Banks in Iran

Iran has state-owned, private, commercial, and specialized banks, as well as other regulated financial institutions. The Central Bank of Iran oversees the monetary and banking system and supports national payment infrastructure. Bank accounts are generally used to receive income, store money, pay bills, transfer funds, and access cards or digital services. Opening and maintaining an account normally requires identity information and compliance with the institution’s customer rules. The official account currency is usually the Iranian rial. Customers often discuss balances and prices in tomans, so bank documents and spoken amounts may use different-looking numbers for the same value. Iran’s domestic card and payment networks make electronic purchases and transfers important in daily life. Shetab connects bank cards and cash machines, while Shaparak is associated with the regulated card-payment system used by merchants. Mobile banking, internet banking, cash machines, point-of-sale terminals, and domestic transfer services provide convenient access. Customers should use official applications and addresses, protect passwords and one-time codes, and check recipient details before confirming a transfer. Bank financing commonly follows Iran’s Islamic banking framework. Products may be structured as sales, partnerships, leasing, profit-sharing, or fee-based arrangements, so the customer must read the actual contract rather than assume it works like a simple conventional loan. Foreign banking is a separate challenge. International cards and ordinary cross-border transfers may not work normally, and availability can depend on legal, institutional, and operational restrictions. A bank account is useful, but it does not remove inflation, fraud, contract, or access risks. Good banking practice includes clear records, account alerts, secure authentication, and a backup way to meet essential expenses.