Iran Information

Opening a Bank Account in Iran for Foreigners

Iran as one of the most ancient civilizations is the land of four seasons and its history, numerous monuments, different cuisines, and hospitable people are the reasons that draw a wealth of foreigners to this country. Iran’s tourism industry has been enriched by the increasing number of foreigners flocking to the natural and historical hot spots of Iran every year.

However, one of the requirements of traveling abroad is money that should be taken into consideration. Depending on where you travel, you can carry money in different ways like cash, credit card, or you can debit the card to do your shopping or pay the expenses. Contacting the Iran travel guide center, you can find out that the safest way is opening a bank account and taking a debit card. So, following the requirements and regulations, it is an easy task to have a bank account in Iran.

Key terms of opening a bank account in Iran

Opening a bank account in Iran for foreign residents and non-residence foreign persons is a little different. You can have a bank account if you have a real person with a permanent residence permit or work permit received from the Ministry of Cooperatives, Labor, and Social Welfare. Also, you are possible to open a bank account if you have one of the refugee documents issued by the police or an ID card issued by the Ministry of the Interior, as well as a long-time outgoing card.

For non-residence foreign people there is an age limit. You should be above 18, as a real person. However, if you are non-resident foreign legal, you can apply for opening a bank account. Some documents are necessary.

For more information: Coronavirus Travel Guide to Iran

How to open an Iranian bank account?

An Iranian bank account has its own procedure that is different in different banks. According to your demands, you can choose Interest-free Saving Account, Interest-free Current Account, Short-term or Long-term Saving Account.

Interest-free Saving Account

Opening such an account, there is no interest; instead, you can have a chance to win a prize. You can order a debit card for your daily transactions.

Interest-free Current Account

This type is so similar to the Interest-free Saving Account except for the fact that you can request for issuance of the checkbook from the Bank. An Iranian bank account can offer you such a great service.

Short-term Saving Account

By having such an account, you can receive an annual interest rate, about 10%. You are not limited and can withdraw your money whenever you like.

Long-term Saving Account

By opening a bank account in Iran, you can have the maximum amount of interest rate, up to 20%, but you cannot withdraw the money up to the expected period of time. Also, you cannot have a debit card.

Requirements of opening a bank account in Iran for foreign applicants

If you are Natural Resident, which means you have a permanent residence permit or a documented refugee, or have a Resident Entity, you can open every kind of bank account if you have the following documents.

  • A valid resident permit;
  • A valid passport;
  • A letter of introduction from governmental organizations or embassy that accredits you.

However, if you are Non-resident Natural, you are eligible to open only an Interest-free Saving Account or Long-term Saving Account.

Overall, every Iranian bank account with its own details is as precious and beneficial as the other. The mere fact is the little-different steps that should be taken to open a bank account in Iran. Doing so can remove any kind of problem you might run into if you carry cash with you. Moreover, benefiting from the different interest rates can increase your money or you may win an invaluable prize. So, don’t miss the benefits Iran offers to all the foreigners from all around the world. The hospitable and friendly people are looking forward to welcoming you.

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