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Foreign Exchange Guide to Turkey

Latest market mid-rate: 1.0 =

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

The domestic currency in Turkey is the Turkish lira with currency code TRY. Read this foreign exchange guide to Turkey and the Turkish lira with money transfer and travel tips plus Turkish lira exchange cross rates.

In this guide we review :

  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.

Turkish lira (TRY) general currency information

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).

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.


Turkish lira (TRY) in the markets

The Turkish lira’s perpetual decline continues in 2018.

In May, USD/TRY reached 4.289, marking yet another all-time low in the lira’s value. 2018 is now the sixth calendar year from the past seven, and the ninth from the past thirteen, in which a record low has been achieved.

Investors continue to be frightened away from the lira and from Turkish assets in general by inflation, which continues to run in double figures. In April, annual core inflation stood at 12.2%.

Given the Turkish central bank’s failure to act on inflation in the form of an increase to its benchmark interest rate, questions have been raised over the bank’s independence (President Erdogan is well known to hold a dislike for high interest rates).

Other issues weighing on the lira in 2018 have included Turkey’s current account deficit, which has more than doubled within the past year; a significant deterioration in US-Turkey relations, due to diverging foreign policies for conflict-engulfed Syria; threats to global trade from new US tariffs and firmer US yields.

Unless Turkish interest rates are raised quickly, the lira will continue underperforming, thinks BNP Paribas.

The interactive chart below shows the TRY to USD 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.


TRY-USD 3 Month chart
Loading TRY/USD Chart
TRY 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.

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)

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.

Travel Money Exchange Rates Compared

Buying TRY Cash with USD 1,000

Travelex Online logo Travelex Online
1USD=4.1621TRY
₺4162.10 TRY (12.55%)
Free Home Delivery when you Buy Online Travel Money & Cards with $0 commission and great exchange rates only available from Travelex Online. Zero cost for Home Delivery or pickup your foreign cash at your local Travelex store or at the airport on departure day. * Home deliveries can only be made to the registered billing address of your chosen payment method.
Price Details
Receive: ₺4162.10 TRY
Exchange Rate: 4.1621
(Inverse 1TRY=USD 0.2403)
Fees: USD 0
Total Cost : 12.55% (from mid-rate: 4.7595)
Amount of money that could be received by your currency exchange at rate USD/TRY=4.1621 and inclusive of the fee of USD 0.
Rate timestamp : Thu Jun 21 2018 06:00:04 GMT+0000 (UTC)
Bank Rates - Average
1USD=4.1646TRY
₺4122.95 TRY (13.37%)
This is the average USD to TRY Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.

 
Price Details
Receive: ₺4122.95 TRY
Exchange Rate: 4.1646
(Inverse 1TRY=USD 0.2401)
Fees: USD 10 (1%)
Total Cost : 13.37% (from mid-rate: 4.7595)
Receive TRY ₺39 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate USD/TRY=4.1646 and inclusive of the fee of USD 10 (1%).
 

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㎡.

Getting a better deal when sending money 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!

 
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote

Compare Foreign Transfers

Sending USD 10,000 to TRY

OFX logo OFX (prev. USForex)
1USD=4.7059TRY
₺47,059 TRY (1.13%)
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Price Details
Receive: ₺47,059 TRY
Exchange Rate: 4.7059
(Inverse 1TRY=USD 0.2125)
Fees: USD 0
Total Cost : 1.13% (from mid-rate: 4.7595)
This is the amount of money that could be received by your transfer at rate USD/TRY=4.7059 and inclusive of the fee of USD 0.
Rate timestamp : Thu Jun 21 2018 06:05:50 GMT+0000 (UTC)
Bank Rates - Average
1USD=4.5651TRY
₺45,583 TRY (4.23%)
This is the average USD to TRY International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.

 
Price Details
Receive: ₺45,583 TRY
Exchange Rate: 4.5651
(Inverse 1TRY=USD 0.2191)
Fees: USD 15
Total Cost : 4.23% (from mid-rate: 4.7595)
Receive TRY ₺1,476 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/TRY=4.5651 and inclusive of the fee of USD 15.
 

Turkish lira - exchange rates - live and historic

Major TRY cross rates
View Full List (A-Z)
1TRY=

TRY/USD - Turkish lira to U.S. dollar - 10 Year History

DateExchange RatePeriod
10 Jun 20180.22351 Week
18 May 20180.22271 Month
19 Dec 20170.26076 Months
17 Jun 20170.28541 Year
17 Jun 20160.34152 Years
18 Jun 20130.53135 Years
19 Jun 20080.814910 Years

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

DateExchange RatePeriod
10 Jun 20180.18971 Week
18 May 20180.18891 Month
19 Dec 20170.22026 Months
17 Jun 20170.25491 Year
17 Jun 20160.30292 Years
18 Jun 20130.39685 Years
19 Jun 20080.525910 Years

TRY/GBP - Turkish lira to British pound sterling - 10 Year History

DateExchange RatePeriod
10 Jun 20180.16661 Week
18 May 20180.16531 Month
19 Dec 20170.19486 Months
17 Jun 20170.22341 Year
17 Jun 20160.23792 Years
18 Jun 20130.33965 Years
19 Jun 20080.413310 Years

TRY/JPY - Turkish lira to Japanese yen - 10 Year History

DateExchange RatePeriod
10 Jun 201824.46751 Week
18 May 201824.67261 Month
19 Dec 201729.45946 Months
17 Jun 201731.64501 Year
17 Jun 201635.60682 Years
18 Jun 201350.61005 Years
19 Jun 200887.916410 Years

TRY/AUD - Turkish lira to Australian dollar - 10 Year History

DateExchange RatePeriod
10 Jun 20180.29411 Week
18 May 20180.29651 Month
19 Dec 20170.34076 Months
17 Jun 20170.37451 Year
17 Jun 20160.46182 Years
18 Jun 20130.56065 Years
19 Jun 20080.858210 Years

TRY/CAD - Turkish lira to Canadian dollar - 10 Year History

DateExchange RatePeriod
10 Jun 20180.28991 Week
18 May 20180.28711 Month
19 Dec 20170.33586 Months
17 Jun 20170.37711 Year
17 Jun 20160.44092 Years
18 Jun 20130.54215 Years
19 Jun 20080.826510 Years