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.
What is a good Turkish lira exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
Loading rates...
|
|
|
Good things to know about the Turkish lira
Turkish Lira (TRY) Facts
1. Currency Symbol: The Turkish Lira is symbolized as "₺," which was officially adopted in 2012, replacing the old "TRL" designation.
2. Subdivisions: The Lira is divided into 100 kuruş, making it easier for transactions and pricing in everyday use.
3. Central Bank: The Central Bank of the Republic of Turkey (CBRT) regulates the Turkish Lira, responsible for monetary policy and ensuring stability.
4. Major Uses: The Lira is primarily used for domestic transactions within Turkey and Northern Cyprus, being essential for travelers and businesses operating locally.
5. Popularity: As the official currency of Turkey, the Lira is widely accepted across the country, although travelers may also encounter transactions in Euros and US Dollars in tourist areas.
6. Exchange Rate Behavior: The Turkish Lira has experienced significant volatility in recent years due to economic policies, inflation, and geopolitical factors, impacting exchange rates rapidly.
7. Recent Trends: As of October 2023, the Lira remains under pressure, making it crucial for travelers and businesses to monitor exchange rates closely to optimize international transactions.
For more TRY information check out our selection of Turkish lira news and guides.
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 does 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.
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.
Everyday Costs in in Turkey
How much does it really cost to live, work, or travel in Turkey? Here's what to expect for daily expenses and expat living.
Currency Guide for Turkey (ISO Code: TR)
When planning a trip to Turkey for a week-long mid-range stay, travelers should budget approximately 1,500 to 2,000 Turkish Lira (TRY) per day, translating to around 10,500 to 14,000 TRY for the entire week. This amount can comfortably cover meals, sightseeing, transportation, and occasional shopping. Here’s a brief overview of typical daily expenses in Turkey: 🍽️ Meal at a local restaurant: 150-300 TRY, ☕ Coffee: 30-50 TRY, 🚍 Public transport fare: 20-30 TRY, 📶 Prepaid SIM card: 400-800 TRY, 🏨 Budget hotel or Airbnb: 800-1,200 TRY per night. Overall, Turkey offers relatively affordable travel experiences, making it cheaper than the United States and only slightly more expensive than visiting the UK. In comparison, costs in Turkey are generally lower regarding day-to-day expenses like food and transport, even if average hotel prices can sometimes rival the UK.
For expats in Turkey, maintaining a comfortable lifestyle typically requires a monthly budget ranging from 10,000 to 15,000 TRY, depending on individual circumstances and location. Key expenses include rent, utilities, groceries, and entertainment. When it comes to banking, using local banks for daily transactions is advisable, as they offer a variety of services tailored to residents. Cards are widely accepted, but carrying some cash is crucial for small purchases. For sending and receiving money internationally, online services like Wise or OFX provide competitive rates and lower fees compared to traditional banks, thus avoiding unfavorable forex rates typical of local exchanges. Generally, for the best value, it's often recommended to exchange a minimal amount of money locally, perhaps for immediate expenses, while relying more heavily on online services for larger transactions to facilitate a smooth financial experience in Turkey.
USD/TRY Market Data
The below interactive chart displays the USD/TRY change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Turkish lira Market News
The US imposed a 10% reciprocal tariff rate on goods from Turkey as part of Trump’s growing trade war with countries around the world.
Turkey in Crisis After Mayor's Arrest
The arrest of Istanbul mayor Ekrem İmamoğlu is seen as a critical point in Turkey's authoritarian shift, causing political and investor concerns. The Turkish lira (TRY) hit a record low against the dollar, closing down 3.3%, amid doubts about Erdoğan’s commitment to the rule of law and economic reforms by finance minister Mehmet Şimşek.
These events were a setback for Turkey’s finance officials, who spent the last two years trying to stabilize the economy and convince Wall Street investors to overlook past instability and invest in the country’s currency and debt.
Following the formal arrest of Imamoglu, Turkish markets have been on edge with the lira resuming its fall.
Hundreds of thousands of Turks protested Imamoglu’s detention , defying bans handed down from the governors of Istanbul, Ankara and Izmir. Erdogan has responded by warning the main opposition — the Republican People’s Party, or CHP — that such demonstrations would not be tolerated.
For more TRY information read our News and guides to the Turkish lira.
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㎡.