Iran Starts Issuing Debit Cards for Foreign Visitors

Iranian banks have been allowed to issue debit cards for foreigners visiting the country amid efforts to boost tourism.

A Saturday report by Tasnim news agency said the Central Bank of Iran (CBI) had notified state and private banks in the country via a decree that they can start issuing debit cards for tourists and non-resident foreign individuals to allow them to pay for services and goods in the Iranian currency rial.

Foreign visitors can change their currencies to rial at prices approved by the CBI’s exchange system and have it deposited to the account connected to the debit card, the CBI said in its decree, adding that the balance in the card will be changed and returned to the visitor on the card’s expiration date.

Before the measure was announced, foreign visitors were forced to carry large volumes of cash during their stay in Iran. They were also forced to sell their currencies at lower prices to be able to receive cash.

However, it is not clear if the measure would become popular with all foreigners visiting Iran as they are supposed to change their currencies at prices that are 20%-30% lower than the free market to be able to receive debit cards from the banks.

CBI approved the measure in November last year. It comes into effect a week after reports in the local media said a tourist had fatally stabbed a guide in a hotel in downtown Tehran after arguing about the money he was owed for exchanging a US$100 note. - Press TV