $5 to $15 for budget meals (falafel and kebabs).
You need to have $5 to $20 to get around in buses or taxis.
You need to have $30 to $100 for mid-range accommodations or hotels.
You need to have $10 to $50 for tours or souvenirs like carpets.

If you are going to exchange Rials, try to do it for about a week to ten days, but keep in mind that rural spots might have fewer exchange offices. For a 2-week trip, you probably need a budget of around $500 on the lower end to about $2000 if you are going for something more leisurely.

Carrying Money Safely

Keep a money belt under your clothes for most of your Rials or other cash, and carry $10 to $20 in Rials in your wallets for small purchases. It is a good idea to split up your cash into different pouches, especially when you are in busy spots such as the old town in Yazd or the bazaar in Tehran or Isfahan.

Hotel Safes

Put any additional Rials or USD / EUR in the hotel safe. It’s common enough to have one in mid-to-top-range places to stay in Iran, and you can leave the big wad of extra cash there. Just be sure to make the safe, secure and know what you’ve kept in it lest that backfire on you later.

Paying for Larger Purchases

Most 4- and 5-star hotels and boutiques and tour shops in Iran typically take USD or EUR for significant expenses like multi-day tours ($200-500) or higher-end hotels ($100-300/night). Just be sure to assess their rates and compare with Sarafi rates fairly, and don’t be shy about negotiating and bargaining if the prices seem inflated.

Conclusion

Currency exchange in Iran for tourists may feel somewhat complicated, but in fact, it is not difficult at all when you know what to do. Learn Rial vs. Toman, definitely use licensed Sarafis for the best market rates, and carry a bit of clean, new USD or EUR for some better deals. They are also a good, safe option for tourist debit cards.

Also, watch your spending, stash your cash securely and be careful not to fall victim to scams in order to keep your money safe. With these guidelines, you’ll be able to relish in all the wonderful things Iran has for you without worrying about your budget, no matter if it’s the sacred spots of Mashhad or the beautiful deserts of Yazd. Get yourself organized, spend your money wisely and go visit this beautiful country of Iran!

FAQ about Iran currency money

What currency does Iran use?

Iranian Rial (IRR) is the official currency of Iran. However, people mainly use a Toman in their transactions. The Toman is not an individual currency but symbolizes 10 Rials. In the example above, an item priced at 50,000 Tomans is equivalent to 500,000 Rials.

Tourists should be warned that prices are often quoted in Tomans but paid in Rials. Therefore there are two systems at play.

Can I use my debit card in Iran?

Due to sanctions, most international payment systems are not available in Iran.

Does Iran use PayPal?

Due to US sanctions, PayPal does not operate in Iran.

Is the Dollar accepted in Iran?

The US dollar is widely accepted and can easily be exchanged throughout the country.

What currency should I bring to Iran?

It is recommended to bring Euro or USD to Iran. You can exchange other currencies in major cities like Tehran.

What is the difference between Toman and Rial?

Rial & Toman are both Iran currency names. The Toman is equivalent to 10 Rials but both are referring to the same type of banknotes.

What is the best currency to bring to Iran?

Euro & USD are the best currencies to bring to Iran.

How do cash machines work in Iran?

The cash machines in Iran function only with domestic debit or credit cards.

Where to find exchange offices in different cities of Iran?

Persian money exchange offices, known as “Sarrafi” are available in popular tourist areas, commercial districts, airports, hotels, and near major transportation hubs in Iran.

How to exchange money in Iran?

Exchange money in Iran can be done through official exchange offices or banks, however, banks offer very low rates.

Let us know your experiences of visiting or your questions about exchanging money in Iran in the comment box below, we will be happy to hear from you!