Iran’s Central Bank has approved the issuance of Iran tourist bank cards (rial cards) to simplify financial transactions for foreign visitors and non-residents across the country.
According to Ideaagency, this action, which was taken based on paragraph “p” of Article (29) of the Production and Infrastructure Financing Law, was communicated to the banking network in the form of a comprehensive instruction and explains the details of how to issue and use these cards.
According to this directive, foreign individuals who are not residents of Iran can, upon their request, receive a Rial card (Iran tourist bank cards) through bank branches, counters located at airports, and other in-person and out-of-person portals such as ATMs and kiosks. This possibility is provided to individuals over the age of 18.
One of the important points of this guideline is the limitation of issuing cards per person. Accordingly, each non-resident foreign individual will be issued only one riyal card, and if a new card is needed, the previous card must first be canceled. This mechanism is intended for better management and to prevent possible abuse.
Regarding the financial management of these cards, the Central Bank has emphasized that banks are not allowed to open rial or foreign currency deposit accounts in the names of these individuals. Instead, banks must conduct accounting operations related to these cards (Iran tourist bank cards) in a centralized manner and in accordance with the regulations notified by the Central Bank. This is done by recording transactions in a summary ledger and assigning a specific account to each cardholder.
The method of charging rial cards for tourists and non-residents is also carefully specified in this instruction. Accordingly, the only way to charge these cards is to purchase banknotes or a foreign currency transfer by the applicant. This process can be done through the in-person or offline portals of the card-issuing bank. In this way, tourists can use this card for everyday payments in Iran by converting their currency into rials.
Regarding the transaction limits for these rial cards, the Central Bank has adopted a similar approach to the Iranian individuals’ debit cards. Accordingly, tourists and non-residents can make transactions for purchasing goods and services, transferring funds from card to card, receiving cash from ATMs, and paying bills, up to the limits set for Iranian cards. For example, cash withdrawals from ATMs are possible up to $2 Tomans per day and transfers via bank cards are possible up to $2000. Card-to-card transfers are also permitted up to $105.
In order to provide better services to the holders of these cards, the cardholder can view their rial bill, account balance, and its foreign currency equivalent at the agreed daily rate at the time of balance display, via SMS, mobile banking, or other similar products. Of course, providing these services requires the bank to verify the ownership of the non-resident foreign individual’s SIM card.
The process of settling the remaining rial balance on the rial card is also described in the Central Bank’s instructions. Accordingly, the settlement of this balance is subject to the sale of foreign exchange from the bank’s foreign exchange resources (excluding foreign exchange from exports and Central Bank resources). The basis for payment in this process is the agreement between the bank and the cardholder.
Regarding the validity period of these rial cards (Iran tourist bank cards), the Central Bank has stipulated that their validity period should not exceed the validity date of the person’s visa. For nationals of countries that have a visa waiver agreement with Iran, the maximum validity period of the rial card will be three months from the person’s entry into the country. After the card is canceled due to expiration or other reasons, the bank is required to provide the unused rial balance to the cardholder in the form of banknotes at an agreed rate.
Finally, the Central Bank has announced that the cardholder will be responsible for paying the fees for all services provided to non-resident individuals in connection with these cards. This move by the Central Bank is an important step towards developing the tourism industry and facilitating financial interactions with foreign nationals.
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