Understand the currency of Turkey
If you are the Turkey visit, it is helpful to understand the Turkish Lira currency and how it works. You can read our Turkish Lira guide to learn where to get it, how to use it and how to get familiar with Turkish currency.
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FreeCurrencyRates.comThe Turkish Lira is the currency of the Republic of Turkey and the Turkish Republic of Northern Cyprus.
From 2005 to late 2008 it was officially called the New Turkish Lira (Yeni Türk Lirası, YTL or TRY). on the 1st January In 2009, "new" (Yeni) was deleted. The currency is once again referred to as the Turkish Lira for short, although the international three-letter symbol (ISO 4217) is still TRY.
In any case, you need the Turkish lira as a means of payment for trips to Turkey.
Do you want to know more about the Turkish currency?
This is a guide that includes tips, withdrawals, exchanges and more information about Turkish currency and how to handle money in Turkey as a tourist.
Brief information about the Turkish Lira (TRY)
- currency name: Türk Lirası
- Recognized currency in the: Republic of Turkey, Turkish Republic of Northern Cyprus
- launch date: 2005
- denominations: Lira in coins: 1, 5, 10, 25 and 50 kurus. Lira in banknotes: 5, 10, 20, 50, 100 and 200 lira
- subunit: 100 kuruş
- Abkürzung / Currency symbol: TL₺
- currency code: TRY
A vacation in Turkey can bring significant benefits to travelers who earn dollars or euros: Due to the economic situation in Turkey, a vacation in Turkey can offer a cheap vacation.
Questions and Answers on the Turkish Lira (TRY, TL, ₺)
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Can I pay in euros in Turkey?
Advertisement Booking.comThe euro is widely accepted as currency in the tourist areas of Turkey. However, the exchange rate you get is likely to be much worse than the real value of the euro, which means you lose a lot of money paying in euros in Turkey.
Always pay in local currency, Turkish Lira.
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Can you pay by card in Turkey?
VISA and Mastercard are accepted in many restaurants, hotels and larger shops, but it is still a cash-based society and it is recommended that tourists always have cash with them for small purchases, local restaurants, small shops, taxis, etc.
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Should you exchange money before traveling to Turkey?
Due to the low exchange rate in Germany, it is usually a bad idea to exchange money in the exchange office. The best way to save money when traveling is to pay with your card or withdraw money from a local ATM.
Bring a credit card with no exchange fees or ATM fees and you'll save big bucks in Turkey.
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ATMs and withdrawals in Turkey
It is recommended to pay by card whenever possible and to always use the local currency when making card payments. The same goes for ATMs, never choose your own currency as the exchange rate is not good and you can lose 5-15 euros at a time. For cash withdrawals abroad, your Banking expected to charge a fee, usually around 5 euros + exchange fee per withdrawal.
At Turkish airports, especially in terminals, you should avoid using the machines. The exchange rate there is usually set at a very bad price.
The best way to withdraw money is from a regular ATM. Please always remember to settle the final bill in the local currency, Turkish Lira.
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Can I use debit and credit cards in Turkey?
Some Couches block their debit cards for transactions outside the European Union. Please consult your bank before traveling to Turkey. Your bank's service hotline can usually activate your card for use abroad.
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Are there tourist traps when exchanging money in Turkey?
There are relatively few tourist traps when exchanging money in Turkey. There are a few other issues you should be aware of:
exchange office: Always ask for the exchange rate and make sure that the exchange rate written on the neon sign is actually the correct exchange rate.
Exchange fees: Turkish exchange offices rarely charge fees. However, before you switch, ask again.
ATMs and exchange offices at the airport: If possible, avoid ATMs and exchange offices at the airport. There you will get the worst exchange rate in Turkey.
Handling: It is best to withdraw cash in open bank branches, because ATMs in Turkey are manipulated just as often as in Germany.
Safety: Also in Turkey you should not withdraw money on a dark street at 4.30 in the morning.
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Can I transfer money to Turkey?
Banks charge high fees, charge low exchange rates and it takes a long time to transfer funds to Turkey the überweis. An international transfer fee of 1.000 euros exceeds 50 euros, including fees and exchange rates.
In addition, the maximum duration for international transfers to Turkey is not regulated by law as it is not within the EU. This means that the transfer can easily take a few days.
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How much cash can I bring in and out of Turkey?
Imports and exports over 10.000 euros must be declared to customs. More information can be found on the website of Foreign Office.
The rules for bringing cash into and out of Turkey can be found on the website of the Turkish customs.
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What about inflation and currency devaluation in Turkey?
