Turkey is a popular vacation spot for British tourists, in part because it provides a wide variety of resorts and activities, in addition to the fascinating city of Istanbul.
This guide provides all the information you require regarding Turkey’s currency and the exchange rate for Turkish Lira, whether you are looking to find out what currency is used there, how much to bring, or how much things will cost.
Turkey’s Official Currency: Turkish Lira
Turkey’s official currency is the Turkish Lira (TRY), which has been in circulation since 1844. The lira is subdivided into 100 kurus, although kurus coins are rarely used in everyday transactions.
Historical Context and Revaluation
The Turkish Lira has undergone significant changes throughout its history. In 2005, due to years of depreciation, the Turkish government implemented a revaluation, introducing the “New Turkish Lira” at a rate of 1 new lira to 1 million old lira. This revaluation aimed to stabilize the currency and improve its value.
Denominations of Turkish Lira
Turkish Lira banknotes come in denominations of 1, 5, 10, 20, 50, 100, and 200 lira. Coins are available in denominations of 1, 5, 10, 25, and 50 kurus, as well as 1, 2, and 5 lira. All Turkish banknotes feature a portrait of Mustafa Kemal Atatürk, the founder of modern Turkey.
Where is Turkish Lira Used?
The Turkish Lira is the official currency of Turkey and is also used in the Turkish Republic of Northern Cyprus. It is not used in any other country.
Exchange Rate for Turkish Lira
The Turkish Lira is a volatile currency, and its exchange rate fluctuates against other major currencies, including the Euro and US Dollar. It’s crucial to check the latest exchange rates before traveling to Turkey to ensure you get the best value for your money.
Cost of Living in Turkey
Turkey is generally considered an affordable destination for travelers, with lower costs for food, drinks, experiences, and shopping compared to many European countries. However, prices can vary depending on the location, time of year, and type of establishment.
Getting Turkish Lira
The most convenient way to obtain Turkish Lira is to pre-order it online or at a currency exchange bureau before your trip. You can also exchange currency upon arrival at airports, banks, or exchange bureaus in Turkey.
Using Euros in Turkey
While the Turkish Lira is the official currency, Euros are often accepted in tourist areas, particularly in airports, hotels, and major tourist attractions. However, it’s essential to note that the exchange rate offered for Euros may not be as favorable as the official exchange rate.
Travel Money Card: A Convenient Option
The Travelex Money Card offers a convenient and secure way to manage your holiday currency in Turkey. You can load the card with Turkish Lira and use it for ATM withdrawals or contactless payments where Mastercard prepaid is accepted. The card also provides security features, allowing you to freeze or cancel it in case of loss or theft.
Managing Your Lira Expenses
It’s recommended to carry both cash and a card while traveling in Turkey. Cash is useful for small purchases at markets, taxis, and buses, while cards are more convenient for payments in hotels and restaurants.
Understanding Turkey’s currency and exchange rates is crucial for planning your trip and managing your expenses effectively. By pre-ordering Turkish Lira, using a travel money card, and being aware of where Euros are accepted, you can ensure a smooth and enjoyable travel experience in Turkey.
How much can I expect to spend in Turkey?
Turkey is very well-liked by British tourists in part because money is very well-spent there. You’ll find that the majority of items, including food, beverages, activities, and shopping, are significantly less expensive than they are at home.
Turkey is also well-known for its market vendors who sell knockoff designer items like bags, sunglasses, and clothes. Just be mindful that you might not be purchasing authentic goods.
A breakdown of Turkey’s currency
So what currency does Turkey use? It’s the Turkish Lira, which was first introduced in 1844. The abbreviation for lira is TRY.
100 kurus make up one lira. Previously, kurus served as the main form of money in the Ottoman Empire.
Turkey had to revalue its currency in 2005 after years of depreciation. The Turkish new lira replaced the previous version at the rate of 1 new lira to a million old lira.
What money should you take to Turkey? Cash or Card
FAQ
Can you use the euro in Turkey?
What is best currency to take to Turkey?
Is it better to exchange Dollars or Euros in Turkey?
Do they use US or euro in Turkey?
Can you use euros in Turkey?
The Turkish Lira is the official currency of Turkey, but tourists may be able to use Euros in certain places and instances. The answer cannot be a straightforward yes, so let’s talk about what tourists need to know about using Euros in Turkey. What Instances
What is the best currency to use in Turkey?
Fiat or crypto, Android or iOS we promise you the best Swiss quality experience. Cash is vital in Turkey, with the Turkish lira widely accepted by most shops, restaurants, and businesses. Therefore, it’s advisable to have some local currency on hand during your travels.
Can I use euros instead of Turkish lira?
If you’re planning a trip to Turkey, you may wonder if you can use euros instead of Turkish lira. The answer is no; you cannot officially use euros in Turkey. The official currency in Turkey is the Turkish lira, the only currency accepted for transactions.
What currency should I use when withdrawing money in Turkey?
Always select to be charged in local currency, not your home currency, when withdrawing money. The banking network in Turkey is extensive, covering retail and private banks, and those offering tailored services such as Sharia-compliant banking.