This guide to banking, money, and currency in Turkey has our best travel money tips, including how to find the best exchange rates and how much local goods and services might cost. Read on to learn more about the local currency and banking system in Turkey.
The Turkish lira (₺; TRY) serves as the official currency of Turkey, a vibrant and culturally rich country located at the crossroads of Europe and Asia. The Turkish lira plays a significant role in facilitating everyday transactions and economic activities throughout the nation.
As the primary medium of exchange, the Turkish lira represents the financial heartbeat of Turkey, reflecting its economic stability and providing a tangible link to the country’s fascinating history and modern developments.
- Travel Money in Turkey: Everything You Need to Know
- How to Get Turkish Lira
- Currency Exchanges
- Cost of Goods and Living in Turkey
- Importing and Exporting Turkish Lira
- Counterfeit Turkish Lira
- Using US Dollars in Turkey
- Using Credit Cards in Turkey
- Cultural Sensitivities Around Money
- Preparing for Your Turkey Trip
Travel Money in Turkey: Everything You Need to Know
Turkey Lira Basics
- Currency Code: TRY (Turkish lira)
- Symbol: ₺
- Forms: banknotes and coins
- Division: 1 Turkish lira = 100 kuruş
- Countries of Use: Turkey
Denominations
The Turkish lira is divided into subunits called kuruş. Coins are available in denominations of 1, 5, 10, 25, and 50 kuruş, as well as 1 lira. Banknotes come in denominations of 5, 10, 20, 50, 100, 200, and 500 lira.
Turkey Lira Exchange Rates
The current exchange rate for USD to TRY is: US$1.00 = ₺26.54, though it constantly fluctuates.
Check the current rates before exchanging your currency. Exchange rates can vary between banks, currency exchange offices, and ATMs, so check an online currency converter for the most up-to-date numbers.
How to Get Turkish Lira
Whether to acquire Turkish currency before leaving or upon arrival depends on personal preference and convenience. Both options have their advantages and considerations.
If you decide to get Turkish currency before you leave, you’ll have cash on hand as soon as you arrive in Turkey, eliminating the need to find a currency exchange office or service immediately. This can be particularly helpful if you arrive late at night or in a remote location with limited access to currency exchange services.
On the other hand, exchange rates in your home country might be less favorable compared to those in Turkey. You may also need to carry a significant amount of cash, which can pose security concerns.
If you’d prefer to acquire Turkish lira upon arrival, major airports in Turkey, including Istanbul Airport, have currency exchange offices and ATMs where you can withdraw money. These services are convenient and reliable, but compare exchange rates and fees to ensure you’re getting the best deal.
While scams can occur in any destination, including currency-related scams, they are not common in Turkey. To minimize the risk of falling victim to scams, it’s recommended to use reputable currency exchange offices or ATMs located within the airport or established banks. Be cautious of individuals offering to exchange currency in unofficial locations, as they may engage in fraudulent activities.
Currency Exchanges
Currency exchange offices are widely available throughout Turkey, particularly in major tourist areas and airports. These establishments offer competitive exchange rates, though it’s advisable to compare rates and check for any service fees or commissions.
To find trusted currency exchange operators in Turkey, look for authorized and licensed establishments. The following tips can help you in your search:
- Banks: Major banks in Turkey, such as Türkiye İş Bankası, Akbank, and Garanti BBVA, provide currency exchange services. Banks are reputable and regulated institutions, ensuring secure transactions and competitive rates.
- Authorized Exchange Offices: Look for currency exchange offices that are authorized by the Central Bank of the Republic of Turkey. These establishments are required to display their authorization certificates prominently. Authorized exchange offices follow specific regulations and offer reliable services.
- Check for Signage and Documentation: When approaching an exchange office, look for signs indicating they are authorized and licensed. Authorized establishments typically display their license or certificate on the premises. It’s also a good practice to ask the staff about their authorization if you don’t see it visibly displayed.
- Online Resources: The Central Bank of the Republic of Turkey provides a list of authorized exchange offices on its official website.
Cash Advances at ATMs
ATMs are prevalent in Turkey, and you can also withdraw cash in Turkish lira using your debit or credit card. Make sure to notify your bank in advance about your travel plans to ensure uninterrupted access to your funds. Keep in mind that ATM withdrawals may have associated fees charged by both your bank and the local bank.
Practice common sense: Take out money in busy areas, be aware of anyone nearby who might be paying too close attention, and make sure there’s not a card reader on the machine that’s collecting your data.
Exchanging Currency at a Local Bank
Banks in Turkey also provide currency-exchange services. They might have slightly lower exchange rates than exchange offices, and generally more favorable rates than hotels or airports. Banks are a reliable option for exchanging currency, especially if you prefer a secure and regulated environment.
Cost of Goods and Living in Turkey
Here are the average dollar costs of some expenses you may have as a traveler:
- Average daily expenditure: Budget travelers can expect to spend around US$50 to $70 per day, including accommodation, food, transportation, and some sightseeing activities. Mid-range travelers might spend between $80 and $150 per day, while high-end travelers could spend $200 or more.
- Bus ride: The cost of a bus ride in Turkey depends on the distance traveled and the class of the bus. On average, a short intercity bus ride can cost around $5 to $15, while longer journeys can range from $15 to $40 or more, depending on the distance and the quality of the bus.
- Uber: Uber operates in major cities in Turkey, and the cost of a ride varies based on factors such as distance and time. On average, Uber fares in Turkey are relatively affordable. A short Uber ride within the city center may cost around $3 to $5, while longer rides can range from $10 to $30 or more, depending on the distance.
