Currency in Turkey: TRY Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Turkey with the Turkish lira.
What's in this Turkey currency guide?
What currency is used in Turkey?
The official currency of Turkey (country code: TR) is the Turkish lira, with symbol ₺ and currency code TRY.
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Frequently Asked Questions
What currency should I use in Turkey?
The domestic currency in Turkey is the Turkish lira.
What is the Turkish lira currency code and symbol?
The three letter currency code for the Turkish lira is TRY — symbol is ₺.
What doe the Turkish lira look like?
Here is an example Turkish lira banknote:
Which countries use the Turkish lira?
It is the domestic currency in Turkey.
Is the Turkish lira a closed currency?
No, the Turkish lira is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and TRY?
Here are some popular conversion amounts for USD to TRY (US dollar to Turkish lira)*.
*Converted at the current USDTRY interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Things to know about the Turkish lira
The Turkish lira (TRY) is a highly volatile emerging market currency, influenced by monetary policy, inflation, political stability, and global economic conditions. As Turkey's official currency, the lira has seen significant fluctuations, driven by high inflation, unconventional economic policies, and geopolitical tensions.
The lira is subdivided into 100 kuruş.
Global interest in the lira has picked up considerably since the turn of the millennium. By 2016, the lira was the 16th most traded currency in the world. It had been 30th most traded in 2001.
Precious metals remain an important cog in Turkey’s economy. “Turkey is home to the entire gold value chain from mining and refining, to jewellery design and investment,” says the World Gold Council, and this therefore links short and medium-term changes in the lira’s value to the broader commodities cycle.
Short-term changes in the lira are also driven by risk sentiment. As a riskier, emerging market currency, the lira will fall in value against the major currencies of the world (especially JPY, USD, CHF, GBP and EUR) during periods of economic uncertainty or when geopolitical risk is elevated.
It is fair to say about the lira’s long-term value that it is stuck in perpetual decline.
Ravaged by above-100% inflation, the lira lost 97% of its value against the dollar between the mid-1990s and early 2000s. In 2003, with a single dollar buying 1.5 million lira, the Turkish government decided to redenominate, and this took place in January 2005, striking six zeros from the lira.
Post-redenomination, the historic downtrend in the lira persists, barring some stability between 2005 and 2008.
The Central Bank of the Republic of Turkey (CBRT) sets monetary policy, which is a key driver of the lira’s value. Unlike many central banks that raise interest rates to control inflation, Turkey has sometimes lowered rates in high-inflation environments. This has weakened investor confidence, led to capital outflows, and caused sharp declines in the lira’s value. The CBRT also uses foreign exchange reserves and intervention strategies to manage currency stability.
Inflation is a persistent issue for the lira. Turkey has faced double-digit inflation rates, reducing purchasing power and increasing costs for businesses and consumers. High inflation weakens the currency as investors seek more stable assets. The CBRT’s ability to control inflation and restore investor confidence is crucial for stabilizing the lira.
The lira is sensitive to political and geopolitical events. Turkey’s domestic policies, regional conflicts, and relations with global powers like the US, EU, and Russia impact investor sentiment. Sanctions, trade agreements, and military actions have historically affected the lira. The Ukraine war and Turkey’s global diplomacy role also influence foreign capital flows.
Travel money for Turkey
Using Wise for Turkish lira travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Turkish lira otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Turkish lira cash before departure, you can save money by ordering online. You generally get better rates and can pick up the TRY cash locally or even on travel day at the airport.
Turkey: Travel Guide
Traveling to Turkey requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
From the ancient wonders of Ephesus to the majestic Byzantine dome of Aya Sofya, Turkey is a treasure trove of world-renowned ruins and monuments. This land, once a vital stop on the Silk Road, bears the imprint of empires like the Romans, Byzantines, and Ottomans. Their legacy unfolds in Istanbul's opulent Topkapı Palace, where sultans once reigned, to the enchanting Lycian ruins scattered along the sun-kissed Mediterranean shores.
Turkey/Türkiye Official name
Turkey officially adopted the name "Türkiye Cumhuriyeti" (Republic of Turkey) upon declaring the republic on October 29, 1923. In December 2021, President Recep Tayyip Erdoğan issued a directive advocating for the use of "Türkiye" in exports and official communications, emphasizing that it better reflects Turkish culture and avoids association with the bird "turkey."
In May 2022, Foreign Minister Mevlüt Çavuşoğlu requested international recognition of "Türkiye" as the official name. The UN and other organizations implemented the change. While the U.S. State Department now uses "Türkiye" in formal contexts, it retains "Turkey" for broader public understanding. The name in Turkish orthography is stylized as "TÜRKİYE."
