What is Turkey Money? A Guide to the Turkish Lira

Turkey, located between Europe and Asia, is a popular travel destination known for its rich culture, stunning landscapes, and Mediterranean beaches. If you’re planning a trip to Turkey, you’ll need to familiarize yourself with the country’s currency – the Turkish lira

A Brief History of the Turkish Lira

The Turkish lira has an interesting history dating back to the ancient Roman unit of weight known as the libra. The libra was equivalent to the Troy pound of silver and was used throughout Europe and the Near East in medieval times. The lira was introduced in 1844 during the Ottoman Empire, replacing the kuruş as the main unit of currency.

After the fall of the Ottoman Empire in 1923, the new Republic of Turkey issued the Turkish lira as its official currency. The lira remained relatively stable until the 1970s when inflation caused it to rapidly lose value. In 2005, six zeros were dropped and the “new” Turkish lira was issued, with the ISO code TRY.

Turkish Lira Denominations

The Turkish lira is divided into 100 kuruş. Banknotes are issued in denominations of 1 5 10, 20, 50, 100 and 200 lira. Coins come in 1, 5, 10, 25, and 50 kuruş.

The most frequently used banknotes are the 5, 10, 20, 50 and 100 lira. The 1 lira banknotes and coins are rarely used. All banknotes feature an image of Mustafa Kemal Atatürk, the founder of modern Turkey, on the obverse. The reverse depicts various prominent Turkish historical figures.

Exchange Rates and Currency Converter

As of February 2023, the exchange rate is approximately 17 Turkish lira to 1 US dollar. Rates fluctuate regularly, so it’s wise to check a currency converter for the most up-to-date rate before your trip. Many currency converter sites and apps allow you to view historical rates and make conversions easily.

Paying with Cash vs Card in Turkey

While credit cards are widely accepted in tourist areas and large stores, smaller shops and restaurants may only accept cash. It’s a good idea to have some Turkish lira on hand, especially for street food, public transportation, cafés, and bargaining at bazaars.

However, avoid carrying large amounts of cash to avoid pickpocketing. When obtaining Turkish lira, it’s best to withdraw from ATMs in Turkey to get the best rates. Inform your bank of your travel plans to avoid issues using your cards abroad.

Cost Saving Tips for Traveling to Turkey

• Choose your travel dates wisely – Prices surge in peak season from July to August. Visit during shoulder seasons for lower rates.

• Opt for budget accommodation – Hostels, pensions, and Airbnbs are significantly cheaper than hotels.

• Take public transportation – Buses, metros, and trains are very affordable. Avoid taxis and rental cars.

• Eat local – Skip the touristy restaurants and try small local eateries for authentic dishes at lower prices.

• Haggle respectfully – Bargaining is expected at bazaars and markets. Have small bills handy and negotiate politely.

• Avoid exchanging money at airports – Use ATMs or exchange bureaus in the city for much better rates.

• Buy a Museum Pass – One pass covers entry to hundreds of sites and pays for itself quickly.

• Drink Turkish tea – Sipping tea at a cafe is a beloved local custom that only costs a few lira.

Exchanging Currency Before Your Trip

For the best Turkish lira exchange rates, it’s advisable to buy some before your trip rather than at the airport or in Turkey. Reputable currency exchange services allow you to order lira delivered to your door before you depart. This saves time and ensures you have local currency right away without getting ripped off by poor exchange rates and fees.