The official Iranian currency is the Iranian rial, exchanging at approximately 280000 rials to the U.S. dollar and 350000 rials to the British pound in October 2021. Apart from the many zeros involved in any transaction, foreign visitors need to be aware that prices are always quoted in rials when written, but are quoted in tumans in speech. One tuman is equal to ten rials. The tuman unit has no official standing, but has the obvious practical use of getting rid of one zero. (In early 2009 an Iranian MP proposed an overhaul of the monetary system that would do away with the numerous zeros, but nothing came of it.)
Banknotes are used a lot, both because the use of credit cards is still limited and because coins are only minted for very small values (250, 500, and 1,000 rials). Paper money comes in denominations of 10,000, 20,000, and recently 50,000 rials, which are too small for substantial purchases, but I am told that not minting higher denomination bills helps keep a check on inflation. In recent years a useful innovation has been adopted which does away with the need to carry bags of money when going shopping. It is called chek-pul (check money) and works like a traveler’s check but doesn’t have a name written on it, so it functions as a large denomination bill. The most common denominations of chek-puls are 500,000 and 1,000,000 rials, but even higher ones are used in large transactions. They can be bought from any bank and, after the streamlining of the financial system in 2008, they are accepted everywhere.
At present, Iranian currency can only be bought in some Middle East countries, so if you are coming from anywhere else, you will need to buy rials after you arrive. There is a currency exchange office at the new Imam Khomeini International Airport in Tehran as well as several more in the center of Tehran and other big cities. A network of currency exchange offices operate in Tehran and in major cities under the licence of Iranian National Bank. Many banks also offer foreign exchange facilities, but not in all branches. Your host and hotel staff should be able to advise you further.
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