TEHRAN – The Iranian Central Bank has formally issued an order to a national banking network that outlines the procedures for providing Iranian rial-denominated bank cards to foreign tourists and non-resident individuals.
Under the new initiative, licensed banks and related exchanges are authorized to issue renewable and time-limited RIAL bank cards to foreign tourists, investors, businessmen and other non-resident individuals.
The scheme aims to promote financial transactions for international visitors during your stay in the Islamic Republic.
The value of these cards corresponds to the amount of foreign currency deposited by applicants with participating banks or exchanges within and outside of Iran, based on daily agreed exchange rates. Any unused balance remaining at the end of the card’s validity period will be refunded at the same daily agreed rate.
Applicants must be non-resident alien over the age of 18. Each individual is entitled to receive only one such card. Banks can process applications through a variety of physical and digital channels, including bank branches, airport counters, ATMs, self-service kiosks, or other approved service points.
Under the guidelines, the initial loading and subsequent charging of the RIAL card must be funded solely through the purchase of foreign currency or the transfer of foreign currency from individual applicants.
Additionally, all transactions must comply with the detailed operating requirements outlined in the attached directive and can only be carried out through the issuing bank or its associated exchange services.
The card can be used for general banking such as purchasing, transferring funds, withdrawing ATMs, and paying utility bills. The transaction restrictions for these cards are set to match the cards established for domestic debit cards held by Iranian citizens.
The issuance of these cards occurs amid the ongoing international sanctions imposed on Iran, which restrict the use of international payment networks such as Visa and MasterCard within Iran. As a result, tourists often face challenges when trying to make electronic payments domestically.
By introducing these real-denominated debit cards, central banks aim to reduce the need for foreign visitors to carry large quantities of physical currency, and increase the freedom and flexibility to make daily purchases and transactions.
It is noteworthy that the agreed exchange rates used in this system are usually lower than the public market rates of foreign currency.
The Islamic Republic expects to reap jackpots from many tourist attractions such as bazaars, museums, mosques, bridges, baths, madrasas, spirits, churches, towers and mansions.
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