When organizing a trip to Turkey is important to leave well resolved the issue of currency exchange to save a few euros and not have surprises on the trip. In this post we explain you what is the official currency in Turkey, where to change your euros at the best price or how you can have money in case of emergency.
Let’s get started!
WHAT IS THE MONEY OF TURKEY?
The Turkish lira (TL), the official money of this country, is divided into 100 kurus (YKR). In notes, it is expressed in 5, 10, 20, 50, 100 and 200 liras. In coins, it is expressed in 1, 5, 10, 25 and 50 kurus, and 1 lira.
HOW MUCH IS THE EXCHANGE RATE FROM EURO TO TURKISH LIRA? THE CURRENCY OF TURKEY
When you go to change your money for your trip to Turkey you should take into account the exchange rate of the day, for example, in February 2020, one euro is equivalent to 6.40 Turkish liras, while one Turkish lira is equivalent to 0.16 euros. In other words, one euro is worth almost 7 times as much as one Turkish lira.
Also, as of February 2020, one US dollar is equivalent to 5.78 Turkish liras, while one Turkish lira is equivalent to 0.17 dollars. In other words, one US dollar is almost six times the equivalent of one Turkish lira.
WHAT CAN I BUY WITH 10 LIRE?
- 3 tram tickets.
- 6 cups of tea.
- 10 half-litre bottles of water.
- 2 lamb kebabs.
- 2 half-litre beers.
- 1 visit to a monument.
- 1 packet of cigarettes.
HOW MUCH MONEY DO I NEED TO TRAVEL TO TURKEY?
This depends on your itinerary and priorities. But in our experience we can say that if you want to travel comfortably you can spend approximately 600 Turkish Liras (93 euros or 103 dollars) per person per day, which includes food, tours or tourist attractions and the rental of a car.
If you want to travel cheaply, you can take public transport instead of renting a car. You could then spend approximately 250 Turkish Liras per day per person, (38 euros or 43 dollars).
If we stipulate that you travel for a week, you would spend about 280 euros on the economy option. While in the expensive option, 630 euros or 700 US dollars.
These amounts can be divided between cash (in euros and Turkish lire), credit on your international card or on your bank’s debit card. Ideally, most of it should be in cash and in Turkish currency.
WHERE CAN I CHANGE MY EUROS INTO LIRA FOR THE TURKISH CURRENCY?
It is the first option to change your money for Turkey if you have not made the change before traveling. The exchange rate is not the best for the tourist and it is better to change elsewhere. But if for some unforeseen reason you are forced to do so, make it a small amount to take the taxi, train or bus, as well as a snack or water. You can find a better place to change your money in the centre or in your accommodation.
An interesting alternative for currency exchange for Turkey if you don’t want to run up the fees charged by ATMs or banks for withdrawing or exchanging money. Its exchange rate is different from the options indicated but it does not charge you any commission (its commission would be the exchange rate it makes you, which is a little more than what is stipulated per day).
EXCHANGE MONEY ON THE INTERNET
This option will not require you to leave your home, stand in line, carry so much cash or have to go to the bank to withdraw and then go to a money exchange office. All you have to do is find your favorite online exchange house, indicate how much you want to change and in which money, it’s that simple. Then wait for it to arrive at your house, just like that.
WHAT OPTIONS DO I HAVE?
- Exact change: 900 103 740
- Global Exchange: 900 855 550
- Rextie: 963 896 793
- Ría Currency Exchange: 917 613 762
Companies like Exact Change explain in a friendly and easy to operate web portal, how much to change, in which money, how to pay and when to receive the money, whether you do it at home or go to their authorized centers.
Buy Turkish currency (Lira)
Some hotels offer you this benefit of money exchange for Turkey, so you don’t have to go out to the streets to look for exchange houses or banks, but these are not hostels or accommodation of a medium or low category, they are places of a certain reputation, where it is possible that the night costs you a little more than you expected. Here the exchange rate is not the best either.
This alternative is one of the safest, but not the most convenient in terms of exchange rate. Although you can be sure of receiving real money in good condition, you have the option of claiming and even requiring that they offer you change. Please note that Turkish banks are open Monday to Friday from 9 am to 5:30 pm.
