In this article, we’re answering “What’s Turkey’s currency?” But, instead of keeping you waiting, the answer is the Turkish lira.
The lira has been on a rollercoaster ride over the last few years. In this article, we’re going to share what’s happening and answer a few questions that will help anyone planning to visit Turkey.
This article is part of our free series on holding funds abroad, opening foreign currency accounts, and overcoming related challenges.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What’s Turkey’s Currency?
- Where Can I Get Turkish Lira During My Travel?
- How Can I Send a Money Transfer to Turkey?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
What’s Turkey’s Currency?
Turkey’s currency is the Turkish lira. The lira has been the currency symbol ₺ and the ISO 4217 Code TRY. First introduced in 1923, the Turkish lira has had two iterations, the first from 1923 to 2005 and the second from 2005 to the present day.
The lira is the only legal tender accepted in Turkey. In recent years, the lira has experienced a number of currency shocks at the hands of failed central bank policy. In short, individuals who clearly don’t understand monetary policy have tried to combat inflation and lost.
Not surprisingly, this has resulted in exchange rate volatility against major world currencies. For example, over the last five years, the lira has dropped against the dollar from approximately 1 TRY equals USD 0.20 to 1 TRY equals USD 0.04.
The Turkish economy and the Turkish financial market have suffered significantly as a result. Not to mention the individual citizens and local businesses.
Where Can I Get Turkish Lira During My Travel?
If you are traveling in Turkey, you will have several options to choose from when it comes to buying Turkish lira. That said, you may be able to find better exchange rates in your home country, depending on where you are traveling from.
Additionally, it’s important to note that certain international credit cards can also be suitable options for spending in Turkey. If you have a credit card that does not charge foreign transaction fees, you can eliminate the exchange rate premium and you will not get charged additional fees every time you use your card.
Of course, when dealing with a volatile currency, there is always an exchange rate risk that needs to be taken into consideration. In other words, the value of your home currency to Turkish lira will fluctuate depending on whether you exchange before your trip, at the start of your trip, or during your trip.
How Can I Send a Money Transfer to Turkey?
In order to send money to Turkey, individuals and businesses can choose from a wide range of options, including conventional transfer methods and more obscure options.
Not surprisingly, the first option that most people consider is sending a bank transfer. If you are sending funds from abroad, this will involve sending a transfer through the SWIFT network.
SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, which is a network of international banks that facilitate international transfers across the globe.
That said, there is a wide range of alternative transfer methods to choose from when sending money to Turkey, including the following.
What’s the Best Option for Sending Currency in Turkey?
- International transfer services
- Money order services
- Paypal or other peer-to-peer transfer services
- Cryptocurrency transfers
- Sending physical checks
Here is a closer look at a few of the most popular options in great detail.
International Transfer Services
There is a wide range of international transfer services to choose from when sending money to Turkey. In most cases, these services are delivered through digital platforms and mobile applications.
In addition to offering convenience, international transfer services are also one of the lowest-cost options available. Additionally, if you choose to use one of the larger transfer services, your transfers will be secure with large licensed financial institutions.
Money Order Services
International money orders are available in most countries. However, it’s important to note that they are often more expensive than some of the other options available.
That said, money orders are secure and offer an immediate solution to sending funds. When using a large money order service provider, you can also arrange for money to be picked up in cash or to have it deposited directly into a bank account.
Peer-to-Peer Transfer Services
Peer-to-peer transfer services are another option for sending money to Turkey. In fact, they are one of the fastest and most affordable ways to transfer funds.
However, peer-to-peer transfer services do require both parties to have accounts with the same platform. Additionally, they can often be more challenging to fund and withdraw funds from than traditional bank accounts.
How to Choose a Method for Sending Currency to Turkey?
As you can see, each of the options above has different pros and cons. So, it’s important to consider your specific objectives and situation when selecting a method to send money to Turkey.
Additionally, you should consider all of the options available. When doing so, consider the security, cost, and delay in your funds arriving at the intended recipient.
Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into what Turkey’s currency is. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What’s the Currency in Turkey?
The currency in Turkey is the Turkish lira. The lira is the only official currency in Turkey and has been since 1923. That said, there have been two iterations of the Turkish lira, the first lasting from 1923 to 2005 and the second from 2005 to the present day.
What’s the Best Way to Get Turkish Lira in Turkey?
The best way to get Turkish lira in Turkey is to visit a reputable foreign exchange bureau. On the other hand, you can also consider visiting a commercial bank or asking your hotel if they offer currency exchange services.
How Much is $2,000 in US Dollars in Turkey?
Over the last five years, the value of $2,000 US dollars in Turkey has ranged from a low of ₺9,416 and a high of ₺47,161.48. Due to the extreme volatility in the Turkish lira, it is important to consider the risks of converting US dollars into Turkish lira before moving forward with an exchange.
How Much Is Turkish Money to the Dollar?
The value of the Turkish lira, which is the official legal money in Turkey, to the US dollar has swung dramatically in the last decade. In mid-2013, the lira was priced at TRY 1.8 to USD 1 and remained relatively stable for several years. Since then, the lira has dropped significantly in value, falling to an unprecedented exchange rate of TRY 23.58 to USD 1.
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