What Money Is Used in Turkey? A Complete Guide

Travelling to Turkey soon and wondering what money is used there? This comprehensive guide will tell you everything you need to know about currency, payment methods, ATMs, and more when visiting Turkey.

Turkish Lira (TRY) is the Official Currency

The official currency used in Turkey is the Turkish lira (TRY). The lira is divided into 100 kuruş

Banknotes come in denominations of 5, 10, 20, 50, 100 and 200 lira. Coins come in 1, 5, 10, 25, and 50 kuruş.

All banknotes feature portraits of Turkey’s founding father Mustafa Kemal Atatürk

The lira has been losing value steadily for years due to high inflation in Turkey. Prices in lira change frequently as a result.

Credit Cards Are Widely Accepted

Major credit cards like Visa and Mastercard are accepted at most shops, restaurants, hotels, and services in cities and tourist areas.

American Express is less commonly accepted, but may be taken at high-end hotels and restaurants.

Some small shops, street stalls, and rural businesses may only accept cash.

Always notify your bank before travelling to prevent your card being blocked due to fraud alerts.

Avoid Dynamic Currency Conversion

When using a card in Turkey, be vigilant of Dynamic Currency Conversion (DCC). This is when the merchant or ATM offers to convert your transaction to your home currency rather than lira.

Always decline DCC and pay in lira to get the best exchange rate. Paying in your home currency will result in an unfavorable rate.

ATMs Are Widespread

ATMs can be easily found across Turkish cities and towns. Major banks like Akbank, Garanti, DenizBank, and Halkbank operate ATM networks.

Maximum withdrawal limits are usually around 5000 TRY. Visa, Mastercard, Cirrus, and other major networks are supported at most ATMs.

Find Fee-Free ATMs

Many Turkish ATMs charge a withdrawal fee, typically 50-150 TRY. However, ATMs from Ziraat Bank and HSBC do not charge fees.

ING and PTT banks may also not levy fees, but this is unconfirmed. Stick to Ziraat or HSBC ATMs when possible to avoid fees.

Exchanging Cash

Exchanging foreign cash to lira in Turkey is easy. Banks and authorized exchange offices offer fair rates and are common.

Avoid airport exchanges, hotel fronts desks, and street vendors for exchanges. Their rates are generally poor.

USD, EUR, and GBP are the best currencies to bring to exchange. Other major global currencies can also be exchanged.

How Much Cash to Bring

With plentiful ATMs and card acceptance, carrying large amounts of cash is unnecessary.

Have at least $200 in reserve as emergency cash in case issues arise with your cards. Otherwise, withdraw lira as needed during your trip.

Check average daily budgets to determine how much total cash you may require based on your travel style and length of stay.

Tipping Etiquette

Tipping is customary at restaurants (10-15%), bars, taxis (round up the fare), and services like massages and Turkish baths.

Tip based on the service quality – higher tips for better service.

No need to tip for casual street food vendors, markets, and free shows.

Frequently Asked Questions

What is the ATM withdrawal limit in Turkey?

The maximum withdrawal amount at Turkish ATMs is usually 5000 TRY.

Can you pay directly in USD or Euros?

Some shops and vendors may accept USD or Euros, but you’ll get a very poor exchange rate. Always pay in lira.

Can you use Revolut and other fintech cards?

Yes, Revolut, Wise, Curve and similar fintech cards work at ATMs and most merchants in Turkey.

What’s the best currency to bring to Turkey?

EUR, USD, and GBP get the best exchange rates in Turkey. But any major global currency can be exchanged.

Conclusion

The Turkish lira is the only official currency used in Turkey. Cards are widely accepted, but cash is still king, especially outside big cities. Finding ATMs is easy, but watch out for fees. Bring some backup foreign cash like USD or Euros to exchange on arrival.