Currency in Turkey
Turkish ATMs are widespread and dispense lira, typically with a 2% conversion fee and an additional $5 transaction fee from your bank. Euros are accepted in some places, but USD rarely. A prepaid travel card can be a good alternative to credit cards. Be cautious of overcharges on bills, and haggling can reduce prices by up to 40%. Notify your bank in advance of your trip to avoid potential issues with ATM withdrawals due to fraud concerns.
Getting Around in Turkey
- Domestic Flights: Affordable and efficient, with many routes connecting through İstanbul or Ankara.
- Intercity Buses: Modern and cost-effective, offering snacks, drinks, and kolonya (lemon cologne) during the journey. Bus stations (otogars) often provide free shuttle services ("servis") to city centers.
- Dolmuş (Minibuses): Handy for shorter routes but may be crowded and require hailing.
- Driving: Ideal for exploring rural areas and hidden gems but less practical for long distances or navigating traffic-heavy cities.
Travel Tips for Turkey
- Tourist Areas: Expect sellers offering goods; politely ignore them if uninterested.
- Dual Pricing: In tourist-heavy areas, prices may be displayed in both lira and euros or dollars. However, paying in lira often provides better value.
- Scenery: Enjoy diverse landscapes from the Aegean coast to Cappadocia's fairy chimneys and Kaçkar Mountains.
- Hydration: Always carry bottled water, especially in hot weather.
- Cuisine: Savor local dishes like Aegean meze, Anatolian kebaps, and baklava. Dining is a cultural experience reflecting Turkey's sociable traditions.
USD/TRY Market Data
The below interactive chart displays the USD/TRY change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Turkey - Best Rates
To get a good (and fair) exchange rate when sending money to Turkey 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 Turkey
When sending money to Turkey 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 Turkish lira 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 TRY amount will be transfered to the recipient account you specify in Turkey.
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 Turkish lira deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Turkey
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.
Understand Turkish lira currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the TRY exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Turkish lira bank account: A local TRY bank account can make it easier for you to manage your finances and pay bills while you are in Turkey. It may also be more convenient to use a local TRY 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 Turkey. 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 Turkey. 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 Turkey, 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.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Turkey.
Living and conducting business in Turkey offer unique opportunities and challenges, particularly concerning currency matters.
Expatriate Life in Turkey:
- Cost of Living: Turkey generally offers a lower cost of living compared to Western countries. Expenses such as housing, food, and utilities are relatively affordable, making it an attractive destination for expatriates.
- Currency Fluctuations: The Turkish lira has experienced significant volatility in recent years, leading to high inflation rates. For expatriates earning income in foreign currencies like USD, EUR, or GBP, this can enhance purchasing power. However, those earning in lira may find their income's value eroded by inflation.
- Financial Planning: Due to currency instability, it's crucial for expatriates to engage in thorough financial planning. This includes budgeting for potential price increases and considering savings or investments in more stable currencies to mitigate financial risks.
Conducting Business in Turkey:
- Currency Risks: Businesses face challenges due to the lira's depreciation and high inflation, which can lead to increased production costs and reduced competitiveness, especially for exporters. Negotiating contracts in stable foreign currencies and implementing hedging strategies can help manage these risks.
- Economic Policies: Recent shifts towards conventional economic policies, such as significant interest rate hikes, aim to stabilize the currency and control inflation. While these measures have attracted foreign investment, they also result in higher borrowing costs, impacting business operations.
- Market Challenges: The economic environment includes complex bureaucracy, regional disparities, and legal complexities. Engaging local legal expertise and staying informed about regulatory changes are essential for successful business operations.
Recommendations:
- Income Considerations: Expatriates should assess whether to earn in foreign currencies to leverage favorable exchange rates, enhancing their purchasing power in Turkey.
- Financial Strategies: Utilizing financial instruments like forward contracts can help businesses hedge against currency fluctuations, providing more predictable financial outcomes.
- Professional Advice: Consulting with financial advisors and legal experts familiar with Turkey's economic landscape is advisable to navigate the complexities of living and doing business in the country.
In summary, while Turkey presents appealing opportunities for expatriates and businesses, it's imperative to proactively manage currency-related challenges to ensure financial stability and operational success.
What prime property does $US 1million buy in Istanbul?
The area (㎡) of prime property that $US 1million buys in Turkey's capital city Istanbul in Q1 2018 is 110㎡.
This is compared to equivalent areas for Hong Kong 22㎡, London 27㎡, Singapore 37㎡, Paris 45㎡, Shanghai 50㎡, Tokyo 70㎡, Berlin 74㎡, Mumbai 94㎡, Dubai 138㎡ and San Paulo 172㎡.
