Turkey has two official currencies: the Turkish lira (TL) and the euro (EUR). The Turkish lira, which was introduced as a new national currency on 1 January 2005, is divided into 100 kuruş. Coins come in denominations of 1, 5, 10, 25 kurush; notes come in denominations or 50 kuruş, 100 kuruş 200 kurush and 500 kurush notes. The euro was adopted officially by the Monetary Policy Committee of Central Bank of Turkey on 31 May 2005 and replaced the Turkish lira at a rate of 1 EUR = TRY 2.812085 on 17 January 2008.
Currency in Turkey
The Turkish Lira (TRY) is the currency of Turkey. It is also called “lira”. The currency code is TRY, and the symbol is YTL. The subunit is kuruş.The Turkish Lira has been in use since 1 January 2005 and it replaced the original Turkish lira on 1 January 2005 at a rate of 1 new lira = 1000 old liras.
The ISO 4217 code for the new Turkish lira was officially changed from TRL to TRY on 17 February 2006; however, some banks were slow in changing their records over from TL to TRY so as late as 2008 there were still some issues with ATMs accepting both currencies interchangeably during peak periods or when one had run out of money but not yet had time to replace it (this problem no longer exists due to a change in policy).
Exchange services in Turkey
When you are traveling in Turkey, it is necessary to exchange currency. In general, money can be exchanged at any bank or post office. You may also find some exchange offices at airports and ports.
You will find out about the current rate of exchange before you visit the bank or post office by using one of the many internet applications available for mobile phones with internet access: For example Google Finance, Yahoo Finance & Bloomberg Businessweek offer this service within their websites’ search engines where they provide information regarding stocks and bonds as well as currency exchange rates between different countries like USA dollar / euro etc..
The following table shows what you need to know about Turkish lira when traveling abroad:
Using travelers checks in Turkey
The traveler’s check is a prepaid travel document that you can use to pay for goods and services around the world. It can be cashed at exchange offices or banks, transferred to your bank account or used as payment for items purchased online.
The exchange rate for travelers checks depends on its denomination and where you buy it. For example, if you purchase a $100 US Cash Passport Traveler’s Check at an American Express office in Turkey, the exchange rate will be higher than if you bought it at home before your trip. There is also usually a fee charged by airlines when paying with this type of instrument.
Using credit cards and debit cards in Turkey
As you might imagine, the popularity of credit cards and debit cards varies depending on where you are in Turkey. Generally speaking, credit cards are more widely accepted in larger cities and tourist areas, whereas debit cards are more widely accepted in rural areas. In smaller towns, both types of card are commonly accepted.
ATMs in Turkey
An ATM is the easiest way to withdraw cash in Turkey. In major cities, towns and tourist areas, ATMs can be found 24 hours a day and 7 days a week.
The fees for withdrawals at ATMs are lower than at banks.
Banks in Turkey
Banks in Turkey are open Monday to Friday, but most close on Saturday and Sunday. Most banks have ATMs, some of which accept cards issued in foreign countries. Banks also offer currency exchange services and money transfer services at their branches or through third parties like Western Union.
International banks operating in Turkey
- Merrill Lynch
- Bank of America Merrill Lynch
- Turkish banks:
- Akbank (www.akbanksanatci.com)
- Turkish bank (www.turkishbank.com)
- Turkish bank accounts:
- Turkish bank account (www.turkishbankaciligiyorum.com)
Turkish currency is called the Turkish Lira (TL).
The Turkish Lira (TL) is the official currency of Turkey. It has been in use since 1931 and replaced the Ottoman Empire’s kuruş. One lira is divided into 100 kuruş, with coins being minted in 5, 10, 25 and 50 kuruş denominations. The 1 lira coin was discontinued in 2009 but reintroduced in 2017 after a short absence from circulation.
If you’re traveling to Turkey as a tourist or for business purposes, you’ll need some TL before you get there so you can pay for your food and accommodation once you arrive. You can change traveler’s checks from your home country at most banks or exchange them for cash at ATMs inside airports and bus stations, which are common locations throughout Turkey’s major cities like Istanbul (Istanbul) and Ankara (Ankara).
We hope you enjoyed learning about the exchange services in Turkey. If you are planning on traveling there, be sure to check out our other guides for more information!