What is the currency of Turkey? What are the currencies of the Turkish lira? Is the Turkish lira more advantageous when shopping? Should I carry Turkish lira with me? If you are a tourist visiting Turkey, you may be asking yourself these questions. Please relax.
Located in both Europe and Asia, Turkey often makes travelers think about the official currency. While Turkish Lira is the official currency, some tourist spots in Turkey accept Dollars, Euros, Pounds Sterling. However, using Dollars, Euros or Pounds Sterling may not be the most economical choice.
In popular destinations such as Istanbul, Cappadocia and Antalya, many businesses, especially near tourist centers, may accept payment in foreign currency. However, be careful as prices quoted in foreign currency may be inflated compared to those quoted in Turkish Lira. Let’s move on to the details.
Official Currency Of Turkey
What is the currency in Turkey? The Turkish Lira is the official currency, also used in Northern Cyprus. The abbreviation for the Turkish lira is “TL” and the symbol for the Turkish lira is “₺“. Depending on where it is used, either the symbol or the abbreviation may be used to denote the Turkish lira, provided that they are not used at the same time.
Turkish coins (from smallest to largest)
Turkish coins are 1 kuruş, 5 kuruş, 10 kuruş, 25 kuruş, 50 kuruş and 1 lira. Due to the inflation, 1 kurus, 5 kurus, 10 kurus, 25 kurus are generally not used. Rather, 50 kurus and 1 lira are in the status of iron money (coins) that you may need. If you are given more change than you need when you shop somewhere, do not accept it.
Turkish Banknotes (from smallest to largest)
Turkish paper money is denominated in 5 lira, 10 lira, 20 lira, 50 lira, 100 lira and 200 lira. Refunds of 5-10-20 lira are commonly given to you as a refund for small expenses you will make.
The Turkish Lira (TRY) is the official currency of Turkey and has been since 1927. It’s also used in the Turkish Republic of Northern Cyprus and parts of northern Syria. One Lira is equivalent to 100 kurus (kuruş). Banknotes come in denominations of 5, 10, 20, 50, 100, and 200 Liras, while coins are available in 5, 10, 25, 50 kurus and 1 Lira denominations.
Exchanging money in Turkey
For the best exchange rates, it’s advisable to convert your money within Turkey, avoiding airport exchanges. For the best exchange rates, it’s advisable to convert your money within Turkey, avoiding airport exchanges. There are bureaus for currency exchange in all tourist areas. In order not to lose money while exchanging foreign currency, make sure to visit the exchange bureaus close to the hotel where you will be staying. If you are going to take a taxi to your hotel after you get off the plane, it is advisable to exchange a small amount of foreign currency. Do not exchange all of your money at airport exchange offices.
Can you use credit cards in Turkey?
Credit cards, especially Visa and Mastercard, are widely accepted in Turkey. However, it’s always a good idea to inquire about any additional fees before making a purchase. Using a credit card might be more economical than paying with Euros in cash.
Taking cash from ATM’s in Turkey
ATMs are a convenient way to withdraw cash in Turkey. Ensure your card doesn’t charge foreign transaction fees and use ATMs that don’t levy additional charges. Inform your bank about your travel plans to avoid any transaction blocks.
Call your bank before traveling. Find out if you want to travel to Turkey and if there are ATMs in Turkey where you can withdraw money without paying fees. If not, ask how you can withdraw money with the least amount of commission charges.
What instances can you use euros in Turkey?
In Turkey, the Euro is acceptable at international airports, luxury shopping centers and some hotels. However, street markets and local vendors prefer the Turkish Lira. Using Euros can often result in paying more due to unfavorable exchange rates set by vendors. In addition; for example, you wanted to buy something for 200 Turkish Lira. The seller may overcharge you by telling you 20 euros. This is a common situation for tourists. Be careful.
Using traveller’s cheques and credit cards in Turkey
Traveler’s checks are outdated and their use is not accepted in Turkey. However, credit cards, especially Visa and Mastercard, are widely accepted. The banking system in Turkey is quite developed. You can make transactions with Visa and Mastercard in almost all banks. You can widely use credit cards for expenses such as food, shopping, tickets and accommodation.
Availability of PayPal in Turkey
PayPal was widely used in Turkey until 2016. Due to a problem with the government of the time, PayPal stopped its activities in Turkey in 2016. Apart from PayPal, there are alternatives you can use for money transfer such as Wise, Western Union and MoneyGram.
Budget for your vacation in Turkey
Turkey is a relatively affordable destination. Budget travelers might spend USD 20-30 per day, mid-range travelers USD 50-80, and luxury seekers over USD 150.
Good To Know
Using Turkish Lira is the most economical choice. Bargaining is common in local markets. During shopping they may say that they accept payment in USD, EURO, GBP. Make sure you specify that you want to pay in Turkish lira. Unfortunately, local shopping markets in Turkey often overcharge prices or have expensive price tags in order to rip off foreign tourists. This is why it is very common to bargain in local markets. Be vigilant when shopping. Do not pay more money than necessary. If you have a Turkish friend with you, be sure to ask if there is a better place to buy the product you want or leave the bargaining to your friend.
Frequently Asked Questions
- Can you spend british pounds in Turkey?
Possibly in tourist areas, but it’s not recommended.
- Does Turkey use the US Dollar?
Some tourist areas might accept US dollars, but it’s better to use Lira.
- What’s the best currency to use in Turkey?
The Turkish Lira is the most recommended currency for use in Turkey.
- Can you spend British Pounds in Turkey?
British Pounds might be accepted in major tourist areas, but it’s not the most economical choice.
- Does Turkey use the US Dollar?
Similar to Euros, some places might accept US dollars, especially in tourist hubs. However, using the local currency is always advised.
- Can you use euros in Istanbul?
While some vendors in Istanbul’s touristic areas like Sultanahmet and Taksim might accept Euros, it’s generally more expensive than paying in Lira. There are numerous currency exchange centers in Istanbul, making it easy to convert your Euros to Lira.