Turkey is popular for its magnificent historical and archaeological sites, breathtaking natural beauty, and delightful cuisine. It is also home to Istanbul's Topkapi Palace, the Hagia Sophia and the Blue Mosque, making it the 6th most popular tourist destination globally.
If you are planning to explore this country, the most vital thing you need to know is what currency is used in Turkey.
Turkish Lira has its roots in the Roman unit of weight called libra. The Roman Empire spread this currency throughout Europe by the Roman Empire, and its use continued till the Middle Ages. Therefore, Turkish Lira is descended from Libra, and the Turkish State Mint has the right to issue it.
The Ottoman lira was introduced as a primary currency in 1844 and remained in circulation until 1927. Furthermore, it replaced Kurus, which then became its subdivision.
In 2003, the Grand National Assembly of Turkey passed a law allowing for its redenomination, removing six zeros and introducing a new currency. This new currency, named 'New Turkish Lira', began circulation in 2005 and continued until 2009. After that, it was changed to another series and again called the 'Turkish Lira.'
In 1926, the Ministry of Finance had introduced denominations of 1, 5, 10, 50, 100, 500 and 1000".
Between 1937 and 1939, the Central Bank of Turkey introduced notes with Turkish texts and the Latin alphabet, inscribed with the portrait of President Mustafa Ismet Inono. It had 2½, 5, 10, 50, 100, 500 and 1000 denominations.
The Turkish Lira has experienced significant drops in value throughout the years, with a slight recovery in 2021. The Guinness Book of World Records had ranked it as one of the least valuable currencies globally in 1995-96 and again from 1999 to 2004.
The Turkish Lira is available in 5, 10, 20, 50, 100 and 200" denominations.
Turkey introduced the current series of banknotes known as E-9 Emission Group on 1st January 2009. This included a new 200 Turkish lira denomination, and each note featured a portrait of an eminent personality instead of Turkey's geographical and architectural features.
TRY is the code of Turkish Lira and has a subunit of KuruÅŸ. Apart from Turkey, Northern Cyprus also uses the Turkish Lira. Additionally, The Syrian Interim and Salvation governments also used the Turkish Lira.
If you wish to buy Turkish Lira before your trip, you can turn to a bank or a bureau de change. However, it is time-consuming as you have to visit them physically. Hence, the best solution is to buy it online.
Online currency exchange institutions allow you to compare its exchange rates from the comfort of your home and help land a better deal. However, you must select wisely as most online service providers charge hefty hidden fees.
Hence, it is best to research online currency exchanges before choosing one. It is advisable to look for transparent and cheaper options that offer competitive exchange rates. One such organization is The Currency Club. With us, you can get:
Easy and quick services
No hidden fees
Highest value for TRY and GBP conversions
Live access to interbank rates
Transparent comparison with competitors
Next day currency delivery
Turkey is one of the most popular tourist destinations worldwide due to its majestic beaches, history, architecture and delightful cuisine. However, it is essential to carry some cash to spend on sightseeing and entertainment activities when you visit the country.
Underlined below are the expenses of a tourist in Turkey:
Taxi: Taking a taxi in Turkey costs around 67 TRY per person on average. Cab fares may vary depending on the location, proximity to tourist destinations, etc.
Meal for two: Dining at a medium-range restaurant will cost around 110 TRY. On the other hand, lunch at a beach stall will be far cheaper at nearly 20 TRY.
Hotel room: The average hotel fares in Turkey are around 173 TRY.
You can use an ATM in Turkey, although it is best to ask your financial institution about ATM withdrawal fees in a tourist destination. Additionally, most of these ATMs may not accept foreign-issued cards at all. Therefore, it is prudent to buy some cash in TRY before visiting Turkey.
Summary
If you have read so far, you now have all the necessary information regarding what currency is used in Turkey. It is wise to buy Turkish Lira from a trusted online service provider like The Currency Club. We will let you avail a competitive exchange rate compared to what you would get from a bank or a bureau de change. Moreover, it is completely transparent, secure and hassle-free.
We have made every effort to ensure that the information published here is correct and accurate, however you should check and confirm the latest exchange rates with The Currency Club directly prior to making a decision. The information published is general and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available
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