Turkey: Banks & Money

Sterling, Euros and Dollars can be easily changed into Turkish Lira at all banks, post offices ( PTT ) and change offices. In many towns you can also get a good exchange rate at Jewellery shops. Many shops exchange money at a favourable rate and most will accept sterling. If buying furniture, curtains and white goods etc it is often possible to pay in Euros or Sterling and get a very favourable price.
AT CHANGE BUREAUS ALWAYS SHOP AROUND FOR THE BEST EXCHANGE RATE AND MAKE SURE THE COMMISION RATE IS NO HIGHER THAN 3% IF CHANGING TRAVELERS CHEQUES some change offices charge as much as 9%. A good place to change money is at the PTT(post office) you get a lower rate on cheques but no commision. The best option is to take cash and your bank card to withdraw money from cashpoint machines in resort (use machines at banks if possible) You generaly ge a better rate on your statment when you return home, (you could gain 10% - that's  £10 for every £100 withdrawn). If you go with a bank such as Nationwide, you don't actually have to pay anything extra for withdrawing cash abroad, so you should look out for these things. Note though that travellers cheques are particularly hard to change even in the most populous of towns. Sometimes it may even be difficult to get a bank to change them for you.  Use your debit card e.g Maestro rather than credit cards because the credit cards usually have a cash withdrawal fee applied in addition to any other charges.


The Turkish currency is the Turkish Lira.There are banknotes in 1 , 5 , 10 , 20 , 50 and 100 Lira denominations in general circulation. There are also 1 Lira coins. The Lira consists of 100 Kurus.
When shopping in Turkey you will still find people refering to "millions", instead of Lira, when discussing prices. The currency changed on 1st January 2005 and any old banknotes and coins ceased to be legal tender from 1st January 2006. If you are offered any banknotes with 6 zeros on them ( e.g. 1,000,000 million lira ) in your change, refuse them as they are old and no longer valid.
There is often a shortage of small coins available in shops so don't be surprised to be given a sweet or two as change.
The majority of the banks have ATMs and there are a huge number of free-standing ones at strategic points. They operate in the same way as those throughout the USA and Europe. There is an option on most to choose the language and in some cases to choose Turkish Lira, Dollars or Euros. Be careful in the free standing air conditioned booths - sometimes groups of men tamper with these - they can hide each other in the booth. It's often safer to use those in bank buildings - those in Bodrum often have a security guard nearby as well.
If you use a ATM in Turkey, use one that is located outside of a national bank and also during regular business hours. Mon-Fri 9am-5pm. This way if you experience any problems with your card you can directly report it at the bank. Also do make sure that you advise your bank of your planned travel to Turkey. If not the bank may freeze your card after one or two transactions.
 **Note, there is no where to change money at the airport in Bodrum. So if you fly into Istanbul then straight to Bodrum, make sure you get money in Istanbul first. If in a pinch, Hertz will change cash into Lira.
Only exchange enough money to last you a couple of days.The exchange rate can rise dramatically in just a few days.Oddly the rate seems to ge better the closer to the weekend!!