A Full Guide to Currency Exchange in Turkey

To begin with, few individuals know that it is against Turkish statute No. 1567 to exchange money outside of a bank or authorised Money Exchange Office in Turkey. In actuality, local stores, accommodations, pubs, and dining establishments will almost certainly be willing to purchase your money, whether it be dollars, euros, or sterling. They frequently offer you the "going rate," and nothing is more handy than sitting in a bar with a refreshing drink while being attended to by welcoming bartenders. Although it is pretty common, you are breaching the law, so proceed with caution. Additionally, confirm that the currency rate you are receiving is competitive. Naturally, there is no assurance that the money you obtain from these illicit sources is not fake.

Things to consider right before exchanging currency

• The majority of travel agencies also attempt to sell foreign currency when arranging package vacations to Turkey. Additionally, if you have any leftover Turkish lira money when you return, they will frequently ask you to buy it again. Once more, travel agencies charge exorbitant prices. Avoid at all costs.
• Turkish Banks : After presenting your passport at a Turkish bank, you purchase a ticket and eagerly await your arrival. You discover that the value of your Turkish lira is far below the mid-market exchange rate. Indeed. Avoid Turkish banks since, contrary to popular belief, they also provide startling rates.
• Airports:  When exchanging currency, stay away from airports worldwide. Your native country may have money exchange desks, but they provide the worst exchange rates. Certain foreign ATMs in airports aren't linked to any banks. They will ask if you would prefer to be charged in your own currency when you withdraw Turkish lira. Say no at all times. This is a typical strategy, but they charge the lowest prices, which means that tourists have to pay for it.
• Plan your spending:  To avoid paying fees twice, plan how much money you need. Try to use up your cash before leaving to prevent having to exchange it back, as this usually involves extra fees.

The Greatest Method of Currency Exchange in Turkey

Be aware of the mid-market rate

Understand the mid-market rate, which is the middle point of buying and selling currency prices, when converting money into Turkish lira. It guarantees a decent deal. Use a currency converter such as XE or Google your currency versus the Turkish lira to find the mid-market rate. Take "GBP to the Turkish lira." using it. The important thing to remember is that mid-market rates are always fluctuating. The market may rise or fall six to ten times per hour during periods of high activity. Because they want to make money, you should anticipate that anyone who is changing money would provide a somewhat lower rate. The broker's rate is this.

Considering the Turkish Lira

In 2025, the Turkish Lira (₺-TRY) remains Turkey's official currency. It's commonly abbreviated as TRY, but you'll also encounter TL in shops, restaurants, and everyday use.  You might see some older terminology or abbreviations, like YTL (Yeni Türk Lirası, or "New Turkish Lira"), which referred to the revalued lira introduced in 2005. However, YTL is no longer in use today. Coins and banknotes feature images of Mustafa Kemal Atatürk, the founder of modern Turkey.  In day-to-day transactions, if small denominations of kuruş are unavailable, it’s common for shops to offer candy or small goods instead of exact change.

The Turkish Lira (TRY) is the official currency of Turkey, and it has several key characteristics:

Lira Symbols

• TRY, TL, ₺: These symbols are commonly used to represent the Turkish Lira.

Coins in Circulation

• 5 kuruş
• 10 kuruş
• 25 kuruş
• 50 kuruş
• 5 lira
• 10 lira
• 20 lira
• 50 lira
• 100 lira
• 200 lira

Banknotes in Circulation

• 5 lira
• 10 lira
• 20 lira
• 50 lira
• 100 lira
• 200 lira

Turkey's Money Exchange Shops

Use “Doviz Bürosu” stores throughout Turkey. Look for big signs showing the current exchange rates for money currencies, such as dollars, euros, and pounds, to identify these exchange shops. Bring your passport with you, and keep in mind that these prices fluctuate based on the market. To make money, the exchange business will either provide a slightly lower rate than the market rate or take a tiny fee. In general, the rate is a little lower than other locations that don't offer 0% commission on Turkish lira money. This is merely a promotional tactic.

Turkish Bank Machines

Fortunately, a lot of Turkish cash stations, such as Garanti and HSBC, also show instructions in English. Even though there are no fees associated with withdrawals, enquire with your bank about any partnerships they may have and, if not, the amount of the withdrawal fee. To reduce expenses, make larger and fewer withdrawals if there is a fee. Always select Turkish lira for the best rates and to prevent having to go somewhere to change the money when certain card machines ask if you want foreign currency.

Using Visa and Mastercard in Turkey

Visa and Mastercard are widely accepted in Turkey, which eliminates the inconvenience of cash withdrawal. Remember to notify your card issuer that you will be travelling overseas before you depart so they won't suspect any unusual activity on your account. Have some Turkish lira on hand for little purchases and locations that don't accept cards, such as the local Turkish buses, even if you prefer to pay with a credit or debit card.

Navigating currency exchange in Turkey can be a bit tricky, but by following these tips, you can ensure that you're getting the best rates while avoiding unnecessary fees. It’s important to stay informed about the mid-market rate, plan your spending ahead of time, and avoid exchanging currency at airports or with unreliable sources. For the best rates, use local money exchange shops (Doviz Borosu) or Turkish bank ATMs. If you prefer using cards, Visa and Mastercard are widely accepted, but always carry some Turkish lira for small transactions. By being aware of your options and carefully choosing where and how you exchange your money, you can make your stay in Turkey more enjoyable and cost-effective.