Currency in Syria SYP - Things to know
Foreign exchange guide to Syria and the Syrian pound
What's in this Syria currency guide?
What currency is used in Syria?
The official currency of Syria (country code: SY) is the Syrian pound, with symbol £ and currency code SYP.
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Things to know about the Syrian pound
The Syrian pound (SYP) is the official currency of Syria, a country located in the Middle East. Here are a few things to know about the Syrian pound:
- The Syrian pound is abbreviated as SYP and is divided into 100 piastres.
- Since July 2007, the Syrian pound has been pegged to the IMF SDR (Special Drawing Rights).
- Syria has a mixed economy, with a significant public sector and a large agricultural sector. The country is also a major producer of oil and natural gas.
- The Syrian pound has experienced significant depreciation in recent years due to economic challenges and political instability in the country. Inflation has also been a concern, with the Central Bank of Syria implementing measures such as raising interest rates to try to curb rising prices.
Travel money for Syria
Save money and time by Ordering your Syrian pound online from Travelex, you get better rates and can pick up the SYP cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Syrian pound otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Syria
Syria is a country located in the Middle East, bordered by Turkey, Iraq, Jordan, Israel, and Lebanon. The official language is Arabic and the currency is the Syrian pound. The population is predominantly Muslim, with a mix of Sunni and Shia denominations.
The country has a rich cultural heritage, with numerous historical sites such as the ancient city of Palmyra, the Citadel of Aleppo, and the Krak des Chevaliers castle. Visitors can also explore the bustling markets and bazaars, try traditional Syrian cuisine, and experience the country's hospitality.
However, due to the ongoing civil war, the country is not safe for travel and the U.S. Department of State advises against all travel to Syria. The situation is unpredictable and can change rapidly, with areas of the country experiencing ongoing conflict and violence. Access to basic necessities such as food and medical care can also be limited.
USD/SYP Market Data
The below interactive chart displays the USD/SYP change and UP📈 DOWN📉 trends over the past 1 Year.
Frequently Asked Questions
What currency should I use in Syria?
The domestic currency in Syria is the Syrian pound.
What is the Syrian pound currency code and symbol?
The three letter currency code for the Syrian pound is SYP — symbol is £.
Which countries use the Syrian pound?
It is the domestic currency in Syria.
Is the Syrian pound a closed currency?
No, the Syrian pound is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and SYP?
Here are some popular conversion amounts for USD to SYP (US dollar to Syrian pound)*.
*Converted at the current USDSYP interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to Syria - Best Rates
To get a good (and fair) exchange rate when sending money to Syria you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Syria
When sending money to Syria it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Syrian pound amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted SYP amount will be transfered to the recipient account you specify in Syria.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Syrian pound deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Syria
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Syria.
For expats in Syria, the situation is very challenging. Many have been forced to leave the country, and those who remain face significant risks and challenges. Due to the unstable security situation, foreigners are advised to leave the country if possible.
Managing your finances in Syria
Here we list some key points for expats and businesses to consider when managing financial dealings in Syria:
Understand Syrian pound currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the SYP exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Syrian pound bank account: A local SYP bank account can make it easier for you to manage your finances and pay bills while you are in Syria. It may also be more convenient to use a local SYP bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Syria. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Syria. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Syria, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.