Money & Exchange

Money

As of 1st January , 2005, Turkey has its new lira. The currency system in Turkey has changed in 2005 and 6 zeros from the old Lira has been removed. During the passing period both old liras and new liras were used, however as of 1st January 2006, old Liras with many zeros are no longer valid. In order not to create any confuison both the old and new liras had the same colors and style..

In the old currency the highest banknote was the 20,000,000,- TL, which is now converted to 20,- YTL and its equivalent to ~15 USD. In the new currency there are the new 50,- YTL and 100,- YTL, equivalent to 37 & 74 USD respectively.

Currently the banknotes and coins that are in use are as follows;
Banknotes: 100,- YTL, 50,- YL, 20,- YTL, 10,- YTL, 5,- YTL and 1,- YTl.,
Coins: 1,- YTL, 50,- YKR (0,5 YTL) 25,- YKR, 10,- YKr & 5,- Ykr.

* Old currencies with many zeros are not valid starting from 01.01.2006. If you happen to receive any of them immediately return them. You can only exchange them at bank offices with 20% loss.

ATM & Credit Cards:
ATMs are everywhere in Istanbul. Using domestic cards on Turkish banks are available everywhere. However, using American, European or other foreign ATM cards, credit cards or debit cards needs more attention. You can get a cash advance on any MasterCard, Visa or any other major international credit card from any bank, but you may not get a cash advance on a debit card. In order to withdraw money from an ATM in Istanbul, you shall use an ATM machine that shows signs for Visa, Mastercard and other credit card logos. Your card must be on one of these systems.

Major credit cards are accepted at almost all hotels, most restaurants, department stores, grocery stores, and big retailers. You can even use your credit card at most of the KFC, McDonald's and Burger Kings as well

Banking
Banking hours in Istanbul are from 9:00 AM to 5:30 PM Monday through Friday. On some big shopping malls there are bank branches which are working during weekends also. Banks are always very crowded and busy in Turkiye, due to constantly growing economy. So in most cases you will find yourself standing in line. There are ticket dispensing machines in almost all banks with a number on it showing your position in the queue. Most of the banks have English speaking personnel in the touristy areas.

Money Exchange
Many foreign banks do use a quiet lower rate at abroad than its in Turkey. Turkish currency is easily obtainable upon arrival in Istanbul at any exchange office or bank 24 hrs. So in order to loose less due to exchange, it is better to change them in Istanbul. Daily exchange rates for all major currencies can be obtained from the Turkish Central Bank web site at www.tcmb.gov.tr . This site is in both Turkish and English, and gives links to all Turkish Banks. Turkish daily newspapers also publish daily rates.

You can change your currencies at Exchange offices, Banks and Post offices. The easiest way to exchange your currency is to use the exchange offices. They are almost in every where. They use a slightly higher rate than Official Central Banks rates but they do not charge commission, so they always offer a better rate than banks. DO NOT ex-change your money on the street. Especially the old Turkish Lira has many zeros that could easily creates confusion, and when you exchange besides exchange offices and banks, you may face with problems.

There are thousands of ATM machines all around Istanbul and Credit cards are widely accepted by hotels, restaurants and most merchants. Travelers cheque are also accepted but not as frequent as credit cards. In touristy places, in case you need, you can shop with Euro or Dollar, but carrying Turkish banknotes shall always be preferred. You will pay less with the Local Currency.

There is no limit to the amount of foreign currency that may be brought into Turkey, but not more than $5,000 worth of Turkish currency may be brought into or taken out of the country.