WHERE CAN I GET MONEY?
If what you want is not only to change your money but also to withdraw money, either in euros, US dollars or Turkish liras, from an international debit or credit card, you should look for an ATM, or better yet, one that is located in a bank so that if you have any problems you can make a claim or ask for help. Consider that although it is quick and easy to do, you will be charged commissions and these are usually very high.
If you want to avoid your bank’s fees, you can get a traveler’s bank card. With these cards, the fees for withdrawals abroad are usually much lower than those of your bank and even zero, depending on the card you choose. In addition, the currency exchange rate is the best.
WHAT IS A TRAVEL CARD?
It’s similar to the one in your pocket or wallet. As we told you before it has some benefits like:
- Very favourable commissions for withdrawals abroad if you compare them with those of your bank and the best thing is that they apply the best available exchange rate.
- Some cards are free, with no maintenance fee and others charge maintenance but give you much more benefits such as being able to withdraw money abroad without being charged fees, among many other benefits.
WHAT TRAVEL CARD OPTIONS DO I HAVE?
1.N26 THE FIRST MOBILE BANK
2.N26 free: You pay nothing for maintenance.
- Mastercard Debit Card
- Commission-free payments in any currency and country, without additional exchange rates
- Free withdrawals in euros
- 1.7% commission on foreign currency withdrawals
- Customer service in 5 languages via chat from 7:00 to 23:00, or chatbot (available 24/7)
- Up to 2 sub-accounts to save with Spaces
3. N26 You: you pay 9.9 euros per month including all the services of the free one and the following additional ones:
- Free withdrawals in foreign currencies worldwide
- Up to 10 sub-accounts to save with Spaces
- Share your sub-accounts (Spaces) with up to 10 N26 customers
- Special offers with WeWork, GetYourGuide and Hoteles.com among others.
- Insurance in: – medical emergency when travelling, flight and luggage delay, skiing and mountain accidents and mobility insurance: cars, scooters and bikes.
4.N26 Metal: You pay 16.90 euros per month including all the services of the N26 You and the following additional ones:
- Car rental insurance when you travel
- Mobile phone insurance for damage and theft
BNEXT: RECHARGEABLE PREPAID CARD
It’s not a bank. It’s a prepaid reloadable card that allows you to control all your accounts from its app. Very practical and easy to use.
- It’s totally free
- You can take out and pay money from anywhere in the world without commissions
- It does not charge you any additional percentage over the exchange rate.
Standard: you pay nothing for the card service.
- Free UK account
- Free Euro IBAN account
- Spend in more than 150 currencies at the interbank exchange rate
- Exchanges in 30 trust currencies up to 6,000 € per month with no hidden fees
- Automatic commission-free withdrawals of up to £200 per month
- Free Revolut Card (except shipping)
- Instant access to 5 cryptosystems.
Premium: monthly payment of 7.99 € including all standard and subsequent additional services:
- Exchanges in 30 fiduciary currencies, with no monthly limit
- Automatic commission-free withdrawals of up to £400 per month
- International Health Insurance
- Baggage delay and delayed flight insurance
- Worldwide Express Delivery
- Priority customer service
- Premium card with exclusive designs
- Disposable Virtual Cards
- Access with LoungeKey pass
- Free lounge access for you and a friend if your flight is delayed > one hour
Metal: monthly payment of 13.99 euros including all the premium services and the following additional ones:
- Automatic commission-free withdrawals of up to £600 per month
- Exclusive Revolut Metal Card
- Free access to lounges for you and 3 friends if your flight is delayed for more than an hour
- 0.1% refund in Europe and 1% outside Europe on all card payments
- Access a concierge to help you manage your lifestyle
TRAVEL TIPS FOR TURKEY
- In transport, always opt for the metro or the bus, it will cost you 4 times less than a taxi, and up to 40 times less than renting a car (without considering how much you spend on gas).
- Dinner may cost you a little more than lunch, maybe twice as much. So you can choose a more “fast-food” alternative, or buy supplies to prepare it yourself.
- Renting a shared accommodation could cost you 6 times less than a personal room, or for two people.
Learn more travel tips for Turkey