Date: 23 March 2023
It has almost become impossible to imagine handling daily transactions
without using bank cards. The outbreak of
coronavirus and its consequent restrictions, especially in using cash highlight
the significance of using bank cards more than ever.
In an instruction announced by the Central
Bank in March 2021 on How to Issue Riyal Payment Cards for Foreign Natural Persons,
a bold attempt was made to solve this problem for foreign nationals holding
valid residency documents.
The foreign natural persons subject to this Instruction
shall either hold a valid residence permit or identification documents such as a
special residence permit (for those entering Iran based on cooperation programs
with international experts and entrepreneurs) asylum residence permit, or Amayesh
card (the residence permit assigned to Afghan nationals).
According to this Instruction, each credit
institution may grant only one Rial payment card with a specific expiration
date to foreign natural persons over the age of 18. These cards have certain
purchase limits for foreign natural persons based on their residency situation.
As such, the daily purchase limit for those who hold an asylum residence permit
or Amayesh card is 150 million Rials but for foreign natural persons with a
special residence permit or a valid residence permit, this amount is the same
as the limits set for Iranian nationals.
Also, the credit institution shall specify the
validity period of the Riyal payment card in accordance with the provisions for
the issuance and renewal of payment cards, and based on the residency status of
the foreign natural person. The validity period for foreign natural persons who
reside in Iran is until the expiration date of their identification document.
For foreign natural persons who do not reside in Iran, this period is until the
expiration date of their passport. Moreover, for foreign natural persons with
nationality of visa-free countries, this period shall not exceed three months
from the date of their entry to Iran.
In order to obtain this Riyal payment card,
natural persons must have or create an account as a corresponding deposit
account to the credit institution. In case the foreign natural person fails to
fulfill its obligations after the issuance of the Riyal payment card, the
credit institution shall cancel the bank card in accordance with the provisions
of this Instruction.
This Instruction was ratified in 7 Articles
and 5 Notes in the 40th meeting of the
Commission of the Central Bank
for Regulation and Supervision of Credit Institutions and in accordance with
the regulations notified by the Supreme Council for Combating and Preventing
Money Laundering and Terrorism Financing.
