Money

Money, Cost and Expense

Whether you’re an all-the-frills luxury traveler or a backpacker traveling to Iran on a budget, you need to plan ahead with respect to the handling of the monetary units. In spite of the fact that Iran is one of the least expensive countries in the Middle East for travelers, the instability of exchange rates and an isolated banking system has made a few difficulties and inquiries concerning how to arrange and what to convey before coming to Iran.

Currency, Rials or Tomans?

Iranian money, Rials or Tomans? More often, this is the thing that confuses almost every traveler in Iran. In fact, there are two common currencies in Iran. The official currency is Iranian Rial (Rls or ریال) and the currency people use informally, is Tomans, however, Iran is going to switch its national currency back to Toman. Essentially, each Toman is equal to 10 Rials. So, 1000 Tomans equals to 10,000 Rials.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iranians use Rials in coins, banknotes, official arrangements and use Tomans more commonly and informally. Rial is the printed currency but Toman is much more practical to use in daily life. In this way, when you need to purchase something at a store, pay for taxi and shopping, you are confronting Tomans, not Rials.

When a taxi driver says the price for arriving somewhere is 1000, he means Tomans, which implies that you’ll be paying using a 10,000 Rial note. Since we have too many zeros in our bank notes (Check out Iran banknotes below), sometimes people even don’t bother to say 5000 or 10,000 Tomans and prefer to say 5 or 10 Tomans! For this reason, the government is pondering to change the currency to make purchases more practical. You’ll also quickly figure out the prices of items and the currency value you are being quoted. Thus, whenever you are paying something you can ask them and check it again to check whether it’s the right cost.