After the currency conversion in 2005, the exchange rate of the Turkish lira against the euro and the US dollar remained stable. However, since the tourism crisis of 2016, the lira has rapidly depreciated.
The reason for the exchange rate of the Turkish lira are the political risks of Turkey's borders with Iraq and Syria, the general crisis in the emerging countries and the economic losses caused by the tourism crisis.
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What is the best currency in Turkey?
The best currency in Turkey is Turkish Lira (TRY). This is followed by the euro € and then the US dollar $. However, if you pay in Lira instead of Euros and US Dollars, your money will be more worth.
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Can I use US Dollars in Turkey?
Tourist shops, restaurants and hotels sometimes accept US dollars, but Turkey generally does not accept US dollars as currency outside of tourist areas. In addition, the prices paid in US dollars in Turkey are very poor, and it is better to use the local currency lira (TRY).
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Can I use euros in Turkey?
In Turkey, some shops in tourist areas accept euros. In addition, the prices paid in euros in Turkey are very poor, and it is better to use the local currency lira (TRY).
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How much cash can I take with me to Turkey?
There is no limit to how much money you can bring to Turkey. However, if you are bringing more than 10.000 euros or other currency, you must sign the declaration form upon arrival.
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Where can I find the current Lira exchange rate?
You can find the current lira exchange rate, for example, on the Google website.
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What is the Turkish currency called?
Lira comes from the Latin libra pondo ("a pound by weight") and is the name of the Turkish currency.
In Turkish, lira is used for singular and plural: TL1 = Bir Lira; TL5 = Beş Lira.
The lira is also the name of the former euro currency in Italy. The Italian plural of lira is lire, but that's not Italian türkisch.
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How do I recognize counterfeit Turkish Lira banknotes?
Counterfeiting (printing of counterfeit banknotes) is a problem in all countries, including Turkey. You must be vigilant. There is usually a note with the word on the banknotes GEÇERSİZDİR printed. This means "non-negotiable". In other words, fake. Worthless. Sahte ("fake" in Turkish).
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What is the Turkish Lira currency symbol?
The currency symbol of the Turkish lira is written in front of the number. ₺ is an anchor-like symbol, which is supposed to symbolize the stability of the currency.
ATM Bank ATMs in Turkey
With the Girocard (EC card) you can also withdraw money in Turkey without any problems. Turkey has a well-developed ATM network and accepts universal girocard (EC card) with Maestro, Cirrus or PLUS symbols.
- You can also use the V Pay card to withdraw money from Turkish ATMs.
- You can recognize the corresponding ATMs by the symbols on the accepted EC cards (Maestro / Cirrus / PLUS).
- In addition to the mother tongue and English, the menu navigation of Turkish ATMs can also be set to German. If only English is available, you can use the command "Withdraw - Savings' Select the desired amount.
Withdraw money in Turkey by credit card
Another option is to withdraw money by credit card in Turkey. Major international credit cards are accepted. As long as the ATM has the appropriate logo (VISA / MasterCard / American Express / Diners Club), Turkish lira can be withdrawn from it. Your credit card password is required.
- Another thing to consider when withdrawing money with traditional credit cards in Turkey is the fees charged by your credit card provider.
- Depending on the provider, a foreign transaction fee of 1,75-4% of the payout amount is charged, as well as a payment transaction fee for the currency conversion from lira to euros. Withdrawing money in Turkey by credit card can be very expensive.
The cost trap when exchanging euros at Turkish ATMs
More and more Turkish ATMs are equipped with the so-called Dynamic Currency Exchange (DCC), which can be converted into euros immediately upon withdrawal. At first glance, this sounds very practical.
- However, this dynamic Euro conversion is much worse than the current Turkish Lira to Euro exchange rate. In this way, the exchange rate set by the financial service provider is imposed on unsuspecting holidaymakers.
- The DCC exchange rate is 15% worse than the current exchange rate.
- If the ATM offers euro exchange, it should always be rejected! If an immediate euro change is planned, this also applies to cashless payments.
The banking network in Turkey
The largest banks in Turkey are:
- Turkey Business Bank
- T.C. Ziraat bank
- Akbank
- People's Bank
- VakifBank
- Guarantee Bank
- YapiKredi Bank
- Deniz Bench
- ING Bank
- HSBC Bank Turkiye
Exchange offices in Turkey
We recommend that you exchange money at the exchange office on arrival and departure. There are »Döviz« exchange offices almost everywhere in the city. The daily rate is displayed on a large electronic screen.
The exchange office offers different rates. In some cases the exchange rate is bad, in other cases you have to pay a high exchange rate fee. So always compare the prices of different exchange offices. There can be significant differences between two neighboring providers.
