When planning a trip to the vibrant and culturally rich country of Turkey for the first time, you may ask "What currency does Turkey use?" Understanding the currency and how to manage it effectively is essential for a smooth travel experience.
Luckily for you, we’re your local foreign currency experts:
The Official Currency of Turkey: Turkish Lira (TRY)
Turkey’s official currency is the Turkish Lira, abbreviated with the symbol ₺ or the code TRY. The lira is used for all transactions across the country, from bustling markets in Istanbul to serene beach resorts in Antalya. Whether you're buying a simit from a street vendor or booking a hot air balloon ride in Cappadocia, the Turkish Lira is what you’ll need.
Subdivisions of the Turkish Lira
The Turkish Lira is divided into 100 smaller units called kuruş, abbreviated with the symbol kr. Coins are available in denominations of 1, 5, 10, 25, and 50 kuruş, as well as 1 lira. Banknotes come in 5, 10, 20, 50, 100, and 200 lira denominations. Familiarising yourself with these denominations will help you navigate transactions easily, especially in local markets where cash is often preferred.
A Brief History of the Turkish Lira
The Turkish Lira has an interesting history that reflects Turkey’s economic evolution. The lira was first introduced in 1844 during the Ottoman Empire, but the modern Turkish Lira, as we know it today, came into use in 1923 after the establishment of the Republic of Turkey.
In 2005, Turkey underwent a significant currency reform due to high inflation rates, introducing the New Turkish Lira (YTL) by removing six zeros from the old lira. By 2009, the "new" designation was dropped, and the currency reverted to being called the Turkish Lira (TRY). This history of inflation and reform is worth noting, as the lira’s value can fluctuate, impacting exchange rates for travelers.
Why Exchange Rates Matter for Travelers to Turkey
The value of the Turkish Lira can vary significantly against major currencies like the British Pound (GBP). For UK travelers, this means your travel money can go further depending on the exchange rate.
However, exchange rates will fluctuate daily based on economic factors like inflation, political stability, and global market trends. To maximise your travel budget, it’s wise to monitor rates and exchange your money at the right time.
With TravelCash.co.uk, you can lock in great rates with 0% commission, ensuring you get the best value for your travel money.
Practical Tips for Handling Turkish Lira
Here are some essential tips for UK travelers to manage their Turkish Lira effectively:
1. Exchange Your Money Before You Go
While you can exchange money in Turkey, airport and hotel exchange rates are often less favorable, with higher fees. TravelCash offers a fast, secure way to buy Turkish Lira online at competitive rates. Simply select TRY, enter the amount you need and choose a convenient bureau for collection using our store locator. Orders placed before mid-day on a weekday are often ready for collection the next working day.
2. Use Cash for Small Transactions
In Turkey, cash is king, especially in local markets, small restaurants, and for tipping. While major cities like Istanbul and Ankara accept cards at hotels and larger stores, smaller establishments often prefer or only accept cash. Ensure you have a mix of lira notes for convenience
3. Be Aware of Payment Methods
When collecting your Turkish Lira from a TravelCash store, you can pay with a personal debit card, or cash. Always bring a valid ID, such as a driver’s license or passport, to collect your order.
4. Watch Out for Dynamic Currency Conversion
When using cards abroad, some merchants may offer to charge you in GBP instead of TRY. This "dynamic currency conversion" often comes with poor exchange rates and extra fees. Always choose to pay in Turkish Lira, or simply rely on cash to avoid unnecessary costs.
5. Save Your Leftover Lira
Got extra Turkish Lira after your trip? At TravelCash we will buy back your foreign notes at great rates, ensuring you don’t lose value on unused currency. Simply visit one of our partner bureaus to exchange your leftover lira back to pounds.
Where to Use Turkish Lira in Turkey
The Turkish Lira is accepted everywhere in Turkey, but here are some scenarios where it’s particularly useful:
- Markets and Bazaars: Iconic spots like Istanbul’s Grand Bazaar or Izmir’s Kemeraltı Market thrive on cash transactions, where haggling is common.
- Public Transport: Buses, ferries, and some metro systems require cash or prepaid cards topped up with lira.
- Tipping: Tipping in Turkey (typically 5-10% in restaurants) is usually done in cash.
- Rural Areas: Outside major cities, card acceptance is less common, so carry enough lira for small purchases.
Other Currencies in Turkey?
While the Turkish Lira is the only official currency, some tourist-heavy areas (e.g., Antalya or Bodrum) may accept Euros (EUR) or US Dollars (USD) at hotels or large shops. However, this is not widespread, and the exchange rates offered are often poor. To avoid overpaying, always carry Turkish Lira for most transactions.
FAQs About Using Turkish Lira
Can I use my UK debit or credit card in Turkey?
Yes, cards are widely accepted in urban areas and tourist hotspots, but expect higher fees for credit card transactions and potential currency conversion charges. Always carry some Turkish Lira for smaller vendors.
How quickly can I get Turkish Lira with TravelCash?
If you order before mid-day on a weekday, you can typically collect your Turkish Lira the next working day in the afternoon, or sooner if it’s in stock at your chosen bureau. You’ll receive an SMS and email when your order is ready.
What if I need a large amount of Turkish Lira?
TravelCash carries TRY in most stores, so it is likely to always be available for you. In the rare instance that it is not, we can always order for next day delivery.
