Monday, September 1st 2014

Where & how to exchange money in Iran

I already mentioned in my previous post that Iranian Rial has several exchange rates and that official is almost half of the so called grey market rate. Besides currently Iranian Rial is going through serious inflation and rates against other currencies are changing rapidly.

Due to some mistakes made by us i have decided to share tips on how and where to exchange currency (in places we have visited).

Iranian Rials

Besides the Iranian Rial is going through a sharp hyperinflation. During last two weeks the USD went from 25 000 to 36 000 (as of 16.10.2012).

Currency rates for 16 October 2012 in Shiraz:

  • USD = 36 2000 Rials
  • EUR = 45 000 Rials
  • GBP = 54 000 Rials

UPDATE: rates for 17 October 2012 in Shiraz:

  • USD = 37 2000 Rials
  • EUR = 48 000 Rials
  • GBP = 55 500 Rials

UPDATE: rates for 20 October 2012 in Isfahan:

  • USD = 34 2000 Rials
  • EUR = 
  • GBP = 50 000 Rials – 55 000 Rials
NOTE: People (in Isfahan) told us that rates are usually lower on Saturdays & Sundays. We plan to check this on Monday and update the info.


Some tips how to exchange:
  • Always ask around from several people and exchange points for rates to choose the best one as they will give you different
  • If you get 500 000 bills it is better to check them for banknote protection signs. Every exchange office has ultraviolet light machine
  • If you exchange in a street, you may be asked to pay commission, insist on the full amount (i always refused to do so, and got the rate that was offered)
  • Don’t exchange too much, as the rate is changing very fast
  • If you go to smaller towns or villages, make sure you have enough money as you may have difficulties to find an exchange office or people to exchange, plus you will get lower rates
  • Note that other exchange office than mentioned below (like jewelry shops, etc) usually have lower rates

 

 Where to exchange

In Tehran you need to go to Ferdowsi street. Don’t go to Ferdowsi square – people there offer lower rates and tend to cheat. Go to Ferdowsi – Jomhouri crossroad and walk in the direction of the Jewelry museum.


View Tehran, currency exchange in a larger map

 

In Tabriz you need to go to the Northern top of Ferdosi street, cross Bazar street to Shahid madani. There in the streets people will offer you exchange. The place was recommended by the Tourist Information office.


View Tabriz, currency exchange in a larger map

 

In Yazd the best rates are offered by the exchange office right across from the Zoroastrian Fire temple. You can easily go there by taxi for 15 000 Rials/ one way.


View Yazd, currency exchange in a larger map

 

In Shiraz the exchange offices are located not far from Shohada sq, and Kamir khan castle.


View Shiraz, currency exchange in a larger map

 

In Isfahan there are two areas with exchange offices: Hakim Nezami, in Jolfa, the Armenian quarter, and Sepah street, right next to the Emam square. The latter (closer to Emam sq.) seems to have better rates besides being right in the center.

Note that they display rates lower than actually they exchange. So ask for rates.


View Isfahan, exchange points in a larger map

If you know good places to exchange money in other cities of Iran please share.

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11 Comments on “Where & how to exchange money in Iran”

  1. thanks for this post, i will use the tips :)

    1. You are welcome, William. Happy it is useful. let me know if you have any other question regarding travelling in Iran.

  2. Feels like the good old times in free Ukraine again? :D

    1. Good old days ;-))) That is why i easily exchange in the street unlike many foreigners. I had my training in Ukraine hence not afraid.

  3. This information is super helpful! I will be traveling Iran this month and this was the biggest piece of outstanding info I was hoping to learn more about before.
    Cheers!

    1. Hi Trevor, happy it is useful. We have compiled some info about traveling in Iran. Check here – http://www.travelphotoreport.com/2012/11/05/travel-report-first-time-visitor-guide-iran/.
      Let us know if you any other questions.

  4. [...] Of course, the situation will keep changing but many things will be the same or similar. Read the full story. [...]

  5. When staying in Mashad in August, 2007, the changers area was around the Central Melli Bank on Emam Khomeini Street. Probably still there, except if the Central Melli Bank moved.

    Fabrice

    1. Thank you, Fabrice.

  6. Hi:
    Do you know where can i get the rates for 2011 and 2012?
    By the way, quite useful your information. I usually exchange in Tehran in Ashena Exchange quite close to the place you mentioned.
    I hope you can help.
    Regards

    1. Thank you, Rod. unfortunately i don’t have past rates.

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