Turkish Lira (TRY) is the official currency of Turkey. 

However, if you believe buying Turkish Lira in India is easy, it’s not true. Since Lira is an exotic currency in India, it is rarely available and is subject to high exchange rates. Therefore, purchasing it from India won’t be a good idea.

So which is the best currency to take to Turkey from India?

The Indian Rupee is a wrong choice, whereas the US Dollar is a considerable option.

However, purchasing Euros is the best option. 

Buy Euro as currency notes or upload it in a forex card from a valid forex service provider like ExTravelMoney at least 3 days before your travel. Arriving in Turkey, convert the Euros in hand to Turkish Lira. You’ll get a better deal for the TRY exchange rate in Turkey than if you had bought it in India.

This mode of currency exchange is much more efficient and cost-effective. Let’s see ‘how’ and ‘why’ to do it.

Steps for Easy Currency Exchange

Step 1. Purchase Euros from a Forex Vendor in India

Buying Euros from Indian airports can be extremely expensive as they exploit your urgency for foreign currency. Therefore, purchase the necessary currency and forex cards from a forex service provider; preferably an online forex platform.

Currency:

• The Euro is a global currency and is readily available at affordable exchange rates in India. So choose the smart and affordable way and buy Euro notes from a legitimate Forex service provider like ExTravelMoney.

Forex Card:

• In India, forex cards cannot be directly loaded with Turkish Lira. So you can load Euros instead and withdraw at Turkish ATMs or swipe and pay as Lira.
• Remember to purchase only an adequate amount of Euro as currency and upload the rest of the Euro in a single-currency forex card.
• Single currency forex cards do not charge a cross-conversion fee. But at the same time, 3-5% is charged for multi-currency forex cards.

To avoid a last-minute hurry buy the necessary forex products a minimum of 3 days before your trip.

Step 2. Convert Emergency Amount at Turkey Airport

Exchange rates and commissions are exorbitant in Turkish airports too.

Therefore, on arriving at the airport, approach a forex vendor there and get the adequate Turkish Lira needed to catch a taxi or grab some food. The rest of the money can be converted later by other cheaper methods.

Pro Tip: Keep yourself updated on the mid-market exchange rate. It is the rate shown on Google and is the actual value of a currency. It is the midpoint between the buying and selling price of two currencies at a given time. By knowing it you can calculate whether the markup (profit added by forex vendors) is too high or not.

Step 3. Exchange Remaining Euros at Cheaper Exchange Spots

Carrying the rest of the Euro notes and using them at shops is not advisable as a majority of the shopkeepers would not accept them. Even if they do, they shall charge an unfair exchange rate and trick you. So you must change the rest of your Euros into Lira to pay at card-less counters.

Here are the best places to purchase Turkish Lira:

Post Offices:

• Post offices in Turkey offer foreign exchange services.
• They mostly prefer to receive the US Dollar and the Euro.
• These are reliable exchange centres for tourists.

ATMs:

• ATMs are present in every nook and corner in Turkey.
• ATMs accept MasterCard (Cirrus and Maestro) and Plus (Visa) cards. So you can use your single-currency forex/debit/credit card in the ATM.
• You can easily find the closest ATM to you by using the MasterCard ATM Locator and Visa ATM Locator.
• It is always safe to use an ATM next to a bank because you can approach them if the ATM causes any technical issues.
• Even though Turkish banks do not charge any fee for ATM withdrawals, Indian banks and forex card providers do charge a fee. Therefore, try to reduce the number of withdrawals and increase the volume withdrawn to minimize charges.

Foreign Exchange Centres:

• ‘Doviz Buruso’ is the Turkish name for currency exchange centres.
• Avoid unauthorized centres with moveable stalls as they can most probably be scammers. Always exchange at exchange houses with license and proper authorization displayed to avoid high markup and counterfeited Lira notes.
• Make sure you receive the ‘exchange slip’. It stands as proof that the currency purchased is from an authorised forex centre. These exchange slips might be asked for authentication when you reconvert your Liras.

Pro Tip: The Grand Bazaar in Istanbul is a perfect spot to buy Turkish Lira notes. The market consists of numerous foreign exchange stores and as a result of high competition, they offer the best deals for exchange rates. 

Step 4. Go Cashless with Digital Payment Methods

Almost all shops, restaurants, and tourist locations accept cards for payment. Therefore, storing cash in cards is safer and you can travel with fewer concerns.

Forex Cards:

• It is always best to make your payments using a Forex card. It offers affordable exchange rates and you can lock this rate while loading Euros in it. 
• While in Turkey, the uploaded Euros get converted into Turkish Lira in real-time while making payments. 
• All you have to do is simply swipe or tap your card at the counter just like a credit or debit card, but with lower charges.
• Due to rate lock, the uploaded Euro is not affected by the fluctuations in exchange rates. However, payments in Lira are subjected to a cross-conversion fee.

Card Charges	Charged Amount
Cross-conversion fee	5% of transacted amount
International ATM transaction fee	Rs 100+GST

Credit Cards:

• Credit cards can be used to do large volume transactions such as paying long bills at restaurants or hotels.
• The charges are quite high and they add on to become a liability after your trip.

Bank Charges	Amount or Percentage Charged
Foreign Transaction Charges/ Mark Up Fee (for all transactions in Turkey)	3.50% (of the converted amount)
Overseas ATM withdrawal fee	Rs. 125

Debit Cards:

• Debit cards can be set aside for your emergency payments and withdrawals. This is because it incurs a substantial amount of charges and GST.

Bank Charges	Charged Percentage of Total Transaction Amount
Foreign Transaction Charges/Mark-Up Fee (for all transactions in Turkey)	2.50% – 3.50%
Currency Conversion Fee (loaded currency to local currency)	1% – 2%
ATM Withdrawal Fee	4%

Pro Tip: Do not forget to inform your bank about your international travel. If not, your bank shall suspect you for fradulent international transactions and may even freeze your bank account. Also enquire whether your bank have alliance with any Turkish banks. This might help you fetch concession for withdrawal charges and provide you assistance with any grievences while in Turkey.

How to Reconvert Turkish Lira to Indian Rupees?

As you know Turkish Lira have low demand in the Indian foreign exchange market. Therefore, most banks and money exchange vendors do not accept them. So, it is an extremely challenging task to sell in India once you’re back. 

Therefore, exchange your remaining Turkish Lira for Euros or US Dollars in Turkey. On reaching India, sell them on a forex platform like ExTravelMoney. 

How Much Money Can I Carry to Turkey from India?

There is no limit exercised by the Turkish government on the amount of foreign currency and Turkish Lira bought into the country. However, the LRS Scheme of RBI has set a maximum limit of USD 3,000 equivalent¹.

The Turkish government only allows the equivalent of USD 5000 in Lira or any foreign currency to be taken out of the country as cash. The officials might ask for the exchange slip to prove the currency’s legitimacy so have it with you ².

Denominations of Turkish Lira

The Central Bank of the Republic of Türkiye has released 8 series of banknotes to date. Here are the images of the 6 denominations of Lira now in circulation³:

Also Read: Jio International Roaming Plans For Indians Travelling Abroad

Article Resources:

1. Reserve Bank of India ↩︎
2. Turkey Ministry of Culture and Tourism ↩︎
3. Central Bank of the Republic of Türkiye ↩︎

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