Turkey currency guide: The Turkish lira (TRY)

Known as “the land of four seasons,” travelers can enjoy Turkey all year round. Once part of the Ottoman Empire, Turkey offers rich traditions and history for travelers with a variety of interests.

Before you embark on your Turkish adventure or send money to Turkey, it’s important to familiarize yourself with the local currency, the Turkish lira. This guide covers everything you need to know about using Turkish currency, converting your US dollars (USD) to lira, and more.

Note: Before making travel plans, check the US Department of State website for the latest travel advisory information.

What is the currency in Turkey?

The Turkish currency, abbreviated as TRY and symbolized by ‘₺,’ is the Turkish lira. One lira is divisible into 100 kuruş coins. The country’s coins range in value from 1 kuruş to 1 lira:

• 1 kuruş
• 5 kuruş
• 10 kuruş
• 25 kuruş
• 50 kuruş
• 1 lira

Earlier lira banknotes depicted Kemal Atatürk, the ‘Father of Turks,’ who founded modern Turkey and was its first president. The Central Bank of the Republic of Turkey (CBRT) introduced the E-9 Emission Group of lira banknotes in 2009, featuring many of Turkey’s most prominent figures.

• 5 lira note: Aydın Sayılı, scientist
• 10 lira note: Cahit Arf, mathematician
• 20 lira note: Mimar Kemaleddin, architect
• 50 lira note: Fatma Aliye, female philosopher and novelist
• 100 lira note: Buhurizade Mustafa Efendi, founder of Turkish classical music
• 200 lira note: Yunus Emre, mystic and poet

The CBRT issues these banknotes in various sizes (each banknote differs 6mm in length, while each successive group of two banknotes differs 4mm in width), incorporating security features like holographic details, security threads, and watermarks to reduce forgery.

History of the Turkish lira

The Turkish lira’s history is deeply connected to the Ottoman Empire, the predecessor of the modern Turkish state.

Currency	Years of use	Notes
Akçe	14th century – 1844	The Ottoman Empire’s primary currency was the akçe from its early days in the 14th century until the mid-19th century (around 1844).
Kuruş	1688 – 1844	Introduced in 1688 as a larger denomination alongside the akçe. 1 kuruş equaled 120 akçes.
Ottoman lira	1844 – 1923	Replaced the kuruş as the main currency unit in 1844. 1 lira was equal to 100 kuruş. It remained in circulation until the fall of the Ottoman Empire in 1923.
Turkish lira	1923 – 2005	The first currency of the Republic of Turkey, adopted in 1923.
New Turkish lira	2005 – 2009	Introduced in 2005 to combat high inflation and simplify transactions. 1 new lira was equivalent to 1,000,000 old lira.
Turkish lira	2009 – Present	The “new” was dropped from the currency’s name in 2009

 

The term “lira” originates from the Roman “libra,” a unit of weight. The multiple redenomination events of the Turkish lira reflect the country’s struggles with high inflation and the ongoing efforts to maintain a stable and functional currency.

7 tips for exchanging US dollars to liras

When exchanging USD for TRY, you have several things to consider. Here is what to look out for when getting currency in Turkish lira.

1. Research and compare exchange rates

While you might see an exchange rate online or on TV, there is no set exchange rate for dollars to lira. This means you’ll want to compare rates across banks, exchanging kiosks, online platforms, and money exchange providers like Western Union. Comparing rates, including Western Union’s, can help you secure a competitive exchange rate for your Turkish lira.

Be sure to factor in any fees when comparing rates. Western Union is transparent about its fees upfront, so you can make an informed decision. With numerous locations and a user-friendly online platform, Western Union offers convenient access to currency exchange services.

2. Notify your bank ahead of traveling

Imagine your bank randomly sees transactions coming out of Turkey on your credit or debit card account. It will likely think your card has been compromised and freeze your account until further notice. If you’re traveling to Turkey, you’ll want to inform your bank ahead of time, either online or by calling them. This way, you can ensure that your accounts aren’t frozen and work in Turkey without any issues.

