Foreign Currency Accounts

Bank Pasargad offers the following foreign currency accounts:

• Gharzolhassaneh Savings Account
• Gharzolhassaneh Current Account
• Term Deposit Accounts (1, 3,6,12 months)

• EUR
• US dollar (USD)
• Pound sterling (GBP)
• Japanese yen (JPY)
• Swiss franc (CHF)
• United Arab Emirates dirham (AED)

   Iranian or foreign natural/ legal persons intending to open any of the above accounts must comply with the general terms and conditions of opening rial bank accounts. Please note that Gharzolhassaneh savings and current accounts are not entitled to any interest distribution. Interest distribution for term deposit foreign currency accounts is made at the end of their term, calculated on a daily basis at the LIBOR (London Interbank Offered Rate) rate for that currency on the day the account is opened (plus/minus percentages at the discretion of Bank Pasargad).

   Please see the table below for the minimum balances and the minimum opening balances required (these figures do not apply to Gharzolhassaneh savings accounts opened along with term deposit accounts).

   Foreign currency transfers from these accounts and international foreign currency money orders paid into and out of these accounts are permissible. Furthermore, banknotes may be sold up to the amount of money orders credited to the account and up to a maximum of USD 20000, subject to availability at the bank branch. Higher amounts are subject to written confirmation from the Foreign Currency Operations Department.
   Cash may be paid out of the account to third parties intending to travel abroad with transaction details mentioned in their passport. The balance of the account, upon the request of the beneficiary, may be exchanged, initially for the rial and subsequently converted to other currencies. Transfer of permitted currencies through the banking system is freely allowed.
   Travellers to and from Iran may carry cash up to a maximum of USD 5000 or the equivalent; however, any cash above USD 5000 must be declared upon entry into the country.
   Cash may be paid into the account or accepted for the purpose of money orders up to a maximum of USD 5000; higher amounts are subject to the approval of the Foreign Currency Operations Department.
   Note that Iran is endowed with laws and regulations relative to AML that are compliant with FATF´S recommendations. Our regulatory body requires our institution to have rules on AML and has issued of recommendations concerning the concept of KYC (Know Your Customer). We have written procedures concerning AML that are applied to all our branches and subsidiaries.