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Foreign Exchange Guide to Turkey

Read this currency guide to Turkey with money transfer and travel tips.   [USD/TRY=5.2892]

Turkey
Country Code:
TR
Domestic Currency:
Turkish Lira
Symbol - Code:
₺ TRY
Telephone Prefix:
+90

This is a foreign exchange guide to Turkey, the Turkish Lira currency plus TRY transfers and travel tips.


In this Turkey currency guide we take a look at :

  1. Turkish Lira info - general info about the Turkish Lira
  2. Turkish Lira in the markets - recent TRY moves and predictions from the FX markets
  3. Travelling in Turkey - currency & money saving tips
  4. Buying Turkish Lira cash online - travel money for Turkey
  5. Sending money to Turkey - save on Turkish Lira bank transfers to Turkey
  6. Turkish Lira exchange rates - latest & historic exchange rates.
  7. TRY News - the latest Turkish Lira related articles from our blog.

Turkish Lira (TRY) general currency information


What is the Turkish Lira currency code and symbol?

The three letter currency code for the Turkish Lira is TRY and the symbol is .


Which countries use the Turkish Lira?

It is the domestic currency in Turkey.

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.

Between January 2008 and January 2017, the lira lost 71% of its updated value as TRY/USD fell from its post-redenomination high of 0.8772 (USD/TRY 1.14) to its post-redenomination low of 0.2538 (USD/TRY 3.94).


Turkish Lira (TRY) in the markets

By early October, the Turkish lira had stabilized, albeit at low levels, following a full-on crisis in August, during which the lira fell at an alarming rate.

Between January and August 13th, the lira lost 46 percent of its value. By October 8th (the day of this report), at a rate of 6.1 to the US dollar, the lira’s loss for the year was down to 38 percent — better, but still disturbing.

Reasons for lira weakness are aplenty, and include high inflation, which neared 25 percent for the year to September; a deterioration in Washington-Ankara relations; threats to global trade from this year’s massive US tariffs; suspicions of political interference in matters of monetary policy; and firmer US yields and the firmer dollar, which make foreign loan repayments more expensive.

In October, ING warned against holding emerging market currencies like the lira; it suspected trade tensions would return following November’s US mid-term elections.

The interactive chart below shows the USD to TRY exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-TRY 3 Month chart
USD-TRY 3 Month chart
USDTRY currency converter

Travel, Currency and Money saving tips for Turkey

 

In Turkey cash machines that dispense Lira are everywhere, usually with around a 2% conversion, and probably a $5 transaction fee from your bank per transaction. The Euro is accepted in some places, and the American dollar almost nowhere. Turkey businesses have a bit of a 'get a little more if you can' attitude so check your bills and if you would prefer not using your credit card perhaps purchase a Prepaid Travel Card before leaving. The Turkish haggle so if you are a stern haggler you can get items up %40 of the price initially quoted.

In the touristy areas and you look like a tourist you will be flocked by people trying to sell you all manner of things. If you do not want anything they offer it is fine to ignore them, they will eventually move onto the next tourist. Drink bottled water, its cold and cheap and since it can be hot all the time in Turkey have some on you at all times to avoid dehydration.

Public buses are a good and economical way to travel between cities in Turkey, but they are not as comfortable as intercity trains in Europe. The buses are generally 20-30 passengers and serve both as regional transportation and city buses which means people get on and off, paying for driver for the distance they travel.  You can purchased a guaranteed seat, but when you board you may find it full.  Just get the driver to ensure you get a seat.

 

Travel money for Turkey

 

Save money and time by Ordering your Turkish Lira online from Travelex, you get better rates and can pick up the TRY 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 Turkish Lira otherwise you may get much worst exchange rates.

