Background Information
Istanbul, the largest city in Turkey, is located on two continents, Europe and Asia. It was once the capital of the Ottoman Empire and is now the financial centre of Turkey.
The local currency of Turkey is the Turkish Lira (TRY) and it is the currency used for transactions in and around Istanbul. For most people living in Istanbul, the Lira is the default currency of choice. Businesses and citizens are used to it and most people are familiar with its value.
The Turkish Lira is issued in both coins and notes. Coins come in denominations of 5, 10, 25, 50 Kurus, and 1, 5, 10 Lira. Bank notes have denominations of 10, 20, 50, 100, 200, 500 and 1000 Lira.
Exchange Rates
The exchange rate for Turkish Lira varies depending on world market trends and pressures. As of July 2020, the exchange rate for 1 US Dollar (USD) to Turkish Lira is 6.8648TRY, while 1 British Pound Sterling (GBP) to Turkish Lira is 7.9941TRY.
This rate can fluctuate quickly. It is best to check the current market rate before entering into any currency transactions.
Credit Cards
Credit cards are widely accepted in Istanbul, and most major international companies have representation in the city. Mastercard, Visa, American Express, Discover and other major credit cards are accepted in restaurants, hotels, shopping malls and other places.
To make credit card payments, customers must use the local currency, Turkish Lira. Cardholders can expect a rate of exchange close to the current market rate.
ATM Machines
ATMs are widely available in Istanbul, and all provide withdrawals in Turkish Lira (TRY). Customers must enter their PIN number to make withdrawals, although some machines require a payment card as well.
The ATM withdrawal limit per day is typically 2,500TRY, although this can vary from machine to machine. ATMs can also be used for balance inquiries and for making credit card payments.
Currency Exchanges
Currency exchange offices can be found throughout Istanbul. These specialised shops allow customers to buy and sell foreign currency and to convert their money into Turkish Lira.
The exchange rate in these offices is usually close to the current market rate, with only a small margin of difference. Exchange offices are usually open throughout the day, from 9am to 5pm or later, and can sometimes be open on weekends.
Pros and Cons of using Turkish Lira
Using the local currency, Turkish Lira, has both advantages and disadvantages. On the one hand, using Lira is convenient for business and citizens living and spending time in Istanbul, and it provides access to products and services at more reasonable prices. On the other hand, it is more difficult to find Turkish Lira outside the city, and the exchange rate can be volatile, depending on economic and political developments.
When it comes to exchanging money, overseas customers are advised to use authorised money exchanges as these typically offer a better rate of exchange than banks and other currency service providers.
Attitude of Istanbulites to their Currency
The people of Istanbul generally have a positive attitude to their currency and feel proud of its stability and the international recognition it enjoys. It is one of the three most important currencies in the world, along with the US Dollar and the Euro.
The people of Istanbul are also proud of the tremendous economic development the Turkish Lira has seen in recent years and the resulting increase in purchasing power. The currency has made great strides in 2018 and 2019, ranking among the top ten best performing currencies in the world.
Closing Thoughts about Turkish Lira
The Turkish Lira is the official currency of Istanbul, and it is used by businesses and citizens alike for all forms of transactions. The currency has remained relatively stable despite political and economic volatility in the region, and its presence has provided an economic boost to the city.
The value of the Turkish Lira is based on the exchange rate set by the Turkish Central Bank. This rate is determined by supply and demand in the market, as well as the prevalence of other currencies, such as the US Dollar, Euro and British Pound Sterling.
When exchanging money, customers should use authorised money exchange offices, which typically offer better rates of exchange than banks. Moreover, customers are advised to check the current market rate before entering into any currency transactions.
