Turkish Money

Turkish Money (TL) and Exchange Rates

Currency

The unit of Turkish currency is the Turkish Lira (TL) (Türk Lirası, TL). In a day Turkish people call it for example; 50TL, 100 TL not 50/100 Turkish Lira or you can call it 50 Lira / 100 Lira. TL

Exchange Rate

€  1 = 3.28 TL
US $ 1 = 3.03 TL,
GB £ 1 = 4.29 TL ( Data : 21.01. 2016)

Currency Exchange

There are legal exchange offices (in Turkish; döviz bürosu )in all cities and almost any town. Banks also exchange money, but we will recommend you use exchange offices are more advantage (do not gives better rate) than a Bank.

Traveller’s cheques can only be exchanged in banks with a passport. Credit cards are far more convenient.

Credit Cards – ATMs

Visa and Mastercard are widely accepted, American Express much less so.
Visa is the most popular, closely followed by MasterCard. American Express is accepted in top-flight hotels, restaurants and some gift shops.

All credit card users have to enter the credit card PIN codes when using the credit card. Older, magnetic card holders are exception to this, but remember that unlike some other places in Europe, sales clerk has the legal right to ask you a valid ID with a photo on to recognize that you are the owner of the card.

ATMs are widely found in all cities and almost any town.

VAT refund

You can get a VAT refund ( 18% – 23% on most items), if you aren’t a citizen or permanent resident of Turkey. Look for the blue “Tax-Free” sticker on the windowpane or entrance of the shops, these kind of shops are the only places you can get a VAT refund. Don’t forget to take the necessary papers from the shop that will enable you for a VAT reclaim when leaving Turkey.

Although Turkey is in a customs union with the European Union for some goods, unlike the situation in the EU, there is currently not an initiative to abolish duty-free shops in the airports.