 

Compare USD to TRY Travel Money Exchange Rates vs the Banks

ProvidersAmount TRYExchange RateFee USDTotal CostReviewsDeal Links
Wells Fargo Bank logoWells Fargo Bank
₺4957.62 TRY
Top Provider
5.0588$206.38%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
₺4957.11 TRY
₺TRY0.51 less
5.0077$106.38%
U.S. Bank logoU.S. Bank
₺4956.60 TRY
₺TRY1.02 less
4.956606.39%
Travelex Online US logoTravelex Online US
₺4721.10 TRY
₺TRY237 less
4.72110^10.84%
 
Wells Fargo Bank: Travel Money USD→TRY
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:5.0588 (4.46% from mid-rate)
TRY amount:₺4957.62 TRY
Total Cost:6.38%
Time:6:09 Local
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo

Travel Money USD→TRY
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:4.6333 (12.5% from mid-rate)
TRY amount:₺4957.11 TRY
Total Cost:6.38%
U.S. Bank: Travel Money USD→TRY
USD amount:$1,000 USD
Fee:0
Exchange Rate:4.9566 (6.39% from mid-rate)
TRY amount:₺4956.60 TRY
Total Cost:6.39%
Time:6:09 Local
Rating:
: /5.0
Reviews:
Travelex Online US: Travel Money USD→TRY
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:4.7211 (10.84% from mid-rate)
TRY amount:₺4721.10 TRY
Total Cost:10.84%
Time:
Rate Fetched: Tue Aug 14 2018 15:00:04 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers Get Quotes
Total Cost = provider fees + exchange rate margin vs USD/TRY mid-rate: 5.2952
Rates @ 12/10/2018
 

Turkey Trip Checklist    

 
  1. Compare TRY travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Turkey
  3. Lonely Planet - world's best travel guide (coupon and deals)

Sending money to Turkey

When searching around for information on how to get a good exchange rate when sending money to Turkey you need to start with finding out the latest Turkish Lira foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).

What prime property does $US1m buy in Istanbul?

The area (㎡) of prime property that $US1million 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㎡.


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 :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Turkish Lira amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted TRY amount will be transfered to the recipient account you specify in Turkey.

Use our Send to TRY 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!

 

Compare USD to TRY Foreign Transfers vs the Banks

ProvidersAmount TRYExchange RateFee USDTotal CostTransfer SpeedTransfer ServicesReviewsDeal Links
OFX logoOFX
₺52,330 TRY
Top Provider
5.2330^1.17%1-2 daysOnline, Bank Account to Bank Account
 
WorldFirst logoWorldFirst
₺52,740 TRY
₺TRY410 more
5.27400.4%1-2 daysOnline, Bank Account to Bank Account
 
Wells Fargo Bank logoWells Fargo Bank
₺51,242 TRY
₺TRY1,088 less
5.1334183.23%2-3 daysOnline, Branch, Bank Account to Bank Account
HSBC logoHSBC
₺51,205 TRY
₺TRY1,125 less
5.1282$153.3%2-3 daysOnline, Branch, Bank Account to Bank Account
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
₺50,892.25 TRY
₺TRY1,438 less
5.1190153.89%2-3 daysOnline, Branch, Bank Account to Bank Account
Bank of America logoBank of America
₺50,561 TRY
₺TRY1,769 less
5.1072$1004.52%2-3 daysOnline, Branch, Bank Account to Bank Account
U.S. Bank logoU.S. Bank
₺50,561 TRY
₺TRY1,769 less
5.1072$1004.52%2-3 daysOnline, Branch, Bank Account to Bank Account
 
OFX: Foreign Transfer USD→TRY
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:5.2330 (1.17% from mid-rate)
TRY amount:₺52,330 TRY
Total Cost:1.17%
Time:
Rate Fetched: Mon Dec 10 2018 04:02:49 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.8/5.0
Reviews:
WorldFirst: Foreign Transfer USD→TRY
USD amount:$10,000 USD
Fee:
Exchange Rate:5.2740 (0.4% from mid-rate)
TRY amount:₺52,740 TRY
Total Cost:0.4%
Difference:
₺TRY410 TRY more than using OFX
Time:6:09 Local
Transfer Speed:1-2 days
Services:Online, Bank Account to Bank Account
Rating:
 
