How to send money and receive money from Iran for trade & business?
In November 2018, U.S secondary sanctions on Iran came into full force, since then Europe and other signatories of Iran Nuclear Deal have been trying to maintain the trade with Iran. However sending or receiving money remains the most difficult part of doing business with Iran.
Unfortunately at the present time and due to the U.S sanctions on Iran, there are a lot of problems with using standard banking solutions in order to transfer money to and from Iran. However in non-sanctioned industries there is still a chance to benefit from the conventional banking solutions. Currently Iran is using its banking connection with neighboring countries in order to import basic goods and materials to Iran.
Before the sanctions, a variety of LCs were used in Iran to import and export, but after sanctions were imposed on the country, Iranian banks lost their credibility and merchants and artisans turned to a way other than LC to pay and receive their money.
However currently some Iranian banks through their daughters companies in some countries which have good financial ties with Iran are offering LC services to facilitate the business with Iran.
The cost of sight LCs in Iran is as follows:
| LC Issuance (Sight / Usance) | 0,15% of Bill amount , for 3 month |
| Export Doc L/C,payment commission,SWIFT | 0,15% of Bill amount |
| LC Amendment Commission -Extension of Validity Date (over 3 month) | 0,05% of Bill amount per month on excess portion |
Transfer money to Iran through exchange centers
Another way to transfer money is through reliable exchange offices in Iran, which currently some companies and small productions use this method, in addition, many reliable Iranian companies are in banks of other countries that dose not have transfer restrictions. so there will be no payment problems if they buy from Iran factories.
What’s The Fastest Way To Send Money To Iran?
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.
Payment control expert in Iran
If you decide to do business with Iranian merchants and you are facing problems when paying, or you need experts to follow up and control the work related to payment from inside Iran and generally seek to ensure the steps of payment and receipt of goods, you can contact our experts in this area.