- Overnight Trains: Overnight train costs in Turkey can vary based on the route, class, and type of train. Prices can range from $20 to $80 or more, depending on the distance and the level of comfort you choose.
- Three-star hotel in the city center: On average, you can expect to pay around $50 to $100 per night for a decent three-star hotel in the city center. Prices may fluctuate during peak tourist seasons.
- Meals: On average, a meal at an inexpensive local restaurant or street food vendor can cost around $5 to $10 per person. For a mid-range meal, expect to pay around $10 to $25 per person. Fine dining experiences at high-end restaurants can range from $25 to $50 or more per person.
Importing and Exporting Turkish Lira
It is strictly prohibited to import or export Turkish lira beyond certain limits set by the Turkish authorities. Visitors can bring up to ₺25,000 or its equivalent in foreign currency without declaring it. If you need to carry a higher amount, you must declare it upon arrival or departure.
Counterfeit Turkish Lira
Counterfeit currency in Turkey isn’t a pervasive problem, but fake banknotes pop up from time to time. To avoid counterfeit currency, it is advisable to exchange money at authorized currency exchange offices or banks. Check the security features on banknotes, such as watermarks, holograms, and raised prints, to ensure their authenticity. If you come across counterfeit currency, notify the authorities immediately.
Using US Dollars in Turkey
Foreign currencies, including US dollars, are generally not accepted as a form of payment in Turkey for everyday transactions—the Turkish lira is used almost exclusively.
However, there are exceptions in certain tourist areas, hotels, and larger stores that may accept foreign currencies, such as USD or euros. These establishments may offer the option to pay in foreign currency, but it’s important to note that the exchange rate they offer may not be favorable. It’s generally recommended to pay in Turkish lira to ensure you receive the most accurate and fair exchange rate.
Note that the acceptance of foreign currencies can vary depending on the region, home currency, and establishment, so it’s always a good idea to have Turkish lira on hand for your day-to-day expenses while traveling in Turkey. If you have foreign currency, it is advisable to exchange it at authorized exchange offices, banks, or ATMs for better exchange rates.
Using Credit Cards in Turkey
Credit and debit cards are widely accepted and easy to use in Turkey, especially in major cities and tourist areas. Most establishments, including hotels, restaurants, shops, and larger stores, accept major international credit cards such as Visa, Mastercard, and American Express. Debit cards with Visa or Mastercard logos are also widely accepted.
Contactless payment options are becoming increasingly popular in Turkey. Many merchants, especially in urban areas, have contactless terminals that accept NFC-enabled cards or mobile payment options, like Apple Pay and Google Pay. This provides a convenient and secure way to make payments without physical contact.
Traveler’s checks are not commonly used or accepted in Turkey. It can be challenging to find establishments that are willing to accept traveler’s checks, and they may not offer the best exchange rates. It’s advisable to carry alternative payment methods, such as credit or debit cards, for convenience and wider acceptance.
While cards are widely accepted, it is still recommended to carry some cash for small purchases, tips, street markets, travel cards and taxis. Cash is particularly useful in more remote or rural areas, where card acceptance may be limited. It’s customary to carry cash for tipping in restaurants, cafes, and for small transactions at local markets or street vendors. However, it’s important to exercise caution and keep your cash secure while traveling.
To ensure a hassle-free experience, inform your bank or card issuer about your travel plans to avoid declined payments or other potential issues in a foreign country.
Credit Card Fees
If you opt for a cash advance, you may be subject to foreign transaction fees or currency conversion fees. Out-of-network ATM cash withdrawals can also incur additional fees or a service charge.
Cultural Sensitivities Around Money
In Turkish culture, it is generally considered polite and respectful to handle money and financial matters discreetly. Displaying or counting large amounts of money in public is not common and can be seen as boastful or inconsiderate. It is advisable to handle transactions and money matters in a respectful and private manner, especially when interacting with locals.
Tipping Etiquette in Turkey
Tipping is customary in Turkey, particularly in the service industry. It is generally appreciated to leave a tip as a gesture of gratitude for good service. The typical tipping percentage in restaurants is around 10% to 15% of the total bill. Some restaurants may include a service charge in the bill, in which case an additional tip is not expected, so it’s always a good idea to check before deciding on the tip amount.
When it comes to other services, such as taxi rides, hotel staff, or tour guides, tipping is also customary. For taxi rides, it is common to round up the fare or add a small amount as a tip. Hotel staff, such as bellboys or housekeeping, can be tipped a small amount for their services. Similarly, tour guides and drivers can be tipped based on the quality of service provided.
Bargaining and Haggling
Bargaining and haggling are quite common in Turkey, especially in markets, bazaars, and smaller shops. It is generally expected and even encouraged to negotiate prices for goods and services in these settings. Bargaining can be a fun and interactive experience, allowing you to potentially get better deals or discounts.
However, in larger stores, malls, or established businesses, fixed prices are more common, and bargaining may not be appropriate or expected. In such venues, the displayed prices are generally non-negotiable. It’s important to observe the context and atmosphere to determine whether bargaining is suitable or not.
Remember to approach bargaining with a friendly and respectful attitude. It’s important to find a mutually agreeable price without being overly aggressive or disrespectful towards the seller. Bargaining can add an exciting element to your shopping experience in Turkey, but it’s also important to recognize when it is appropriate and when it is not.
Preparing for Your Turkey Trip
Doing your research before traveling helps you avoid issues and be prepared in case of an emergency. For more information on other aspects of travel to Turkey, including travel restrictions, travel requirements, and cultural customs, visit our Turkey content hub.
Obtaining a visa is an essential part of planning your trip. At Entriva, we can easily and efficiently help you with every aspect of getting a Turkey visa. Start your visa application process.