Banks and Money in Iran

For many people around the world understanding financial terms and the banking system is difficult. It becomes more complicated when you are in a new country. For example: bank and money in Iran! It is why we are here to help you. In this part, you will learn expressions that can help you with anything related to money. But before going to the expression part you’d better learn the numbers in Farsi, and READ THESE IMPORTANT NOTES below:
Iran’s Currency
The first thing to learn is Iran’s currency. You’d better work on your math before coming to Iran because you will need to count many zeros. In Iran, the official currency is the Iranian Rial. The exchange rate when the text was written, January 2022, was 310,000 Rial per Euro. However, in daily conversations and shopping contexts, we usually use Toman instead of Rial. Toman has one zero less than Rial. So, 1 Euro is 31,000 Tomans. To add to the complication, it should be said that we also omit thousand in our conversations. Therefore, when a taxi driver tells you that the taxi fare is “dah toman”, ten Tomans, he means ten thousand tomans which means a hundred thousand Rials. But do not let the zeros frighten you. This money is less than 30 cents. You get familiar with Iranian banknotes by the photos provided below:
Side A | Side B | Rial | Toman | Toman (short) |
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1,000,000 | 100,000 | 100 |
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1,000,000 | 100,000 | 100 |
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5,000,000 | 50,000 | 50 |
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5,000,000 | 50,000 | 50 |
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5,000,000 | 50,000 | 50 |
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100,000 | 10,000 | 10 |
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100,000 | 10,000 | 10 |
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50,000 | 5,000 | 5 |
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50,000 | 5,000 | 5 |
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20,000 | 2,000 | 2 |
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20,000 | 2,000 | 2 |
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20,000 | 2,000 | 2 |
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10,000 | 1,000 | 1 |
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10,000 | 1,000 | 1 |
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5,000 | 500 | 0.5 |
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5,000 | 500 | 0.5 |
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5,000 | 500 | 0.5 |
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2,000 | 200 | 0.2 |
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1,000 | 100 | 0.1 |
Exchanging in Iran
Before exchanging money in Iran, check the rate on an accurate Iranian website. Because the rate you may find by google search is the central bank’s converting rate which is 8 times less than the free market rate. You can check the daily rate at https://english.tgju.org/. Moreover, you can compare the converting rate in different bureaus to find the best price because sometimes the rates vary up to 15 percent.
International Cards in Iran
Another important thing you should know before coming to Iran is that you cannot use international debit cards in Iran. Moreover, if you have a short stay in Iran as a tourist, you cannot open an account. To avoid carrying cash, you can buy gift cards. It is not possible to transfer money or withdraw cash with these cards but in most of the stores, even the small ones, there are pose machines.
Having a Bank Account in Iran
As a foreigner who works and has residency in Iran, you can open an account in different Iranian banks. If you keep a lot of money in your Iranian account, check the bank interest and the type of accounts they have, before opening your account. The only bank which can help you to open a foreign currency account in Iran is Middle East Bank. However, the process of bringing money to Iran is complicated and laborious, due to the sanctions.
To open an account, you may need your passport, working certificate, proof of your permanent address, and confirmation from the ministry of foreign affairs.
Bank Vocabulary in Farsi
English | Pronunciation | Farsi | |
---|---|---|---|
bank | bânk | بانک | |
banking | omur-e bânki | اُمورِ بانکی | |
account | hesâb | حِساب | |
current account checking account | hesâb-e jâri | حِسابِ جاری | |
saving account | hesâb-e pas andâz | حِسابِ پَس اَنداز | |
foreign currency account | hesâb-e arzi | حِسابِ اَرزی | |
account number | šomâre(h) ye hesâb | شُماره یِ حِساب | |
debit card | kârt-e bânki | کارتِ بانکی | |
credit card | kârt-e e’tebâri | کارتِ اِعتباری | |
gift card | kârt-e hadiye(h) | کارتِ هَدیه | |
net banking | internet bânk | اینتِرنِت بانک | |
mobile banking | mobâyl bânk | مُوبایل بانک | |
user name | nâm-e kârbari | نامِ کاربَری | |
password / PIN | ramz-e vorud | رَمزِ وُرود | |
bank statement | gardeš-e hesâb | گَردِشِ حِساب | |
balance | mojudi | مُوجودی | |
checking the balance | daryâft-e mojoudi | دَریافتِ مُوجودی | |
form | form | فُرم | |
id card | kart-e šenâsâyi | کارتِ شِناسایی | |
cheque | ček | چِک | |
cheque book | daftarče(h) ček | دَفتَرچه چِک | |
cash | pul-e naqd | پولِ نَقد | |
credit | e’tebâr | اِعتبار | |
depositing cash | vâriz-e pul | واریزِ پول | |
withdrawing cash | bardâšt-e pul | بَرداشتِ پول | |
money transferring | enteqâl-e pul | اِنتِقالِ پول | |
ATM | ‘âber bânk | عابِربانک | |
bill | qabz | قَبض | |
loan | vâm-e bânki | وامِ بانکی | |
interest | sud-e bânki | سودِ بانکی | |
investment | sarmâye(h) gozâri | سَرمایه گُذاری | |
guarantor | zâmen | ضامِن |
Exchange Vocabulary in Farsi
English | Pronunciation | Farsi | |
---|---|---|---|
exchange bureau | sarrafi | صَرّافی | |
foreign currency | arz | اَرز | |
exchange rate | nerx-e arz | نِرخِ اَرز | |
exchange | tabdil-e arz | تَبدیلِ اَرز |
Farsi Verbs
English | Pronunciation | Farsi | |
---|---|---|---|
to sign | emzâ kardan | اِمضا کَردَن | |
to fill in the form | form por kardan | فُرم پُر کَردَن | |
to open an account | hesâb râ bâz kardan | حِساب را باز کَردَن | |
to close an account | hesâb râ bastan | حِساب را بَستَن | |
to invest | sarmâye(h) gozâri kardan | سَرمایه گُذاری کَردن | |
to transfer money | pul enteqâl dâdan | پول اِنتِقال دادَن | |
to pay the bills | qabz râ pardâxt kardan | قَبض را پَرداخت کَردن | |
cash a cheque | ček râ naqd kardan | چِک را نَقد کَردَن | |
to buy a gift card | kârt-e hadiye(h) xaridan | کارتِ هَدیه خَریدَن | |
to be blocked | masdud šodan | مَسدود شُدَن |
In an Exchange Bureau
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OR:
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In The Bank
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