: 4.6/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→TRY
USD amount:$10,000 USD
Fee:18
Exchange Rate:5.1334 (3.06% from mid-rate)
TRY amount:₺51,242 TRY
Total Cost:3.23%
Difference:
₺TRY1,088 TRY less than using OFX
Time:6:09 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→TRY
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:5.1282 (3.15% from mid-rate)
TRY amount:₺51,205 TRY
Total Cost:3.3%
Difference:
₺TRY1,125 TRY less than using OFX
Time:6:09 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Foreign Transfer USD→TRY
USD amount:$10,000 USD
Fee:15
Exchange Rate:5.0968 (3.75% from mid-rate)
TRY amount:₺50,892.25 TRY
Total Cost:3.89%
Difference:
₺TRY1,438 TRY less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Bank of America: Foreign Transfer USD→TRY
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:5.1072 (3.55% from mid-rate)
TRY amount:₺50,561 TRY
Total Cost:4.52%
Difference:
₺TRY1,769 TRY less than using OFX
Time:6:09 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→TRY
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:5.1072 (3.55% from mid-rate)
TRY amount:₺50,561 TRY
Total Cost:4.52%
Difference:
₺TRY1,769 TRY less than using OFX
Time:6:09 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Account to Bank Account
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers Get Quotes
Total Cost = provider fees + exchange rate margin vs USD/TRY mid-rate: 5.2952
Rates @ 12/10/2018
 

Popular TRY cross rates


TRY/USD - Turkish Lira to United States Dollar - 10 Year History

DateExchange RatePeriod
02 Dec 20180.19241 Week
09 Nov 20180.18311 Month
12 Jun 20180.21796 Months
09 Dec 20170.26061 Year
09 Dec 20160.28872 Years
10 Dec 20130.49325 Years
11 Dec 20080.646910 Years

TRY/EUR - Turkish Lira to Euro - 10 Year History

DateExchange RatePeriod
02 Dec 20180.16961 Week
09 Nov 20180.16151 Month
12 Jun 20180.18556 Months
09 Dec 20170.22131 Year
09 Dec 20160.27332 Years
10 Dec 20130.35845 Years
11 Dec 20080.486710 Years

TRY/GBP - Turkish Lira to British Pound Sterling - 10 Year History

DateExchange RatePeriod
02 Dec 20180.15091 Week
09 Nov 20180.14121 Month
12 Jun 20180.16306 Months
09 Dec 20170.19461 Year
09 Dec 20160.22962 Years
10 Dec 20130.29995 Years
11 Dec 20080.432810 Years

TRY/JPY - Turkish Lira to Japanese Yen - 10 Year History

DateExchange RatePeriod
02 Dec 201821.88981 Week
09 Nov 201820.84641 Month
12 Jun 201824.07276 Months
09 Dec 201729.56421 Year
09 Dec 201633.20422 Years
10 Dec 201350.74675 Years
11 Dec 200859.278810 Years

TRY/AUD - Turkish Lira to Australian Dollar - 10 Year History

DateExchange RatePeriod
02 Dec 20180.26091 Week
09 Nov 20180.25331 Month
12 Jun 20180.28786 Months
09 Dec 20170.34701 Year
09 Dec 20160.38752 Years
10 Dec 20130.53935 Years
11 Dec 20080.964410 Years

TRY/CAD - Turkish Lira to Canadian Dollar - 10 Year History

DateExchange RatePeriod
02 Dec 20180.25501 Week
09 Nov 20180.24201 Month
12 Jun 20180.28376 Months
09 Dec 20170.33481 Year
09 Dec 20160.38082 Years
10 Dec 20130.52355 Years
11 Dec 20080.797510 Years

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