Due to international sanctions and their impact on the economy, the Iranian currency is amongst the most volatile in the world. It has suffered from great bouts of devaluation since the Islamic Revolution in 1979 and for this reason, many students prefer to exchange their foreign currency as and when needed rather than exchanging lump sums.
There are several currency exchange shops (sarrafi) near the haram of Lady Masumah (a) which are open during normal trading hours. Although there isn’t much difference between the rates the different shops offer, it’s worth looking around, especially if larger amounts are being exchanged. New regulations have meant that identification may be required before exchanging money in addition to restrictions on the amount which can be exchanged at any one time.
Exchange rates can vary from city to city with rates in Tehran tending to be better than the rates in Qum whereas the rates in Mashhad are usually slightly lower. Tehran exchange rates can be checked online via websites such as bonbast.com or tgju.org. Latest rates in Qum can be obtained by directly calling the currency exchange shops or checking their social media channels where the daily rates are normally posted. Some sarrafis will even provide a convenient home service, where they will visit the customer’s residence to carry out the transaction.
Two important warnings.
- Due to international sanctions, foreign credit and debit cards will not be accepted in Iran! (see Banking).
- Newcomers should be aware that foreign currency in lower denominations or notes with visible defects will either be exchanged at a lower rate or may not be accepted at all. It is advisable for those intending to move to Iran to bring higher denomination notes, such as 50s and 100s, to avoid these issues.
Official vs free-market rates. Another important point to consider is the difference between official government exchange rates and free-market exchange rates. The official exchange rates are typically significantly lower and primarily used for imports and exports, whereas the free-market rates are those offered by money exchangers in shops and streets.
Popular Exchange Shops in Qum
| Exchange | Address | Telephone | Channel |
|---|---|---|---|
| Markazi Exchange | Amin Boulevard | 3293 5060 | t.me/MARKAZIEX2 |
| MTC Exchange | Summayeh, corner of Shaheed Rajaei Street | 3774 9095 · 0912 754 5316 | t.me/mtcexchange |
| Amjadi Exchange | Eram Street, opposite Gate 5 of the Haram of Lady Masumah (a) | 0912 151 7220 | — |
| Azimi Exchange | Eram Street, opposite Gate 5 of the Haram of Lady Masumah (a) | 0912 151 7350 | — |
Comments & Suggestions
Have something useful to add? Share your experience, recommendations or updates with other students in Qum. This could be a change to the information above, a useful tip, a service or place you recommend, or anything else that may help others. Comments are reviewed before they are published. Please see our comment policy for what can be published and how to request the removal of a contribution.
Loading contributions…