Never change your money at Turkish airports. The exchange office there is by far the most expensive.
History of Turkish Currency
During the Ottoman Empire, Akçe silver coins have existed under Orhan I since 1327. The Kuruş silver coin was introduced in 1690. After Abdülmecid I's currency reform, the Ottoman lira (Turkish Osmanlı Lirası) replaced Krus as the main currency in 1844. in the October In 1923, the then new Turkish Yeni Türk Lirası (Turkish Yeni Türk Lirası) began to circulate.
The Turkish lira has been hit by high inflation since the 1970s, peaking at around 1990% in the mid-125s.
After the turn of the millennium, Turkey's central bank plans to exchange currencies again. This was supposed to happen in 2006 but was brought forward due to a sharp drop in the inflation rate (7% in 2005 and the average inflation rate from 1971 to 2002 was over 40%).
On January 1, 2005, the Republic of Turkey implemented a currency cut and 1 million old lira was converted into new lira.
As of January 1, 2009, the new prefix was removed and new cash circulated without this prefix.
Inflation and depreciation of the Turkish Lira
The Turkish-Ottoman currency has always suffered from enormous inflation. The lira has lost more value than many other currencies. By 1970, the depreciation averaged 8% per year. From 1970, the inflation rate was sometimes significantly higher. The exchange rate of the lira against the US dollar rose slightly from 2001 to 2007 and then fell again.
There are banknotes of 5, 10, 20, 50, 100 and 200 lire, coins of 1, 5, 10, 25 and 50 kurus and 1 lira. As before the currency reform, 100 kurus equals 1 new lira. On the obverse of the banknote and the reverse of the coin is a portrait of Mustafa Kemal Ataturk, the founder of the Turkish state. These images are not exactly the same but are from different periods of his life. The back of the banknote shows cultural and natural monuments.
The Turkish 2005 lira coin, introduced in 1, is similar to the 2 euro coin, with a silver core and gold (brass) rim; Size and weight are also similar; the same applies to the 2005 kuruş coin introduced in 50, which is confused with the 1 euro coin.
Exchange rate and shopping in Turkey
The Turkish Lira exchange rate has always been affected by high inflation. Even after a reduction of six zeros in 2004, this situation has progressed further. By the turn of the century, high inflation was avoided and after the introduction of the new Turkish lira (new Turkish lira) and a reduction of six zeros, the exchange rate remained relatively stable.
In 2009, the suffix "Yeni" was dropped. Since then, the Turkish currency has been called the “Turkish Lira” again.
Purchasing power of euros in Turkey
Currently you get around 1 Turkish Lira for 10 €.
The turnover is low and depends on the season. The value of TL decreases in Summer still and rises in Winter back to. Although inflation has continued and slowed down relatively in recent years, prices in Turkey have risen sharply.
Exchange rate to the euro of the Turkish currency
The exchange rate against the euro has developed disadvantageously against the lira in recent years. In recent years, the currency has depreciated by an average of 10% per calendar year against the euro.
currently have persistent Economic weakness and political turbulence favored this development.
In recent years, the actual purchasing power of one euro has declined. This is mainly due to the increase in the prices of products, goods and services in Turkey.
Turkish Lira: Everything you need to know about the Turkish currency
The Turkish Lira is the official currency of Turkey and one of the most traded currencies in the world. In this article, we'll take a closer look at the Turkish Lira and tell you everything you need to know about the currency, including its History, their current status and future prospects.
History of the Turkish Lira
Introduced in 1923, the Turkish lira has historically suffered from political and economic turmoil. Despite this, it has proven to be a resilient currency and remains an important currency in the region.
Current position of the Turkish lira
The Turkish lira has faced many challenges in recent years, including high inflation, mounting debt and political instability. However, it has stabilized in recent years and remains an important currency in the region.
Future Prospects for the Turkish Lira
While the future is always uncertain, the Turkish Lira remains an important currency in the region and is expected to continue to play a significant role in the future global economy. Nonetheless, it is important to closely monitor developments in the currency markets and seek the advice of a qualified financial advisor before making any decisions regarding the Turkish Lira.
Turkish lira summary
The Turkish lira is the main currency in the region and has historically remained stable despite political and economic challenges. Although the future is uncertain, it is expected to continue to play an important role in the global economy. It is important to closely monitor currency market developments and seek advice from a qualified financial advisor before making any decisions
Note: The information provided on our website is for general informational purposes only and does not constitute recommendations or tips for financial decisions. We assume no responsibility for the accuracy, completeness or timeliness of the information provided. Please always seek the advice of a qualified financial advisor before making any decisions regarding your Finance to meet.
