Everything You Need to Know About Deposit Identifiers and How to Use Them

According to SAEDNEWS,

Payment Methods in Iran’s Banking System

The Iranian banking system offers various payment methods, each designed to meet specific needs. However, they all have one thing in common:

A daily withdrawal limit of 200 million tomans!

But what if individuals or businesses need to transfer larger amounts?

For example, a business selling industrial equipment, where each item is priced over 500 million tomans, may need to transfer large sums without visiting a bank.

The deposit identifier was introduced to overcome this limitation (and another restriction we'll cover later), enabling the secure transfer of large amounts.

What Is a Deposit Identifier?

A deposit identifier is a 15-digit code used within Iran’s banking system to facilitate secure financial transfers. Each business assigns a unique deposit identifier to its customers, enabling them to make payments without needing the company’s account number.

Think of it as a fingerprint for financial transactions—when you use a deposit identifier, your transaction details are recorded in the banking system.

A deposit identifier is not a general code; it’s specific to each customer

Example:

Let’s say you run a loan company offering large loans (e.g., 10 billion tomans) to qualifying businesses. Each borrower must repay their loan in monthly installments of 500 million tomans.

However, this exceeds the 200-million-toman daily transfer limit. Plus, since all payments are made at the beginning of the month, it can be challenging to keep track of who made each payment.

Solution: Deposit Identifiers!

By assigning a unique deposit identifier to each customer, you can:

• Easily track payments and identify each payer

• Allow customers to increase their withdrawal limits

• Enable customers to make payments easily through mobile banking, ATMs, or by visiting the bank.

Uses of a Deposit Identifier

As mentioned, the deposit identifier system allows businesses to:

• Make transactions above the daily banking limit

• Easily verify the identity of the payer

This service is widely used by:

• Banks

• Suppliers and wholesalers

• Insurance companies

• Cryptocurrency exchanges

• Brokerage firms

Examples:

Cryptocurrency exchanges allow customers to top up their digital wallets using deposit identifiers before converting funds into cryptocurrency.

Banks use deposit identifiers for loan installment payments.

Businesses use them to collect payments for services or products from customers.

How to Transfer Money Using a Deposit Identifier

You can transfer money using a deposit identifier through one of three methods:

1. ATM Transfer

Insert your bank card into the ATM.
Enter your PIN and select "Transfer Funds."
Choose "Transfer with Deposit Identifier."
Enter the deposit identifier and the amount.
Review the details and confirm the transaction.

2. Mobile Banking & Internet Banking

Not all banks support deposit identifiers in their mobile apps—so check with your bank first!
Example: The Saman Bank mobile app ("Moballet") supports this feature.

Open your banking app and select "Transfer with Deposit Identifier."
Enter the deposit identifier and search for the company name.
Enter the amount and review your payment details.
Confirm the transaction to complete the transfer.

Note: Some banking apps don’t have a separate “Deposit Identifier” option. Instead, you may need to enter it under Paya or Satna transfers.

3. In-Person Bank Visit

Tell the bank teller you want to transfer funds using a deposit identifier.
Fill out a fund transfer form to complete the payment.

Final Thoughts

The deposit identifier system is a modern banking solution that:

• Eliminates the daily transfer limit

• Simplifies payment tracking

• Reduces manual verification processes

Businesses can assign deposit identifiers to customers, allowing them to make payments for services and products securely