8 Comments on "Opening a Bank Account in Iran"

  1. Hi Streber,

    Hope you are well.

    Since then, SWIFT has now been connected to Iran again and banks are able to transfer in and out money (i assume). But what about the sanctions from other countries? Is there any limit of the amount of money you can transfer OUT from Iran?

    Please reply. Would love you forever!


    • Oh one more thing. What documents did you have to bring for opening an account? Sounded really smooth there. A notarized passport, bank ref etc? Does the passport have to carry a VISA stamp?

      Thanks in advance.

      • I had brought all the usual documents and even had some translated to Farsi. Passport copies, corporate documents, references, bank statements, business plans, invoices/transactions history. Not sure if I had to show it all to every single bank.

        I expect it’s a bit different now when the banks have to carefully guard their highly-scrutinized correspondent accounts, so I expect things to be a bit tighter now. While they might not ask for any unreasonable documents (except maybe multiple references), they may insist on having close economic ties to Iran or regional Iran-friendly nations.

    • Hi,

      I’m not involved in the day to day with using these bank accounts that were opened. From what I’m told, wiring funds to and from Europe is now possible via SWIFT but it’s not as easy as with other countries. The recipient bank and correspondent bank will practically always want to see an invoice and perform some form of due diligence.

      Many banks are still working on adjusting to all the new features of the SWIFT network. There is a lot of manual work being done, even after over a year.

      • Thank you so much for your solid answers as always. Hahaha. I want to hug you one day. Goddamn you are awesome (not sucking up, just me being honest).

        Sounds lovely. LAST questions regarding this matter>

        1) You dont happen to have any experiences with Iraq? If yes, how was the process etc?

        2) Can the top banks be trusted over there these days…?

        3) Any idea if UAE banks are keen to open bank accounts for either Iran or Iraq companies?

        Thanks in advance.

        • 1. A visit to Iraq is in the Maybe pile for this year. My old experiences are not applicable anymore.

          2. I’m told it’s possible but people generally don’t leave funds there that they can store elsewhere (foreign currencies).

          3. Based on what I’ve seen, I wouldn’t use the word keen… It’s possible but both jurisdiction pose significant risk problems. You’ll need to demonstrate that have a legitimate reason for banking in the area (i.e. actually trading there) as well as show an understanding of the risks of trading in these countries, especially Iraq, and how you mitigate them.

        • today I was was with a client in Mashreq Bank and he had to sign, that he is not dealing with Iran or Iranian companies. So I guess, there is a very little chance to open account in UAE for Iranian company. Similarity goes for Iraq company, do not know any bank which would open it

  2. I have a company involved in trading grain. Many clients are from Iran, and it is a real burden to receive money from them. Considering the fact that agricultural products are excluded from sanctions, no bank is keen to work with.

    Any suggestions to me, how I can handle this? Any bank recommendation which might be willing to work with my clients?

    Very great posts!

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