Monetary System  
 
The unit of currency is the Turkish Lira (TL). Coins are 1,000; 2,500; 5,000; 10,000; 25,000 and bank notes are 10,000; 20,000; 50,000; 100,000; 250,000; 500,000; 1,000,000, 5,000,000.

Too many zeros can complicate life but are inevitable in a country where the annual inflation rate is about 70-100%. The cancellation of these many zeros is wondered about and suggested frequently by foreigners but, unless the inflation rate is reduced, it will have little effect and it cannot be repeated annually. Considering the possible psychological effects it has been discussed and in a very short time it will be implemented.

 
Banks and ATMs
 
Turkey boasts many banking companies and branches can be found everywhere. The big retail banks all have ATMs, some of which give cash advances against foreign credit cards. It should be noted that most ATM entry codes use numbers rather than letters / passwords.

Banks will exchange foreign currency and travelers checks with your passport as proof of identity. Commissions are charged at between 1 and 3% per transaction. Exchange rates change daily and can be checked in the press.

Banks are usually open between 09:30­12:00 and 13:30­17:00 on weekdays. On Saturdays and Sundays they are closed.

 
Changing Money  
 
"Doviz" or exchange offices offer a fast service outside normal banking hours and at better rates than banks or hotels. They do not charge commission and only change foreign cash currency. Passports are not required.
 
Credit Cards  
 
It should be noted that credit card commissions charged by the various credit card companies might sometimes be added to a client's bill-particularly if shopping in very touristic places. Also, with the rate of inflation affecting the daily exchange rate, the international rate used by the credit card company's banking agents may differ to that used by the vendor; clients may win or loose small amounts either way.
  TOP
    Copyright © 1997 Serif Yenen All rights reserved. NO part of the information and materials in this web site may be reproduced or transmitted in any form or by any means, electronic or mechanical, including copying, recording and storing in any information storage and retrieval system without written permission from Serif Yenen

Disclaimer
While every effort has been made to make this web site as complete and as accurate as possible, this text should only be used as a general guide and not as an original source of information. Comments, suggestions or corrections relating to possible errors both typographical and in terms of content would be much appreciated.
The author shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to be caused, directly or indirectly by the information contained in this web site.

For more information write to info@turkishodyssey.com
For your advertisements write to ads@turkishodyssey.com

Last updated February 02, 2000
webmaster@turkishodyssey.com