3. Avoid exchanging money at airports, hotels, and tourist areas

When flying to Turkey, you’ll likely arrive at Istanbul Airport. While the airport might have several kiosks to exchange dollars for Turkish currency, you’ll want to wait for a better exchange rate from established banks, authorized exchange bureaus, or reliable online platforms. The same caution applies to exchange kiosks in your hotel—compare rates before making a transaction. Consider checking Western Union’s rates before your trip for competitive exchange rates with transparent fees.

Outside the airport and your hotel, avoid unlicensed street vendors. They often sell counterfeit bills. They may also attempt to swindle you with a poor exchange rate or unnecessarily high fees. Stick to authorized providers for a safe and reliable currency exchange experience.

4. Consider commissions and fees

Exchange fees are one of your biggest barriers to getting a good exchange rate. Every money exchange service you choose from must make a profit for their service. However, some money changers charge high fees or commissions, causing you to get less Turkish currency for your dollars. It’s important to compare fees across different providers.

At Western Union, we’re transparent about our fees upfront, enabling you to factor them into your decision and avoid any surprises. Be aware of any additional fees or commissions charged by other currency exchange services, as these can significantly impact the overall value of your exchange.

5. Withdraw Turkish currency instead of US dollars from ATMs

ATMs are common in most areas of Turkey, especially in shopping malls, metro stations, and other public spaces. If you can find an ATM at one of the country’s three main banks, Isbank, Ziraat Bankasi, or Garanti Bank, that will likely be your most reliable option. The best way to exchange currency using an ATM is to opt for Turkish currency and allow your bank to handle to conversion, which can help you avoid a dynamic currency conversion (DCC) fee.

6. Exchange money in Turkey instead of the US

There are few money exchangers in the US with Turkish liras readily available for exchange. However, using online platforms like Western Union, you can still plan and secure your Turkish currency before your trip. This enables you to lock in a favorable exchange rate and avoid the hassle of searching for currency exchange options upon arrival. Otherwise, waiting until you arrive in Turkey to convert your currency is generally recommended.

7. Use reputable exchanges

Turkey has a total of 33 retail banks, most of which offer currency exchange services. However, these services may not be available at all bank branches. One good option is to find a Western Union near you in Turkey, as there are more than 100 agent locations throughout the country that can help you exchange dollars for lira.

If you aren’t near a Western Union, you can always utilize the Western Union online platform or app to convert dollars to lira. Our online exchange services offer security benefits like:

• Touch ID enabled (for the app)
• Transfer tracking
• PCI DSS compliance
• Encryption

Using money in Turkey

Turkish currency etiquette is similar to the rest of the world, with some small differences. Before traveling, you’ll need to know whether you should leave a tip at restaurants and hotels and whether you can use US dollars to transact in the country.

Can you use US dollars in Turkey?

Dollars aren’t widely accepted in Turkey. While you might find dollars being used throughout Istanbul for transactions, that doesn’t necessarily make it safe. There is a common exchange scam where shopkeepers may claim to charge you in lira but charge your credit or debit card in dollars. Using the lira for all your purchases helps you avoid this issue and shows respect for the local economy.

Tipping etiquette in Turkey

Leaving a tip, referred to as bahşiş, is common in Turkey, although still not as normal as in some Western countries.

• Restaurants: A 10-15% tip is generally considered standard. Some upscale restaurants may automatically include a 10% service charge on the bill. You can leave your tip in lira banknotes or request that the waiter add it to your bill.
• Other services: It’s also common to tip hotel staff, taxi drivers, tour guides, and other service providers. While lira is preferred, a small cash tip in dollars is usually appreciated if that’s all you have on hand.

Where to get Turkish lira near me?

While Turkish banks and ATMs in major cities like Istanbul and Ankara offer currency exchange services, you have even more options for obtaining Turkish lira. With our extensive network of agent locations across Turkey, Western Union provides a convenient and reliable way to exchange currency near you. Whether in a bustling city or exploring more remote areas, you will likely find a Western Union agent nearby to assist you with your currency exchange needs.