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Foreign Exchange Guide to Turkey

Read this currency guide to Turkey with money transfer and travel tips.   [USD/TRY=5.7903]

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 Travel Money Exchange Rates vs the Banks

USD $1,000 → Spend Turkish lira (TRY)

ProviderSpend Amount USDExchange RateCostReviewsLinks to Offers
Travelex Online US logoTravelex Online US
₺4721.10 TRY
Top Provider
4.721118.85%
 
HSBC logoHSBC
₺4673.90 TRY
₺47 less
4.673919.66%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo
₺4611.27 TRY
₺110 less
4.642420.74%
Wells Fargo Bank logoWells Fargo Bank
₺4580.42 TRY
₺141 less
4.673921.27%
U.S. Bank logoU.S. Bank
₺4579.50 TRY
₺142 less
4.579521.28%
Travelex Online US: rate, rating & reviews
From amount:$1,000 USD
To amount:₺4721.10 TRY
Exchange Rate:4.7211
Total Cost:18.85% (against USD/TRY mid-rate: 5.8178)
Fees:$0
Timestamp:
Rate Fetched: Tue Aug 14 2018 15:00:04 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$1,000 USD
To amount:₺4673.90 TRY
Exchange Rate:4.6739
Total Cost:19.66% (against USD/TRY mid-rate: 5.8178)
Fees:$0
Timestamp:10:09 Local
Rating:
: /5.0
Reviews:
 

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

Banks - Average Rate :
From amount:$1,000 USD
To amount:₺4611.27 TRY
Exchange Rate:5.0906
Total Cost:20.74% (against USD/TRY mid-rate: 5.8178)
Fees:$10
Wells Fargo Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:₺4580.42 TRY
Exchange Rate:4.6739
Total Cost:21.27% (against USD/TRY mid-rate: 5.8178)
Fees: Minimum 20 USD
Timestamp:10:09 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:₺4579.50 TRY
Exchange Rate:4.5795
Total Cost:21.28% (against USD/TRY mid-rate: 5.8178)
Fees:$0
Timestamp:10:09 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/TRY mid-rate: 5.8178
Rates @ 10/15/2018
 

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 Foreign Transfers vs the Banks

Send USD $10,000 → Receive TRY

ProviderReceive Amount TRYExchange RateCostReviewsLinks to Offers
OFX logoOFX
₺57,653 TRY5.76531.08%
 
Wells Fargo Bank logoWells Fargo Bank
₺56,455 TRY5.65573.14%
HSBC logoHSBC
₺56,414 TRY5.64993.21%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
₺56,069.75 TRY5.63983.8%
Bank of America logoBank of America
₺55,705 TRY5.62684.43%
U.S. Bank logoU.S. Bank
₺55,705 TRY5.62684.43%
 
OFX: rate, rating & reviews
From amount:$10,000 USD
To amount:₺57,653 TRY
Exchange Rate:5.7653
Total Cost:1.08% (against USD/TRY mid-rate: 5.8285)
Timestamp:
Rate Fetched: Mon Oct 15 2018 08:05:46 GMT+0000 (UTC)
Rating:
 
: 4.8/5.0
Reviews:
Wells Fargo Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:₺56,455 TRY
Exchange Rate:5.6557
Total Cost:3.14% (against USD/TRY mid-rate: 5.8285)
Difference:
₺1,198 TRY less than using OFX
Timestamp:10:09 Local
Rating:
: /5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$10,000 USD
To amount:₺56,414 TRY
Exchange Rate:5.6499
Total Cost:3.21% (against USD/TRY mid-rate: 5.8285)
Difference:
₺1,239 TRY less than using OFX
Timestamp:10:09 Local
Rating:
: /5.0
Reviews:
 

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

Banks - Average Rate :
From amount:$10,000 USD
To amount:₺56,069.75 TRY
Exchange Rate:5.6153
Total Cost:3.8% (against USD/TRY mid-rate: 5.8285)
Difference:
₺1,583 TRY less than using OFX
Bank of America: rate, rating & reviews
From amount:$10,000 USD
To amount:₺55,705 TRY
Exchange Rate:5.6268
Total Cost:4.43% (against USD/TRY mid-rate: 5.8285)
Difference:
₺1,948 TRY less than using OFX
Timestamp:10:09 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:₺55,705 TRY
Exchange Rate:5.6268
Total Cost:4.43% (against USD/TRY mid-rate: 5.8285)
Difference:
₺1,948 TRY less than using OFX
Timestamp:10:09 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/TRY mid-rate: 5.8285
Rates @ 10/15/2018
 

Major TRY cross rates


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

DateExchange RatePeriod
07 Oct 20180.16221 Week
14 Sep 20180.16211 Month
17 Apr 20180.24436 Months
14 Oct 20170.27521 Year
14 Oct 20160.32362 Years
15 Oct 20130.50375 Years
16 Oct 20080.668610 Years

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

DateExchange RatePeriod
07 Oct 20180.14071 Week
14 Sep 20180.13941 Month
17 Apr 20180.19746 Months
14 Oct 20170.23281 Year
14 Oct 20160.29492 Years
15 Oct 20130.37235 Years
16 Oct 20080.497310 Years

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

DateExchange RatePeriod
07 Oct 20180.12361 Week
14 Sep 20180.12411 Month
17 Apr 20180.17096 Months
14 Oct 20170.20711 Year
14 Oct 20160.26552 Years
15 Oct 20130.31505 Years
16 Oct 20080.387110 Years

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

DateExchange RatePeriod
07 Oct 201818.44291 Week
14 Sep 201818.16861 Month
17 Apr 201826.14376 Months
14 Oct 201730.76931 Year
14 Oct 201633.69322 Years
15 Oct 201349.53025 Years
16 Oct 200867.408410 Years

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

DateExchange RatePeriod
07 Oct 20180.22991 Week
14 Sep 20180.22671 Month
17 Apr 20180.31456 Months
14 Oct 20170.34881 Year
14 Oct 20160.42482 Years
15 Oct 20130.52875 Years
16 Oct 20080.988810 Years

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

DateExchange RatePeriod
07 Oct 20180.21001 Week
14 Sep 20180.21141 Month
17 Apr 20180.30686 Months
14 Oct 20170.34301 Year
14 Oct 20160.42602 Years
15 Oct 20130.52225 Years
16 Oct 20080.795810 Years

TRY News and Forecasts