As of May 2023, the Turkish currency exchange rates to USD, Euro, and British Pound are as follows:
- 1 USD = 19.51 Turkish Lira
- 1 Euro = 21.51 Turkish Lira
- 1 British Pound = 24.64 Turkish Lira
These exchange rates fluctuate constantly due to various economic factors such as political instability, inflation rates, and trade relations between countries. It’s important to keep an eye on these exchange rates to make informed decisions while traveling to Turkey or doing business with Turkish companies.
Understanding Turkish Currency
The official currency of Turkey is the Turkish Lira (TL), and it’s commonly represented with the symbol “₺”. The Turkish Lira comes in denominations of 5, 10, 20, 50, 100, 200, and 500 TL banknotes, and 1, 5, 10, 25, and 50 kuruş coins.
How to Exchange Currency
There are several ways to exchange currency in Turkey. Some of the most common ways are:
Banks are the most reliable places to exchange currency in Turkey. Most banks have a foreign currency exchange desk where you can exchange your currency to Turkish Lira at the current exchange rate. It’s recommended to avoid exchanging currency at airport kiosks or unlicensed exchange offices as they often charge higher fees and give unfavorable exchange rates.
ATMs are widely available in Turkey, and most of them accept foreign cards. It’s recommended to use ATMs located inside banks to avoid skimming or fraud attempts. Be aware that your bank may charge you a foreign transaction fee for withdrawing money abroad.
Exchange offices are another option to exchange currency in Turkey. They are usually found in tourist areas and operate with a lower exchange rate compared to banks. However, it’s important to check their exchange rates and commission fees before making any transactions.
Knowing the Turkish currency exchange rates to USD, Euro, and British Pound can help you make informed decisions while traveling or doing business in Turkey. It’s recommended to exchange currency at banks, use ATMs inside banks, or exchange offices with favorable rates. Stay updated on the exchange rates and economic developments to make the most out of your stay in Turkey.