Currency in Turkey
The complete Turkish Lira (TRY) travel guide
The Turkish Lira (TRY, symbol ₺) is the official currency of Turkey. Issued by the Türkiye Cumhuriyet Merkez Bankası (TCMB), banknotes come in ₺5, ₺10, ₺20, ₺50, ₺100, and ₺200 denominations; coins in 1, 5, 10, 25, 50 kuruş, ₺1. The lira has experienced extreme volatility in recent years — losing over 90% of its value against USD since 2018 — making it one of the worst-performing major emerging-market currencies. Turkey is a top-5 global tourist destination, receiving 60+ million international visitors annually.
Cash, cards, and ATMs in Turkey
Turkey is increasingly card-friendly in Istanbul, Antalya, Cappadocia, and major tourist destinations. Visa and Mastercard are accepted at hotels, restaurants, taxis, and tourist shops. Cash is still essential at the Grand Bazaar, street food vendors, and rural areas. ATMs at Garanti BBVA, Akbank, İş Bankası, and Yapı Kredi branches accept foreign cards with per-transaction limits of ₺3,000–5,000 ($85–140) and fees of ₺50–150 per withdrawal. Many Turkish ATMs offer to convert to your home currency — always decline (DCC) and choose to be charged in TRY. The İstanbulkart (Istanbul transit card) works on metros, buses, ferries, and even some public toilets.
Tipping culture in Turkey
Tipping in Turkey is appreciated but not strictly expected. Restaurants: 10–15% is standard at sit-down places where service charge isn't already included. Taxis: round up to the nearest ₺5–10. Hotels: ₺50–100 per bag for porters; ₺50–100 per night for housekeeping at international chains. Spa/hammam (Turkish bath): ₺100–200 per person is generous. Tour guides: ₺200–500 per person per day for private tours. Bazaar bargaining is expected — start at 30–40% of the asking price and meet in the middle. The Grand Bazaar and Spice Bazaar in Istanbul are particularly tourist-priced; venture to local markets for fair prices.
Best way to get Turkish Lira (TRY)
For USD-to-TRY, the Turkish lira's extreme volatility makes timing matter more than provider. Multi-currency cards (Wise, Revolut) deliver rates within 0.5–1% of mid-market. Avoid airport currency exchange counters (Istanbul IST, Sabiha SAW) — spreads of 5–8% above mid-market are common. Döviz büfesi (authorized currency exchange) shops in central districts (Sultanahmet, Beyoğlu) offer competitive rates — compare 3–4 before transacting. For substantial transfers, Wise consistently beats traditional Turkish bank wires by 2–4%. Turkish residents face FX controls and TCMB intervention; many hold USD or EUR deposits as inflation hedges.
Practical money tips for Turkey
- •The İstanbulkart is essential — works on metros, buses, ferries, funiculars, and even some public toilets
- •Get a Turkish SIM card on arrival (Turkcell, Vodafone, Türk Telekom) — be aware that imported phone IMEI registration is required and costs ~₺6,500 ($180) after 120 days
- •KDV (VAT) of 1–20% is included in displayed prices; tax-free shopping refund available for non-residents on purchases over ₺250 (claim at airport)
- •Turkey plug types C and F (same as EU); voltage 230V/50Hz — Americans need adapter
- •Bargaining is expected at the Grand Bazaar, Spice Bazaar, and at antique/carpet shops — never at chain stores or supermarkets
- •Tipping in lira is preferred — USD or EUR tips are seen as awkward despite being more valuable
- •Be cautious of "tea invitations" from carpet/jewelry shop owners — high-pressure sales pitches are common after the friendly tea
Common money scams to avoid in Turkey
Common tourist money scams in Turkey include: shoeshine "tip" trick where the shoeshiner "drops" a brush and you helpfully return it — then aggressively demands payment for an "agreed" service; bar/nightclub bill-padding scams in Beyoğlu and Taksim where touts invite tourists to bars that then bill ₺5,000+ for drinks; carpet/rug shop high-pressure pitches after tea/coffee invitations (no obligation to buy but very awkward to leave); fake "police" asking to inspect your wallet for "counterfeit notes" (real Turkish police never do this); and inflated taxi fares from Istanbul airport (use the Havaist airport bus or pre-booked transfer instead).
Frequently asked questions
Why has the Turkish Lira lost so much value?
Multiple compounding factors: TCMB ran ultra-loose monetary policy in 2021-2023 despite high inflation (rates were CUT while inflation hit 85%), political pressure on central bank independence, current-account deficits, and capital flight by Turkish citizens. USD/TRY went from 8 (early 2021) to 35+ (2025) — TRY lost 75%+ of value against USD in four years. The 2023 policy reversal under Mehmet Şimşek brought rates to 50% to combat the inflation, partially stabilizing TRY.
Can I use US dollars or euros in Turkey?
Some tourist businesses in Istanbul (Sultanahmet, Taksim) accept USD or EUR but at terrible rates — you'll lose 10–20% versus the mid-market. Always pay in TRY. Many Turkish residents prefer to be paid in USD or EUR for large transactions (real estate, cars) as an inflation hedge — but for tourist payments, always use TRY.
How much cash should I bring to Turkey?
Plan on ₺500–1,500 ($15–45) per day in cash for tea, simit, street food, tips, bazaar bargaining, and small shops. With cards accepted at hotels, malls, and chain restaurants, your daily cash use is moderate. Turkish ATMs cap foreign-card withdrawals at ₺3,000–5,000 per transaction — withdraw the max to minimize per-transaction fees.
Is Turkey cheap or expensive for tourists?
Cheap by Western European standards in TRY terms; meals at mid-range restaurants run ₺250–500 ($8–15) per person, vs €25–40 in Western Europe. The lira's collapse has made Turkey one of Europe's best-value destinations for foreign tourists — though Turkish residents face severe inflation pressure on the same prices.
What's the best way to send money to Turkey?
For USD-to-TRY transfers, Wise consistently offers the lowest total cost (typically 0.5–1.5% margin). Traditional bank wires charge 2–4% in disguised margins. For Turkish recipients holding USD deposits, US-to-Turkey transfers can be settled in USD at the receiving bank rather than converting — useful given TRY's volatility.
Convert to and from TRY
Other country currency guides
Exchange rates refresh hourly from Frankfurter (European Central Bank reference data). Travel money information was compiled in 2026 and reflects current cash/card culture, tipping norms, and common scam patterns.