Iranian Rial (ISO 4217 code IRR) is the currency of Iran. Rial is subdivided into 100 dinar but because of the very low current value of the Rial, no fraction of the Rial is used in accounting.
There is no official symbol for this currency but the Iranian standard ISIRI 820 defined a symbol for use on typewriters (mentioning that it is an invention of the standards committee itself) and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it.
Rial or Toman?
Although the official currency in Iran is Rial and all notes are printed in Iranian Rial, when talking money in Iran you may almost always hear the term “Toman” in daily life locals. The Toman is an old term and is no longer an official currency. Although the “Toman” is no longer an official unit of Iranian currency and there is no actual bank note in Toman, the Iranians commonly express amounts of money and prices of goods in “Tomans”. Despite this usage, amounts of money and prices of goods are virtually always written in Rials.
For this purpose, one “Toman” equals 10 Rials, so In order to get the price in Toman you can easily delete one zero of the amount and you have the price in Toman and vice versa. as an example if a taxi driver asks for 100.000 Tomans, by adding a zero you will know that the price is 1,000,000 Rials.
There is no official symbol for the currency but the Iranian standard ISIRI 820 defined a symbol for use on typewriters (mentioning that it is an invention of the standards committee itself) and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it.
Very recently a proposal has been agreed to by the Iranian parliament to drop four zeros, by replacing the Rial with a Toman, at the rate of one toman = 10,000 Rials. This important change is expected to take place in 2022.
Where to Exchange Money in Iran?
In all the big cities in Iran there are some official money exchange places known as “Sarrafi” where you can exchange without worrying about getting ripped off.
Euro €, US Dollar $ or British Pound can be changed easily in all these exchange offices but in big cities like Tehran you can even change currencies from other countries. The best place to exchange money in Tehran is Ferdowsi Sq , in Isfahan near royal square and in shiraz in city center near Karimkhan citadel where there are hundreds of exchange shops.
We do not recommend you to refer to the banks to change the money otherwise you will loose your time and change your money with a lower rate
Iran bank notes
Iranian bank notes come in denominations of 5.000, 10.000, 20.000, 50.000, 100.000 and 500.000 .you can also find coins which have a value of 1.000, 2.000 or 5.000 Tials.