Turkey (TR)
Turkey is a transcontinental nation straddling Europe and Asia across the Bosphorus Strait, uniting 85 million people under a rich civilisational heritage stretching from the ancient Hittites and Romans to the Byzantine Empire and Ottoman Empire.
Currency & Money
Practical money tips for living in Turkey.
Denominations
Coins: 1 kuruş, 5 kuruş, 10 kuruş, 25 kuruş, 50 kuruş, 1 TRY, 5 TRY, 10 TRY. Notes: 5 TRY, 10 TRY, 20 TRY, 50 TRY, 100 TRY, 200 TRY. CRITICAL: the Turkish lira has lost over 90% of its value vs EUR/USD since 2018 — always mentally convert TRY prices to EUR/USD equivalents to gauge true cost.
Payment Culture
Turkey is increasingly cashless in cities. Credit and debit cards (Visa/Mastercard/Troy — Turkish national card network) accepted everywhere in urban areas. Contactless payment is standard. Cash still needed for taxis, bazaars, small shops, and rural areas. Many Istanbul landlords informally demand USD/EUR rent despite the TRY legal requirement. Tipping in restaurants: 10% customary but not mandatory. Always check that card terminals are not adding surcharges (some merchants still do this).
ATM Tips
ATMs (bankamatik) very widely available — on almost every street in cities. Major bank ATMs: İşbank, Akbank, Garanti BBVA, Yapı Kredi, Ziraat. Use local bank ATMs to avoid dynamic currency conversion (DCC) traps — always choose to pay in TRY. Foreign cards work but may incur a fee of TRY 30–80 per withdrawal from Turkish bank side. Airport ATM rates are poor.
Exchange Tips
Döviz bürosu (exchange bureaux) offer competitive rates — especially in Grand Bazaar area, Kapalıçarşı and Beyoğlu in Istanbul. Avoid airport exchange desks. Wise and Revolut give interbank rates for international transfers. CRITICAL: TRY exchange rate is highly volatile — rates can shift 5–10% within a week. Check rates daily. Keep savings in EUR or USD rather than TRY to preserve value.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents