Why a local bank account is more or less essential, what services foreigners can access, how "provisional profit" works, and what you need to open an account.
As in any country, Iran has a banking industry to handle customers’ cash and offer financial services — roughly 30 banks and 5 credit institutions, each with numerous branches. With the Rial depreciating, carrying large amounts of cash is becoming impractical, so opening a bank account is more or less a necessity. Foreigners with a valid residence permit can open accounts, though they are limited in the services they can receive. Services typically available include:
- Current/checking accounts
- Savings/term deposit accounts
- Debit cards
- Internet banking
- Mobile banking
- Telephone banking
What you’ll need to open an account:
- Passport with residence permit
- Mobile phone with a registered SIM card
- Full address, including postcode
- Faragir Code (Fida Code)
A current account gives instant access to your funds, and a debit card is normally issued for purchases in shops and online. Since the banking system is meant to be shariah-compliant, interest does not apply; instead a “provisional profit” rate (sood) is paid. Banks invest deposits in a range of assets, businesses and joint ventures, and pass part of the profits back to customers as this provisional profit.
Savings accounts offer higher provisional profit rates, but the principal is locked for the term and accessing it early incurs fees. Profit is normally paid monthly into a separate current account. Terms range from 6 months to 5 years, with longer terms yielding the most.
A word of caution. Especially with long-term savings, remember that the Rial can fluctuate sharply — your principal may be worth less at the end of the term than when you invested it. There is also a difference of opinion among scholars about the validity of such a system, so refer to your own marja’s rulings for clarification.
Internet and mobile banking are very common in Iran, giving convenient access to balance inquiries, transfers and other transactions without visiting a branch. Setting these up usually requires a mobile number — but note that not all banks offer these services to foreigners. Branches are scattered throughout the city, with most banks’ main branch on Amin Boulevard.
Selected banks
| Bank | Website | Ownership | Internet banking | Mobile banking |
|---|---|---|---|---|
| Melli | bmi.ir | State | — | — |
| Saderat | bsi.ir | Non-state | ✓ | ✓ |
| Mellat | bankmellat.ir | Non-state | ✓ | ✓ |
| Tejarat | tejaratbank.ir | Non-state | ✓ | ✓ |
| Sepah | banksepah.ir | State | ✓ | ✓ |
| Parsian | parsian-bank.ir | Non-state | — | — |
| EN Bank | enbank.ir | Non-state | ✓ | ✓ |
| Shahr | shahr-bank.ir | Non-state | ✓ | — |
| Ayandeh | ba24.ir | Non-state | — | — |
| Day | bank-day.ir | Non-state | ✓ | ✓ |
Foreign currency accounts
Some Iranian banks also offer foreign currency accounts, which have both upsides and downsides for foreigners. On the plus side, they are a safe way to hold funds in foreign currency, hedging against local-currency swings. On the downside, foreign-currency ATMs are scarce, which can make accessing your money harder — and, though rare, economic or political circumstances may mean you cannot withdraw the full amount you need, even at the branch.
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