Is the euro widely accepted in Turkey, or is it the Turkish lira is the Sultan? When the eyes turn to the east – the captivating country that straddles Europe and Asia, one of the most important questions about local currency crosses your mind.
Well, now is the time to examine the prevalence of the euro and the importance of the Turkish lira in this enchanting destination.
As you plan your upcoming trip to Türkiye you may be wondering which currency is best to take with you. With the Turkish lira facing high inflation and volatility, many visitors consider bringing euros instead. But is the euro widely accepted in Türkiye or should you rely solely on the local lira?
In this comprehensive guide, we’ll examine everything you need to know about paying with euros versus liras in Türkiye We’ll look at when euros are accepted, if you should exchange currency in advance, using ATMs and credit cards, and more tips to make the most of your money
The Prevalence of the Euro in Türkiye
The Turkish lira is the official currency of Türkiye. It’s recognized as the sole legal tender by the government and used for all transactions, from paying for meals to buying museum tickets.
However, the euro does have limited acceptance in tourist areas, airports, hotels, and some shops due to the lira’s volatility. Prices may even be listed in euros in these places.
While the euro isn’t as widely accepted as the lira overall, carrying some euros along with liras can provide more flexibility in major tourist destinations like Istanbul, Cappadocia, and coastal resorts.
Should You Exchange Currency in Advance?
It’s generally not recommended to buy large amounts of euros or liras before your trip. The exchange rates are usually more favorable inside Türkiye.
However, having a small amount of euros and liras on arrival can be useful for taxis, food, and other expenses on your first day.
The best approach is to withdraw cash using an ATM once you arrive. This will ensure you get a fair exchange rate and have easy access to liras.
Using ATMs in Türkiye
ATMs are plentiful across Türkiye and accept foreign debit cards, dispensing liras. Withdrawing cash from an ATM often gives better rates compared to airport exchanges or hotels.
Look for ATMs affiliated with major banks like Halkbank and Garanti Bank to avoid high fees. Withdraw smaller amounts each time due to the lira’s rapid decline.
Using a debit card like Visa or Mastercard without foreign transaction fees is the most cost-effective option. However, carry some cash as backup since smaller shops may not take cards.
Paying with Credit Cards in Türkiye
Major credit cards like Visa and Mastercard are widely accepted in hotels, restaurants, and shops in cities and tourist areas. However, smaller establishments may only accept cash.
Using a credit card in Türkiye generally gives you a fair exchange rate. But cash advances from ATMs can incur fees and interest charges.
Contact your provider to ensure your card will work in Türkiye and be aware of foreign transaction fees. A travel rewards card can provide benefits like no fees and travel insurance.
Tips for Getting the Best Exchange Rates
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Look for currency exchange offices (döviz) inside Türkiye to get better rates compared to exchanging money beforehand.
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Avoid airport exchanges and hotel fronts desks which often have high fees.
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Carry a mix of liras and euros in smaller denominations for markets, buses, and taxis.
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Pay with a credit or debit card whenever possible to get the card issuer’s exchange rate.
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Review the mid-market rate online to know the real exchange rate and identify inflated margins.
Frequently Asked Questions
What is the currency used in Türkiye?
The Turkish lira is the official currency and the most widely accepted form of payment across Türkiye.
Should I bring euros or Turkish lira?
It’s advisable to carry some of both. Have liras for areas that may not accept euros, and euros for hotels and tourist sites that prefer them. Use liras as much as possible to get better deals.
Can I pay in euros at restaurants in Türkiye?
Some tourist-oriented restaurants may accept euros, but it’s best to pay in liras whenever possible. Paying in euros can result in hidden fees or markups.
How much are 100 Turkish lira worth in euros?
As of January 2023, 100 Turkish lira is approximately equivalent to 5 euros. However, exchange rates fluctuate frequently.
Is it better to exchange money in my home country or Türkiye?
You’ll typically get better exchange rates if you wait and change money at ATMs, banks, or currency exchanges inside Türkiye rather than exchanging beforehand.
Can I use my credit card in Türkiye?
Yes, major credit cards are widely accepted, especially in hotels and restaurants in big cities. But carry cash as backup since some small shops may not take cards.
Conclusion
While the euro has limited use in tourist areas of Türkiye, relying primarily on the local Turkish lira will get you the best deals. Carry a small mix of both currencies in cash and use your debit card and credit card where accepted.
By following these tips on currency exchange, ATM use, credit card acceptance, and getting favorable rates, you can make the most of your travel budget in Türkiye! Let us know if you have any other questions about spending money during your upcoming visit.
How much is 100 Turkish lira to the pound?
The exchange rate between the Turkish lira (TRY) and the British pound (GBP) can vary. Currently, 100 Turkish lira is approximately equivalent to 2.83 British pounds.
However, for the most up-to-date conversion, I recommend checking a reliable financial news website or using a currency conversion tool or app.
Using a credit or debit card in Turkey
In Turkey, although cash remains a common choice, businesses widely accept credit and debit cards from major global providers like VISA and Mastercard. Moreover, there’s a good chance American Express and Diner’s Club cards will also be welcome.
For peace of mind, it’s essential to contact your bank or card provider directly to ensure they support Turkish lira currency conversion and card compatibility in Turkey.
Moreover, to reduce currency conversion fees, consider choosing a card designed for overseas use, often offering additional perks like travel insurance and rewards programs.
It’s worth noting that your bank may impose overseas fees, so exploring a separate account tailored for travel with minimal or no overseas costs is a prudent choice.
Credit cards furnish a line of credit for various transactions. However, keep in mind that using them at ATMs can lead to cash advance fees, interest charges, and international ATM expenses.
On the other hand, debit cards find broad acceptance at local businesses, yet keeping some cash handy is recommended as smaller establishments may not accommodate cards.
Furthermore, a travel debit card allows you to use your funds for over-the-counter purchases and ATM withdrawals wherever Visa and Mastercard are accepted.
Turkey boasts an extensive banking network, encompassing retail, private, and Sharia-compliant banks. Here is a list of the most popular ones.
- Halkbank: Known for low fees on foreign bank card usage.
- Ziraat Bankasi: The largest state-owned bank.
- Garanti Bankası: A prominent private bank.
- İş Bankası: Another significant private bank.
- Yapı Kredi Bankası: One of the largest private banks.
- HSBC: A popular choice for foreigners with slightly lower fees.
- AKBANK: Recognisable with widespread presence, though it comes with fees.
- Deniz Bank: Another visible option, but known for high fees on foreign cards.
These banks have branches in major cities, ensuring easy access to ATMs. For fee-free ATMs, consider Halkbank and Ziraat Bankasi. Isbank and Garanti Bank are common choices, but they may impose fees on foreign credit cards.
Additionally, foreign-owned banks also operate in Turkey, primarily in larger cities.