from tent to Turkey - the Eclipse experience

Money in Turkey

Money:
As of January 1st, 2005, Turkey has its new lira.

The currency system in Turkey has changed and during 2005 both the old money with many zeros and the new Turkish liras can be used. In the old currency 6 zeros has been removed and The new lira (YTL) is formed. In order not to create any confusion, the new banknotes has the same color and same style with the old ones.


Due to high inflation of more than 25 years and no change of currency, Turkish money was having the most number of zeros in the world. So many zeros might cause a conflict in the beginning but its one of the only place where even a backpacker can feel himself a millionaire :). As zeros can cause conflict, In order to prevent from any mistakes, its much advised to remember the banknotes with its colors.

Nowadays when you visit a shop, you may see prices in two different format. Either with many zeros or the new Turkish lira form (YTL). For example 15,000,000 Lira or 15 YTL (New Turkish lira). Don't be confused, both are the same and during the year 2005 all prices will be displayed with the old and the new currency at the same time.

Money Exchange :
Should I exchange money before I go to Istanbul?

I suggest not. Many foreign banks abroad do use a quiet lower rate than its in Turkey. Turkish currency is easily obtainable upon arrival in Istanbul at any exchange office or bank 24 hrs. Daily exchange rates can be obtained from the Turkish Central Bank web site at www.tcmb.gov.tr. This site is in both Turkish and English, and gives links to all Turkish Banks. Turkish daily newspapers also publish daily rates.

There is no limit to the amount of foreign currency that may be brought into Turkey, but not more than $5,000 worth of Turkish currency may be brought into or taken out of the country.

I suggest to bring your ATM card and Credit cards, instead of carrying banknotes with you. There are thousands of ATM machines all around Istanbul. Credit cards are widely accepted by hotels, restaurants and most merchants. Travelers cheque are also accepted but not as frequent as credit cards. In touristy places, in case you need, you can shop with Euro or Dollar, but carrying Turkish banknotes shall always be preferred.

Turkish banknotes can be obtained from Banks, Post offices and Exchange offices. Do not ex-change your money on the street. Especially the old Turkish Lira has many zeros that could easily creates confusion, and when you exchange besides exchange offices and banks, you may face with problems.

Sourced : Lets Go Istanbul

Posted by Spidey at 1:14 AM