TEHRAN - The Central Bank of Iran has formally released a regulation to the nationwide banking network laying out the procedures for offering Iranian rial-denominated bank cards to foreign travelers and non-resident individuals.Under the brand-new effort, certified banks and affiliated exchange offices are authorized to release eco-friendly, time-limited rial bank cards to foreign travelers, financiers, businesspeople, and other non-resident individuals.The scheme is targeted at facilitating monetary deals for global visitors during their remain in the Islamic Republic.The value of these cards corresponds to the amount of foreign currency that an applicant deposits with a participating bank or exchange bureau, either inside or outside Iran, based on the everyday agreed exchange rate.
Any unused balance staying at the end of the cards credibility period will be repaid at the same daily concurred rate.Applicants need to be non-resident foreign nationals over the age of 18.
Each individual is eligible to get just 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 authorized service points.Based on the standard, the preliminary loading and subsequent recharging of the rial cards must be funded solely through the purchase of foreign currency or the transfer of foreign currency transfers from the specific applicant.In addition, all transactions need to adhere to the comprehensive functional requirements detailed in the attached directive and can only be carried out through the providing bank or its associated exchange services.The cards can be utilized for common banking operations such as purchases, fund transfers, ATM withdrawals, and energy bill payments.
The transaction limits for these cards are set to match those developed for domestic debit cards held by Iranian citizens.The issuance of these cards comes amidst ongoing global sanctions imposed on Iran which have actually limited the use of global payment networks like Visa and Mastercard within Iran.
Tourists frequently face obstacles when attempting to make electronic payments in the country.By introducing these rial-denominated debit cards, the Central Bank aims to lower the need for foreign visitors to bring large amounts of physical currency and boost their flexibility and flexibility in making everyday purchases and transactions.Its worth noting that the agreed exchange rates used in this system are typically lower than the open market rates for foreign currency.The Islamic Republic anticipates to enjoy a treasure trove from its numerous traveler spots such as exchanges, museums, mosques, bridges, bathhouses, madrasas, mausoleums, churches, towers, and mansions, of which 28 are inscribed on the UNESCO World Heritage list.AM.
This article very first appeared/also appeared in https://www.tehrantimes.com