Money in Turkey
Currency of Turkey
In January 2005, the
currency in Turkey changed, and the country introduced the new currency,
the New Turkish Lira (YTL) to replace the Turkish Lira. The only
difference between these currencies is that the new Lira has dropped off
the last six zeros, meaning that one New Turkish Lira is worth the same
of one of the old Turkish Lira. This takes the confusion and hassle out
of handling the money (especially when it used to involve multiplying
in millions). One Great British Pound is equivalent to YTL2.48 Bank hoursMost
banks operate between 9:00 and 17:00, and during these hours you will
have full access to all bank services. Turkish banks remain open during
lunch hours, but you may find yourself waiting a long time for service
if you choose to do your banking at this busy time of day. Banks open
mainly Monday to Friday, but some are open daily in tourist areas. Using traveller’s cheques instead of money in TurkeyIf
you decide to take travellers cheques instead of using money in Turkey
be sure to keep the receipts as you may need this when you are
exchanging Turkish money back to your currency at the end of your trip.
Travellers cheques can be cashed right away upon proof of identity. On
the other hand, it may take several days to cash cheques from private
accounts. To avoid additional exchange rate charges, travellers are
advised to take traveller's cheques in Pounds Sterling or US Dollars.
Most of the four and five star hotels will give you Turkish currency for
you traveller’s cheques. Traveller's cheques can only be exchanged in
banks. Credit cards are far more convenient. Travellers cheques can be
exchanged at some banks and currency exchange offices, but are not as
welcome as cash or credit cards. Credit & debit cardsAmerican
Express, Diners Club, MasterCard and Visa are accepted. Check with your
credit or debit card company for details of merchant acceptability and
other services which may be available. ATMs are widely available in
major cities and tourist areas, but Turkish ATM keypads usually do not
have letters of the alphabet on their keys. Most bank branches have ATMs
which accept Cirrus and Plus. Major credit cards are widely accepted;
the most popular are Visa or MasterCard, but American Express is
accepted in many of the more expensive places. Currency restrictionsThere
are no limitations on the import of local or foreign currency, though
visitors bringing in a large amount of foreign currency should declare
it, and have it specified in their passport upon arrival to avoid
difficulties on departure. No more than the equivalent of US$5000 in
local currency may be exported. Foreign currency may be exported up to
US$5000, but no more than the amount imported and declared. Advertisement Ankara Cheap
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