What Money is Used in Turkey? A Comprehensive Guide

Turkey is a captivating country that straddles Eastern and Western cultures. With its rich history, stunning natural landscapes, ancient ruins, and beautiful beaches along its Mediterranean coastline, it’s no wonder Turkey is such a popular travel destination.

If you’re planning a trip to Turkey, one of the first things you’ll need to figure out is what currency is used there. This handy guide will walk you through everything you need to know about money in Turkey.

The Turkish Lira

The official currency of Turkey is the Turkish lira (TRY) It’s also referred to as the new Turkish lira, new lira or new TRY

The Turkish lira was introduced in 2005 when six zeros were dropped from the previous currency, the old Turkish lira. This was done due to hyperinflation that had severely devalued the old lira. One new Turkish lira is equivalent to 1,000,000 old Turkish lira.

The Turkish lira is made up of 100 kuruş. Kuruş means “piaster” and was the primary unit of currency in the Ottoman Empire.

Turkish Lira Banknotes and Coins

Turkish lira banknotes come in denominations of 5, 10, 20, 50, 100 and 200 Each banknote features an image of Mustafa Kemal Atatürk, the founder of the Republic of Turkey, on the front

Coins come in denominations of 1, 5 10, 25 and 50 kuruş. The 1 kuruş coin is rarely used.

Exchange Rate for the Turkish Lira

As with any currency, the exchange rate for the Turkish lira fluctuates daily. It’s a good idea to check current exchange rates right before your trip.

As of February 2023, the exchange rate is approximately:

• 1 USD = 18 TRY
• 1 EUR = 19.5 TRY
• 1 GBP = 22 TRY

Budget accordingly based on the current exchange rate to the currency you will be exchanging. Rates can change frequently.

Getting Turkish Lira

There are a few options for obtaining Turkish lira before your trip:

• Order online – Websites like Travelex allow you to order TRY online and have it delivered or pick it up at a local branch
• Airport kiosks – Many airports have currency exchange counters and kiosks
• Banks – Big banks and currency exchange offices like Travelex can exchange your currency for TRY
• ATMs – You can withdraw TRY from ATMs once you arrive in Turkey

To get the best exchange rates, order online or exchange at a bank before leaving. ATMs and airport kiosks typically have higher fees and poorer rates.

Paying with Cash in Turkey

Cash is still widely used for small purchases in Turkey, especially at local shops, street stalls and markets. It’s a good idea to always have some small denomination lira bills and coins on hand.

However, many hotels, restaurants and large stores in tourist areas will accept major credit cards as well.

When paying in cash, remember:

• Confirm prices in lira, not USD or EUR
• Have small bills and coins for tips, taxis, snacks, etc
• Avoid carrying large amounts of cash

Can You Pay in USD or EUR in Turkey?

Some businesses in tourist areas of Turkey may accept USD or EUR in addition to the Turkish lira. However, you’ll usually get a very poor exchange rate. It’s best to pay in TRY whenever possible.

If a business lists prices in USD or EUR, double check the exchange rate before paying. Often the rate given is worse than the actual exchange rate.

For the best value, use TRY for transactions in Turkey.

Credit Cards and Debit Cards in Turkey

Many hotels, restaurants, shops and ATMs in cities and tourist areas of Turkey accept major international credit and debit cards.

However, some small businesses are still cash-only. Before relying solely on plastic, check with your bank about foreign transaction fees.

Chip-and-PIN cards are commonly used in Turkey. Swipe signatures are being phased out.

Tipping in Turkey

Tipping is common practice in Turkey. Here are typical tipping guidelines:

• Restaurants – 10-15% tip or round up the bill
• Taxis – Round up the metered fare
• Hotels – 2-5 TRY per bag for bellboys
• Hamams – 15-25% of the total service bill

Average Costs in Turkey

To give you a general idea of costs, here are some approximate prices in Turkish lira:

• Bottle of water – 1-2 TRY
• Cup of coffee – 5-10 TRY
• Souvenir t-shirt – 20-40 TRY
• Museum admission – 10-30 TRY
• Meal at a restaurant – 30-70 TRY
• Domestic flight ticket – 300-800 TRY
• Hotel room – 150-400 TRY per night

Turkey offers excellent value for budget-conscious travelers. With the Turkish lira, your money can go far compared to back home.

Saving Money in Turkey

If you’re looking to save money during your Turkey trip, here are some tips:

• Travel shoulder season – Prices are lower in spring and fall
• Use public transportation
• Eat street food or where locals dine
• Stay in budget accommodation like hostels or pensions
• Get museum passes for sightseeing discounts
• Shop at markets and bargain for souvenirs
• Avoid renting a car and drive yourself

The Turkish Lira – Final Tips

A trip to Turkey offers immense cultural, historical and scenic rewards. By knowing what currency is used, exchanging your money wisely and budgeting carefully, you can make the most of your precious Turkish lira.

A few final tips:

• Carry a mix of TRY cash and a credit/debit card
• Check exchange rates frequently before and during your trip
• Withdraw TRY from an ATM once in Turkey to get the best rates
• Use TRY for all transactions – you’ll get better deals than paying in USD or EUR
• Have fun and immerse yourself in this amazing country!