Nestled between Europe and Asia, Turkey is a blend of historic sites, mesmerising terrains, unique culture, and gourmet delights. However, if you plan to visit the country, you must understand the Turkey currency lira, which you will use for all payments. Read along to learn more about the Turkish lira, popular payment methods, and how to save money in this beautiful country.
List of currency notes in Turkey
The Turkey currency lira (TRY), issued by the country’s Central Bank, is locally known as Türk lirası and denoted by the symbol ₺. Every lira is further subdivided into 100 kuruş or piastres. The currency notes in circulation are: 5 lira, 10 lira, 20 lira, 50 lira, 100 lira, and 200 lira. Besides currency notes, you might commonly come across coins worth 1 lira and 50 kuruş.
Using Indian currency
You cannot use Indian currency in Turkey, which is why exchanging INR for TRY is ideal for handling small or immediate expenses. You can convert INR into Turkish lira before departing from India or visit a bank or exchange office after reaching Turkey. To secure the most competitive rates during currency exchange, avoid the exchange counters at airports and hotels as commission rates are significant.
Another option is to visit an ATM and withdraw cash in lira. However, every bank will charge you a certain handling fee. Remember the TRY to INR exchange rate keeps changing, so keep track of it and opt for currency exchange Turkey when it’s most profitable.
Methods of payment in Turkey
When it comes to Turkey payment methods, the options available are:
- Cash: Many small stores, eateries, public transport modes, and roadside retail outlets in Turkey don’t accept cards. Here, you’ll need some money to make purchases.
- Cards: You can safely use credit and debit cards enabled for international transactions. Major cities, tourist hotspots, and medium to large businesses accept cards, especially if you carry a MasterCard or Visa. Remember, your domestic bank will charge a foreign transaction fee.
- Traveller’s cheques: Though some hotels and businesses accept such cheques, these are gradually losing popularity as the cost of cashing the same is generally high.
Tips to save money when travelling in Turkey
Here are some tips to save money on your Turkey trip:
- Avoid busy months: Turkey usually draws the most tourists from May to October, so plan your trip accordingly to save on flight and hotel costs.
- Think beyond hotels: Consider staying with a local host instead of opting for a hotel. It is a great way to learn about the local culture and save money.
- Avoid cabs: Taking the tram or going on walking tours will cost you much less than hiring cabs. Public buses ply at regular intervals in major cities.
- Try local eateries: Rather than eating out at upscale restaurants, visit local eateries and street vendors to indulge in Turkish delights at much lower rates.
- Negotiate while shopping: While major retail outlets won’t offer any scope for bargaining, negotiate prices when buying souvenirs or mementoes from street vendors and small stores.
FAQs
- Which banknote denominations are used in Turkey?
Banknotes are used for 5, 10, 20, 50, 100, and 200 lira.
- Can I use Indian currency in Turkey?
No, you need to exchange INR for Turkish lira.
- What are the popular Turkey payment methods?
Cash is widely accepted. You can also use cards (credit and debit) at large establishments or businesses in key cities or tourist areas.
- Do I need travel insurance?
Yes, travel insurance for Turkey is essential to enjoy your whole trip hassle-free.
Conclusion
All in all, carrying a mix of big and small banknotes in the Turkey currency lira, and cards can make for a smooth and seamless trip. However, be prepared for unexpected situations, such as falling ill, losing your wallet or passport, delayed baggage, or personal liabilities that can ruin your trip. Securing travel insurance online is a smart way to stay financially protected against any mishaps for a stress-free journey.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.