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.
“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.
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.