How do Iranians move money abroad to avoid US sanctions?
Summary
Iran faces strong international sanctions that make it hard to send money abroad through normal banks. To get around this, Iranians use informal networks like currency traders, middlemen, private deals, and sometimes cryptocurrency, but these methods carry risks and extra costs.Key Facts
- Sanctions block Iran from using the regular global banking system.
- Iranians use currency exchangers who trade money across borders without moving it through banks directly.
- Intermediary firms in Iran receive local currency and then pay foreign suppliers from funds held outside Iran.
- Private money transfers often depend on trust between strangers without legal proof.
- These informal systems can lead to lost money, fraud, extra fees, and delays.
- Conflicts and geopolitical issues, like the Gulf region war, disrupt some transfer networks.
- Cryptocurrency is another option but can be tracked and blocked by U.S. sanctions.
- Internet problems in Iran and U.S. sanctions on crypto exchanges make digital transfers unreliable.
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