Iranian money is one of the most confusing currencies in the world – mainly because it is not just made up of one currency, but two. What adds another layer of confusion is that both these currencies are on display on the same banknote.
The currency experiences significant fluctuation and inflation, making it difficult to keep up to date with which rates are good. Below, I will answer the top questions regarding Iranian money.
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What is the difference in Iranian Money and Currency? What is the difference between IRR and Toman?
Iran has two currencies – Riyals (IRR) is the main and officially recognized currency. Iran Uses the Iranian Rial (IRR) as its currency. As inflation is so rampant, it also uses an alternative system known as the Iranian Toman. The Toman is essentially the rial minus four zeros, and it is implemented only so that prices don’t have to be written in the multi-millions.
1 million Toman is essentially 100 million Rials, but all of the notes are written in rials with Toman at the bottom.
For example, a 1,000,000 Riyal bill is also 100 Toman.
Still confused? We don’t blame you. The photo below should help picture the difference between Toman and IRR.
Another confusing aspect is that new and old currency are both in circulation and they can come in different colors. For example, the 500,000 IRR note (50 Toman) comes in both a purple and red/orange color.
How much is $1 USD in IRR and Toman?
The rate fluctuates so rapidly that it is impossible to say what the rate will be when you arrive in Iran. There is also a black market rate that operates. While on currency converters, the rate may be 420,000 IRR to $1 USD, you may google the black market rate which may say 900,000 IRR. When you arrive, the airport rate may be 600,000 IRR and the black market rate outside of the airport may be 700,000.
In March 2025, the black market rate was 700,000 IRR. For 700,000 IRR, you can buy a couple of snacks, a bottle of water and some soft drink or juice. For 3-5 million IRR, you can buy a lunch or dinner of kebab and a drink in bigger cities. In general, Iran is inexpensive if you are comparing the country to western economies.
Planning how much money you will spend can be difficult by yourself, as you should know the daily rate and know a person you can exchange with.
Can you use USD and Euro?
While USD and Euro are not official currencies, they can be used in bizarres as trading currencies. If you do decide to use USD and Euro, it is best to check the rate you exchanged with, to see if it is better.
Can I use my card to withdrawal money and pay for items?
Iranian banks are subject to international sanctions. So, although Iran is full of banks and ATM machines, you won’t be able to get money out at any of them with your international bank card. You must come prepared with cash as there are no Western Union or card facilities in Iran.
Visa and Mastercard are also blocked, so you will not be able to make any international online payments while in Iran (even if they have nothing to do with Iran).
Group Tours To Iran
Iran can be a little tricky to navigate – YPT can make it easier. Check out our tours to Iran below:
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