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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 hours
Most 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 Turkey
If 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 cards
American 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 restrictions
There 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.

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