Banks in Iran, like the rest of the world, are a basic business. There are currently more than 42,000 ATMs around the country and there are also new ATMs rolling out every day in various parts of the country. These machines only function with the national (Iranian) system of the internal card known as Shetab. Shetab is simply a card type, such as Mastercard, Amex, Union Pay, but such cards remain useless as long as you stay there.
Best banks in Iran
Below are the top government-owned banks in Iran.
Bank Melli, based in Tehran, is believed to be its first national and commercial retail bank as the greatest revenue firm in Iran. Established in 1927, it is the world’s largest bank with 3,328 branches and about 40,000 employees globally, in the Islamic and Middle East regions. The net assets reported by the bank were 76,6 billion dollars by the end of 2016, and revenues of 105 billion dollars.
Bank of Maskan is a state-owned bank in Iran that supports government and private-sector development and housing. The bank, which has offices in Tehran and Mashhad and is headquartered in Tehran, was created in 1938. There are a total of 12,259 employees (2019). The bank has total assets of $460 billion and a net profit of $5.02 billion in 2015.
Export Development Bank of Iran
The Iranian Export Development Bank was established in 1991 as one of Iran’s political banks. The Iranian government owns the bank, which is situated in Tehran. It provides financial and other typical banking services to Iranian exporters and importers. Throughout March 2016, the bank had a network of 40 branches in Iran and other countries. Their assets are worth 6.2 billion dollars in 2020, while their total revenues are worth 81.2 million dollars (2020).
Below are the top private banks in Iran.
In 2001 EN Bank was founded and was the first private bank in Iran, also known as Eghtesad Novin Bank. The Bank provides retail, corporate, international, and business banking solutions to clients, SMEs, companies, and public bodies.
EN Bank offers its customers savings, card, and safe deposit boxes as well as current accounts and loans; trader, cash management and financial services; Internet, telephone, mobile, and SMS banking; foreign exchange, currency accounts, commercial finance, money transfers, and services on the wire.
Mellat Bank first opened its doors in 1980. In Iran, the bank provides trade banking services such as money transfers, forex trading, negotiable banknotes, foreign exchange financing for currency circulation, medium-term ECO financing loans, and short-term ECO financial loans.
Financial, refinancing, Murabaha, foreign exchange, guarantee letters, documentary credits, special payment services, checkboxes, profitable deposit boxes, Mazzara, future contracts, access cards, and basic banking services are all available through Mellat Bank. It operates a 1774-branch network in Iran, as well as five branches in South Korea and Turkey. The bank’s total assets were 62 billion dollars in 2011, and its income was 6.761 billion dollars in 2013. (2016).
What is the Central Bank in Iran?
The central banking authority is the Central Bank of the Islamic Republic of Iran. The Iranian central bank was founded in 1960 and is a government company. It issues and monitors banknotes and oversees banks in Iran. Iran’s Central Bank does serve much more purpose that includes the following ones:
- Keep the national currency worth
- Preserve the balance of payments in the country
- Facilitate business transactions
- Enhance the country’s development potential
There are both government-owned and Non-Government owned banks in Iran. We’ll discuss some of the top banks from both types and try to figure out which one is more suitable for you.
How to open a bank account in Iran?
- For the Iranian Nationals, anyone above 18 can open a bank account in his name. The applicant needs to provide his or her official ID certificates at the time of opening the bank account. These official ID certificates include your birth or any national ID card, passport, etc.
- Foreign Nationals, if they’re a permanent resident or have a permit or any refugee document are eligible to open a bank account in Iran. They must have these things while going to the bank for opening a bank account.
- A valid passport
- Resident Permit
- A letter of introduction is given by one of the dependable customers of the Bank or one of the state. The external ambassies validate and accredit the applicant only applies to the application for the current account.
These are some of the basic things which you need to consider while opening a bank account in Iran.
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