As an avid traveler and blogger, I’m always excited to visit new countries and experience different cultures. My next big trip is to Turkey, which I’ve heard is an amazing mix of natural beauty, ancient ruins, and fascinating history. But before I go, I need to understand what money is used in Turkey so I’m prepared when I get there. After doing thorough research using reputable sources, I’ve got all the details on Turkish currency covered.
Overview of Turkish Money
Turkey’s official currency is the Turkish Lira (TRY). It’s represented by the symbol ₺ The Lira is divided into 100 subunits called kuruş. Banknotes come in denominations of 5, 10, 20, 50, 100 and 200 Lira. Coins come in 1, 5, 25, and 50 kuruş, and 1 Lira
The Lira was introduced in 2005 during a major currency reform It replaced the old Turkish Lira at a rate of 1 new Lira = 1,000,000 old Lira. This transition was done to stabilize Turkey’s economy and address inflation.
Prior to the reforms in 2005, the Turkish Lira struggled with rampant inflation. In fact, it once held the world record for least valued currency according to the Guinness Book of World Records!
Nowadays, the New Turkish Lira is relatively stable compared to its previous incarnations. However, inflation is still an issue, causing the Lira’s value to gradually decline over time.
History of the Turkish Lira
Turkey has used the Lira as its currency since 1923 after the fall of the Ottoman Empire. The Lira originally replaced the Ottoman Lira when the Republic of Turkey was founded.
The Old Turkish Lira remained fairly stable until the 1970s, when inflation kicked into high gear. By the mid-90s, inflation was completely out of control, leading to the “re-valuation” of the Old Lira in 2005.
During this transition, six zeros were slashed from the currency, making the new notes much simpler to use. For example, 1 New Lira = 1,000,000 Old Lira.
The term “New Turkish Lira” was used from 2005-2009 before being shortened to just “Turkish Lira”. While this major overhaul helped stabilize things, inflation continues to be an issue today.
Exchanging Foreign Currencies for Lira
When visiting Turkey, you’ll get the best deals by paying with Lira. While many shops and hotels accept US Dollars or Euros, you’ll always lose money on the exchange rate.
The best currency to bring to Turkey is Euros or US Dollars. You can easily exchange them for Lira at banks, airport kiosks, or currency exchange offices. British Pounds, Australian Dollars, and Canadian Dollars are also widely accepted.
I’d recommend exchanging a small amount of cash to cover initial expenses like taxis and food. Then, withdraw more Lira from ATMs as needed. This prevents carrying large sums of cash.
Tip: Don’t pre-exchange Lira in your home country. Rates are much better in Turkey!
Paying with Cash vs Card in Turkey
Cash is still widely used in Turkey, especially at small shops, restaurants, taxis, street vendors, and bazaars. I’d suggest carrying some Lira for these situations.
In major cities and tourist areas, credit/debit cards are commonly accepted. Visa and Mastercard are the most widely accepted. However, there is still a cash preference in Turkey.
When paying with cards in Turkey, Visa, Mastercard, and American Express have no issues. Bankcard and Maestro work at some places, but acceptance is spotty.
One tip: Inform your bank you’re traveling to prevent your card being blocked for “suspicious activity”.
Finding ATMs and Withdrawing Lira
ATMs are plentiful across Turkey, even in small towns. Withdrawal limits are generally 2500-5000 Lira per transaction.
To save on fees, use an ATM from major state-owned banks like Ziraat Bank or Halkbank. Avoid ATMs inside tourist areas, as they often charge huge fees.
I prefer using debit cards without foreign transaction fees like Revolut. This saves on both ATM and currency exchange fees.
Pro Traveler Tip: Get a chip/PIN card before visiting Europe or Turkey. Many foreign ATMs don’t accept swipe cards.
Do’s and Don’ts of Turkish Currency
Here are some important tips for managing money in Turkey:
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DO exchange foreign cash at official banks or exchange offices, not on the black market.
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DO carry small bills for paying bus fare, taxis, snacks, etc. Vendors rarely have change.
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DO NOT accept old Turkish Lira bills (pre-2005). They are now worthless.
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DO NOT exchange money at the airport. Rates are very poor.
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DO keep an eagle eye on your wallet/purse…pickpocketing is fairly common.
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DO tip 10-15% at restaurants. Tip porters and housekeeping at hotels.
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DO feel free to negotiate or bargain at bazaars and markets. It’s expected!
Budgeting and Saving Money in Turkey
Turkey offers outstanding value for budget travelers. Accommodation, food, sightseeing, and transportation are quite cheap compared to Western Europe.
Some ways I plan to enjoy Turkey on a budget include:
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Using public mini-buses for travel between cities instead of trains/planes.
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Eating delicious street food for as little as $2-3 per meal.
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Staying in budget hotels instead of overpriced resorts.
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Visiting free landmarks like Hagia Sophia, Blue Mosque, and Topkapi Palace.
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Using discounted travel cards like the Istanbul Tourist Pass.
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Drinking local Turkish wine instead of importing expensive bottles.
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Avoiding souvenir shops in touristy areas and bargaining at Grand Bazaar.
Final Thoughts on Turkish Lira & Money Tips
My top pieces of advice are:
- Carry a mix of Lira cash and a fee-free card
- Withdraw Lira from reputable bank ATMs
- Avoid shady exchange offices and airport exchanges
- Don’t accept outdated Turkish bills
- Watch out for pickpockets and scams
- Use public transport and eat local foods to save money
Which Currency Can Tourists Use in Turkey?
Euros and US Dollars might be accepted in some businesses, especially in tourist areas, but its not universally accepted. However, foreign visitors can withdraw lira from Turkish ATMs or exchange their local currency at a local bank or exchange office.
Where Can I Change Money in Turkey?
Anyone can easily exchange Euros, Dollars, and British pounds into Turkish lira at all banks, and only authorized currency exchange offices. Exchange points at tourist resorts and airports typically do not offer favorable rates. It is better to change your cash in a city or town.
What money should you take to Turkey? Cash or Card
FAQ
How much is $100 US dollars in Turkey?
| USD | TRY |
|---|---|
| 10 USD | 361.11 TRY |
| 25 USD | 902.79 TRY |
| 50 USD | 1,805.59 TRY |
| 100 USD | 3,611.19 TRY |
What’s the best currency to take to Turkey?
Turkish Lira is always accepted but you usually get a better deal with Euros. US $ is ok. Sterling – less so. A pound sterling is worth more than either so for buying small stuff you and the trader will have more trouble with change. Currency cards, credit cards are both good too.
Is it better to use euro or lira in Turkey?
However, it’s important to note that the exchange rate might not always be favorable, so you could end up paying more than if you used lira. Outside of tourist hotspots, it’s less common to use euros, so having some local currency on hand is still recommended for smaller shops, markets, or rural areas.
How much is $1 USD to a lira?
| Conversion rates US Dollar / Turkish Lira | |
|---|---|
| 1 USD | 36.45430 TRY |
| 5 USD | 182.27150 TRY |
| 10 USD | 364.54300 TRY |
| 20 USD | 729.08600 TRY |