Are traveler's cheque widely accepted in Iran?
Due to the current US embargo in Iran, credit/debt cards using Visa/Mastercard circuit don't work there. One option in order not to bring large amount of cash in Iran would be to buy traveler's cheque but a search on the net revealed somewhat conflicting statements. For example, Wikivojage states that
Travellers' cheques All banks in provincial capitals are able to cash them, the paperwork is no longer needed to cash them.
while the Lonely Planet site has quite a different view on the subject:
For all intents and purposes, Iran is a purely cash economy. No credit cards. No travellers cheques. Just bring cold, hard cash – preferably in high-denomination euros or US dollars.
So, what's the truth? Are traveler's cheque accepted or not? Is it viable to rely upon them?
I'm aware of the fact there are other options too.
Best Answer
The second source is not correct.
Traveler cheque specially "Iran cheque" is widely used by people. "Iran cheque" is same as cash money but with larger amounts and is accepted in any shop or any bank exactly same as cash money.
Also people mostly use both the cash and the different national banks cards for payments in shops.
Perhaps this site can help you:
http://www.bmi.ir/En/default.aspx
Iran cheque is a kind of traveler cheque that is acceptable in all Iranian banks. but usual traveler cheque is acceptable only in the bank that has issued it. Iran cheque is widely used by people same as cash money. but the only difference is that Iran cheque has higher amounts.
Iran cheque can be obtained from any bank or from people or or money exchangers or shops. same as obtaining cash money.
This is a picture of Iran cheque:
However 500,000 rial and 1,000,000 rial Iran Cheques circulate freely and are treated as cash. http://en.wikipedia.org/wiki/Iranian_rial
A visitor can bring any currency inside Iran like USD and then exchange it to Iran cash like Iran cheques at any money exchange.
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Are travelers checks accepted everywhere?
Certain major banks, such as Bank of America, no longer offer traveler's checks at all. Other companies that do, such as American Express, may charge various fees, which means that buying and cashing (which may also have an associated fee) a traveler's check could ultimately cost more than using an ATM abroad.Where are Travellers Cheques accepted?
Travellers cheques can be issued in sterling or in foreign currencies and, depending on the country you are visiting, you may be able to spend them at your hotel, or in shops and restaurants. Alternatively, you'll be able to swap your travellers cheques for local money at banks and bureaux de change.Do banks accept Travellers Cheques?
1. Deposit your Travelers Cheques with your bank. Some banks allow account holders to deposit Travelers Cheques - including foreign currency Travelers Cheques - to their bank account.WE ARE TRAVELER
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Answer 2
The Lonely Planet is correct here, western travel cheques are not useful in Iran, they have the same problems as Western credit cards.
Some bigger businesses have bank accounts in Dubai and may be able to handle your cards or even cheques but I wouldn't count on it and they would always add an extra fee for it.
Using Iranian cheques may be an option, but you can only get them in Iran, so you still need to bring cash initially.
All the western tourists I met in Iran used cash only.
I have also met tourists who have been robbed, but all by getting their bag snapped from a motorbike, not at knife or gun point. So keep your cash on your body or in your hotel safe.
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Luigi Cataldi, Anuj Bansal, Jaime Reimer, Pixabay