Sending money to Iran can be particularly difficult depending on your current location. The US placed sanctions on Iran after the 1979 revolution, and the US government has the discretion to allow you to transfer money to loved ones in Iran.
The situation is similar, but less severe if you are sending funds to Iran from other countries due to UN sanctions. Just keep in mind that if you are in the US, you must prove that your money will not be used for commercial purposes, and the amount of money you send can be limited.
Furthermore, many of the popular financial services companies are based in the US. This means that many of the most familiar brands are either absent in Iran, or operate differently.
It is your own responsibility to ensure that you are following any regulations regarding sanctions on Iran. We cannot accept any responsibility for legal problems you may encounter while trying to send funds to Iran.
The current exchange rate for the Iranian Rial (IRR) is 42350.000352 IRR per American Dollar (USD) as of the time this was written. The IRR reached a high of 42,450.0002 IRR per USD, and a low of 42,250.0003 IRR per USD during the last 90 days. The average exchange rate for the IRR was 42,340.1100 IRR per USD for the last 90 days.
The average volatility rate of the IRR against the USD was 0.39% over the last 90 days. This is a slightly high volatility rate, and the IRR tends to fluctuate quickly in a short period of time. You can reasonably expect moderate, but quick fluctuations to continue going forward, barring any unforeseen circumstances.
The fastest way to send funds online to Iran is through cryptocurrency transfers. We will not recommend that you choose this option on the grounds that the cryptocurrency market is not regulated well at all in comparison to traditional methods of sending money. It is your responsibility to make sure you know what you are doing and complying with all regulations when using cryptocurrencies.
On the bright side, Iran has embraced cryptocurrencies on the national level. The Central Bank even issued their own national cryptocurrency very recently. The benefit to using cryptocurrencies a that they are usually very fast to send. It is also often very easy to conduct a cryptocurrency transaction. Once your cryptocurrency of choice has arrived in Iran, the recipient can go about converting it into Iranian Rial. The downsides to cryptocurrencies are that they are extremely loosely regulated, and you are undergoing a more serious risk when you use them without the appropriate level of knowledge. If choosing to use cryptocurrencies to send money to Iran, Coinbase is your best option.
The cheapest way to send money online to Iran is through a bank transfer.
While sanctions on Iran have loosened up globally, many banks may be reluctant to transfer money or savings to Iran. This is because many international banks and other financial institutions are based in the US or use the US dollar. Any institution that trades in US dollars is at risk of prosecution by the Department of Justice. The civil or criminal punishments for such infractions are severe.
For banks that don’t hold such a large stake in the US, it will be easier to transfer money online to Iran. Traditional bank transfers are somewhat time-consuming and slightly complex. However, they are not too difficult to complete.
Due to the complications surrounding Iran in the last few years, there are no money transfer services available to transfer funds from UK to Iran.
The overall best way to send funds to Iran is through a bank transfer with an agreeable bank. This is the best way to transfer money online to Iran without any unnecessary hassle. Should you find a bank that will work with you (this shouldn’t be too hard), you can continue to use them in the future.
The situation regarding sanctions on Iran is myriad and complex. In this case, it will likely pay off to use the simplest and oldest money transfer methods, even though they are slower.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com