Iran raises card-to-card transfer limit to cut down on coronavirus threat from bank visits

Iran raises card-to-card transfer limit to cut down on coronavirus threat from bank visits
World Health Organisation representatives holding a joint meeting with Tehran administrators on tackling the coronavirus outbreak. / Hossein Velayati, Fars News.
By bne IntellIiNews March 9, 2020

Iran’s battle against its severe coronavirus epidemic now includes an increased transfer limit on card-to-card financial transfers to cut down on close contact between people requiring visits to bank branches and the exchanging of paper money.

The limit has been increased to Iranian rial (IRR) IRR100mn ($645 at the free market rate, $2,377 at the official rate) from IRR30mn, according to a memo sent on March 9, Banker.ir reported.

Central Bank of Iran (CBI) official Davoud Mohammad-Beigi announced the move.

Card-to-card payment in Iran is the most common large transaction method, whereby users transfer funds to one another via their card details. This was previously largely conducted on ATMs but it is now also available via mobile payment applications.

Bank branches in Iran are working according to limited hours in the run-up to the Nowruz Persian new year holidays that start on March 19 due to the ongoing fight to contain the spread of the coronavirus. Banks and businesses will close for the holiday break.

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