Join My Mailing List
  • White Facebook Icon

© 2023 by AllAbouTurkiye. Proudly created with D.

1/1

MONEY

The new Turkish Lira (TRY) is the currency of Turkey and the Turkish Republic of Northern Cyprus.

 

Turkey's currency is the Yeni Türk Lirası ( new Turkish lira; YTL). Lira  comes in coins of 1, 5, 10, 25 and 50 kuruş  and a 1 lira coin, and notes of 5,10 , 20,  and 100 lira.

 

After decades  rampant inflation- as high as 70% -  the Turkish lira started to stabilize in 2003;  my 2004 inflation was down to around 12%. Yeni Türk Liras was introduced in January 2005. 

 

In 2005, the New Turkish Lira (YTL) was introduced. Six zeros were deleted from the existing Turkish Lira, which had become impractical to use prior to this there had been approximately 2,500,000 TL to £1.

 

From 2006 only the new currency will be in circulation and it will revert to be known only as TL (Turkish Lira). There are 100 Kurus (Kr) to the Turkish Lira.

 

All Turkish notes and coins show the portrait of Mustafa Kemal Ataturk, the founder of the Turkish Republic and its first President.

 

However, it still makes sense to wait until you arrive in Turkey to change your money into Lira since you will probably get a better exchange rate inside the country than outside. Turkish lira are virtually  worthless outside Turkey, so make sure you spend them old before leaving.

 

Restaurateurs And Shop owners don't often carry large denomination notes on them so try to keep a supply of small money on you for small payments.

ATMs 

ATMs dispense new Turkish lira to Visa Mastercard, Cirrus  And Maestro card holders. Look for these logos on the machines; they are found in most towns. Virtually old machines offer instructions in English French and German. It is possible to get around Turkey using only ATMs,  provided you remember to draw out money in the towns to tide you through the villages that don't have them, and keep some cash in reserve for the inevitable day when the machine throws a wobbly, Or it is a holiday. You can usually  draw up about 350 Euro per day.

note that if your cart is swallowed buy a standalone ATM booth, It may be tricky getting it back in a hurry- these are open run by franchises rather than by the Banks themselves.

Cash

US Dollars and Euros are the easiest currencies to change, although many banks and exchange offices will change other major currencies such as UK pounds and Japanese Yen. you may find it difficult to exchange Australian or Canadian currency except at Banks and offices in major cities.

Credit Cards 

Visa and MasterCard/Access are widely accepted by hotels, shops, bars and restaurants, although not by pensions and local restaurants outside main tourist areas. you can also get cash advances on these cards. Amex cards are rarely accepted.

Money Changers 

It is easy to change major currencies in exchange offices, some post offices (PTTs) ,Shops and hotels, older Banks tend to make heavy weather of it. Places that don't charge a commission usually offer ever exchange rate instead.

Although Turkey has no black market, foreign currencies are readily accepted in shops, hotels and restaurants in many tourist areas.

Tipping 

In the cheapest restaurants locals leave a few coins in the change tray.  Elsewhere you should tip about 10% to 15% of the bill. Some more expensive restaurants automatically at a 15% or 10% servis ucreti  (Service charge) to your bills, but there is no guarantee this goes to the staff, so you may want to tip the staff directly.

Tips are not expected in cheaper hotels. In more expensive places a porter will carry your luggage and show you to  your room. For doing this ( and showing you how to turn on the lights and the television) he will expect about 3% of the room price.

 It's usual to round up metered taxi fares to the nearest 50 kurus, so round up 4,70 TL to 5TL. Dolmus drivers never expect a tip.

In Turkish baths you should tip around 10% to 20% to the masseuse/ masseur. In the tourist oriented hamams the fixed-price may already be so high that you may assume that service is included, but it usually isn't and a tip is appreciated. 

If you are shown around a site Debt is not normally open to the public or are given a guided tour by the custodian, you should certainly tip them for their trouble. If you Turkish  lira for 10 or so many minutes is usually fine.

Travel Cheques

Our advice:  don't bring them!  Banks, shops and hotels usually see it as a burden to change traveler's cheques  and will either try to get you to go elsewhere or charge you a premium for changing them.