As you pack your bags for that long-awaited Turkish vacation, there's one thing you absolutely need to be aware of - the Turkish Lira. The currency in your pocket plays a key role in your travel experiences and being aware of the situation of the Turkish Lira will serve you well on your journey.
Why Exchange Rates Matter for Tourists
For a tourist, the exchange rate can affect everything, from the Turkish delight you want to try in the Grand Bazaar, to the memorable balloon ride in Cappadocia. Simply put, knowing the value of your currency in terms of Turkish Lira can help you budget your trip better.
Historical Changes in the Turkish Lira
Historically, the Turkish Lira has undergone significant changes. This history has left a significant imprint on the Turkish economy, and in turn, the travel experience in Turkey.
On January 1, 2018, the rate of exchange was USD 1.00 = TRY 3.79. On August 13, 2018 it was USD 1.00 = TRY 6.96—a decline in the value of the Turkish currency of 46%. Similar trends have been noted in recent years. As of June 2023, the rate was 1 USD = TRY 23.66.
This is a benefit for travelers to Turkey who exchange these major currencies for Turkish liras. Expenses such as transport tickets, meals, souvenirs, and some other items may be substantially cheaper, though items priced in the major currencies (international airfares, car hire/rental, some hotels, etc.) may not change.
However, this decline in the value of the lira presents substantial difficulties for the Turkish economy.
How to Check the Turkish Lira Exchange Rates
Online Resources for Checking Exchange Rates
Keeping an eye on the current exchange rate is a smart move. Websites and apps like XE, OANDA, or even Google offer real-time exchange rate information. It's almost like having a currency expert in your pocket!
Local Exchange Offices and Banks
When in Turkey, exchange offices, known as Döviz Bureaus, and local banks are reliable sources for checking exchange rates. A little tip here, compare rates at a few places before you make the exchange.
Things to Keep in Mind When Exchanging Currency in Turkey
Exchange rates can vary significantly between different exchange offices or banks. It's wise to compare a few before deciding where to exchange your money. Additionally, be aware of potential fees and commission rates. Read more here.
Here are other important money matters:
|Currency Exchange Offices