Money and Banks in Turkey: A Complete 2025 Guide for Travelers, Expats, and Digital Nomads
Turkey remains one of the most dynamic and strategically positioned countries in the world, bridging Europe and Asia through culture, trade, and tourism. Its modern banking system, strong fintech evolution, and widespread card acceptance make it easy for visitors and expats to manage money. However, the country’s unique currency system, evolving financial policies, and economic fluctuations require travelers to stay informed. Whether you are relocating to Istanbul, planning a short trip to Cappadocia, or building a digital nomad lifestyle along Turkey’s Mediterranean coast, understanding banking and money management is essential for navigating daily life.
This comprehensive 2025 guide explains how the Turkish Lira works, the structure of the banking system, ATM usage, taxes, digital payments, international transfers, and how foreigners can open a bank account. It blends practical advice with economic clarity to help travelers and expats avoid unnecessary fees and financial stress.
The Turkish Currency: What You Need to Know
Turkey uses the Turkish Lira (TRY). The currency has experienced volatility in recent years, leading to frequent price changes in daily transactions. Understanding the basics ensures you are better prepared.
Currency Code and Symbol
Currency code: TRY
Symbol: ₺
Banknotes
Common denominations include:
5, 10, 20, 50, 100, and 200 lira notes.
Coins
1 lira coin
Plus smaller kuruş coins (1, 5, 10, 25, and 50)
Currency Stability
Due to inflation and market fluctuations, prices may vary month to month. Travelers should check current exchange rates before arrival.
Cash vs Card Culture in Turkey
Turkey has a mixed payment culture with strong digital adoption but continued preference for cash in certain areas.
Where Cards Are Common
• Hotels and large restaurants
• Shopping malls and chain stores
• Metro, tram, and bus recharge machines
• Ride hailing services
• Airports
• Supermarkets
Visa and Mastercard dominate. American Express is accepted but less common.
Where Cash Is Still Useful
• Local bazaars
• Street food vendors
• Small shops in rural areas
• Taxis in smaller cities
• Public toilets
• Small cafes
Keep a small amount of lira for daily use.
ATMs in Turkey: Fees, Limits, and Best Practices
ATMs are widely available and support foreign cards.
Benefits
• English language options
• Fast transactions
• High withdrawal limits in major cities
Common Bank ATM Fees
Some banks charge up to 3 to 5 percent for foreign withdrawals. Avoid unnecessary ATM fees by choosing banks with low or no withdrawal charges.
Avoid Dynamic Currency Conversion
When withdrawing cash, ATMs may ask whether you want to be charged in your home currency. Always select the local currency (TRY). Dynamic currency conversion often adds a markup of 8 to 15 percent.
Recommended Banks for Travelers
Garanti BBVA (Investor Relations site)
Many international cards work best with these providers.
Turkey’s Banking System Explained
Turkey’s banks are divided into several categories.
1. State Owned Banks
These include:
• Ziraat Bankası
• Halkbank
• VakıfBank
They have the largest ATM networks and extensive branch availability.
2. Private Banks
• Akbank
• Garanti BBVA
• İşbank
• Yapı Kredi
• DenizBank
These banks offer strong digital services and English friendly apps.
3. Participation Banks (Islamic Banking)
• Kuveyt Türk
• Albaraka Türk
• Ziraat Katılım
Popular among expats needing non interest based accounts.
4. Foreign Banks
HSBC: https://www.hsbc.com/
Citibank (corporate only): www.citibank.com
Provides international banking access for multinational employees.
Opening a Bank Account in Turkey as a Foreigner
Foreigners can open bank accounts in Turkey, but the process varies depending on residency status.
Required Documents
Most banks will require:
• Passport
• Turkish tax identification number (vergi numarası)
• Proof of local address
• Residence permit (ikamet) for some banks
• Phone number from a Turkish mobile network
Getting a Tax Number
Foreigners can obtain a tax number by visiting the local tax office or applying online. This number is essential for opening accounts and completing major financial transactions.
Which Banks Are Best for Expats
• Garanti BBVA
• Akbank
• İşbank
• DenizBank
These institutions offer digital apps with English support, efficient money transfers, and friendly account opening procedures.
Digital Banking and Fintech in Turkey
Turkey has a growing digital banking ecosystem with apps widely used for daily payments.
Popular Digital Banking Tools
• Papara
• Wise
• Revolut
• N26 (limited availability for Turkish residents)
• Paycell
Contactless and QR Payments
QR code payments through the national FAST system are increasingly accepted nationwide.
E Wallet Adoption
Many Turkish residents use digital wallets for utility bills, top ups, transportation, and online shopping.
International Money Transfers to and from Turkey
Transferring money internationally can be expensive if done through traditional banks due to high SWIFT fees and poor exchange rates.
Best Transfer Methods
• Wise
• Revolut
• Western Union
• MoneyGram
• Remitly
• Bank wire transfers (higher cost)
Tips to Reduce Fees
• Avoid transferring money through ATMs
• Compare exchange rates on the day of transfer
• Use low fee fintech options
• Transfer during business days to avoid delays
Cost of Living and Everyday Money Tips
Turkey remains relatively affordable compared to Western Europe and North America.
Average Prices in 2025
Cup of coffee: 30 to 60 TRY
Meal in a restaurant: 150 to 350 TRY
Taxi (5 km): 60 to 90 TRY
SIM card with data: 150 to 250 TRY
Monthly rent in Istanbul:
• City center 15,000 to 25,000 TRY
• Outside center 9,000 to 15,000 TRY
Due to inflation, prices may shift slightly throughout the year.
Taxes and Billing
Foreigners living long term must be aware of tax responsibilities. Tourists are not taxed.
VAT (KDV) Rates
Standard rate: 20 percent
Reduced rates: 10 percent and 1 percent on select items
Income Tax for Expats
Varies depending on residency and income source. Many foreigners qualify for exemptions under tax treaties.
Safety, Security, and Using Money Wisely
General Tips
• Use ATMs located inside banks
• Avoid carrying large amounts of cash
• Use cards in reputable places
• Check receipts for automatic service charges
• Use rideshare apps instead of unmetered taxis
Turkey is generally safe, but petty theft in tourist areas can occur.
Best Places for Expats and Digital Nomads
Istanbul
A global city with modern banking, nightlife, and employment opportunities.
Antalya
Popular for beachside living and expat communities.
Izmir
A relaxed coastal lifestyle with affordable living.
Ankara
Government hub with stable jobs and organized infrastructure.
Final Thoughts
Turkey offers a modern, highly accessible banking system complemented by strong digital tools, making it easy for foreigners to manage money. While inflation and currency fluctuations require attention, travelers and expats who understand the banking landscape can navigate daily expenses efficiently. From ATMs and cash use to fintech tools and international transfers, Turkey remains one of the easier countries for managing finances during short trips or long term stays.
Sources
Central Bank of the Republic of Turkey
https://www.tcmb.gov.tr
Banking Regulation and Supervision Agency of Turkey
https://www.bddk.org.tr
Turkey Ministry of Treasury and Finance
https://www.hmb.gov.tr
