Currency for Turkey.

New Turkish Lira (TRY) was introduced on 1 January 2005 and the old Turkish Lira was  withdrawn from circulation around 1 January 2006. You can still exchange the old turkish lira but only at the Central Bank for a maximum period of 10 years.

1YTL = 1,000,000TL (ie the new currency has six less zeros than the old currency).

New Turkish Lira (TRY). Notes are in denominations of TRY100, 50, 20, 10, 5 and 1. Coins are in denominations of TRY1 and 50, 25, 10, 5 and 1 New Kuruº (Ykr).

Old Turkish Lira (TL). Notes are in denominations of TL 20,000,000, 10,000,000, 5,000,000, 1,000,000, 500,000, 250,000 and 100,000. Coins are in denominations of TL250,000, 100,000, 50,000, 25,000, 10,000 and 5000

Need to send money to Turkey?

The IBAN includes various codes, like your branch and account numbers, and is the standard system for sending payments across Europe.  Turkish IBANs have 26 characters, starting with ‘TR’ followed by 24 characters, and can usually be found on your bank statement or other paperwork, along with your BIC or SWIFT code.

There are further techical details below, although the Currency providers will take care of ensuring payment details are in the correct format before initiating any payments on your behalf.

Turkish IBAN Format: TRkk BBBB BRCC CCCC CCCC CCCC CC

B = Bank Code
R = Reserved for future use (currently set to zero)
C = Account No.
k = Check Digits

Turkish BIC or SWIFT code Format: BBBBCCLL or BBBBCCLLDDD

B = Bank Code (Only Letters)
C = Country Code ‘TR’ (Only Letters)
L = Location Code (Letters & Digits)
D = Branch Code Optional (‘XXX’ for Head Office – Letters & Digits)

Use our comparison website Send Money Home to see who can assist you in your currency exchange see which company ticks all the boxes when it comes to sending your money to Turkey. There are so many companies available but ensure you are getting the best currency exchange rate and are offering no money transfer fees over 10,000 to 50,000 +.

Receiving and Sending money home to the Turkey is easy just choose which company you want to use and complete the online application form. Once submitted you may need to provide conformation of ID. This is standard and is a requirement by the Inland Revenue and the FSA to confirm who you are and to protect your money. Once your account is opened you can then confirm a currency rate and transfer funds. It all sounds like it will take time but in fact in an account can be opened in 10 minutes if you have your passport and proof of ID with you.

Ensure you get the best rate, remember you are not the expert they are so ask as many questions as you need getting expert advice all the way.

All of the currency providers listed on Send Money Home Website have been carefully vetted by sendmoneyhome.co.uk, All currency providers are regulated by the Financial Services Authority (FSA) and operate segregated client accounts. When you need to send money to the Turkey consider using one of these companies and save money compared to using your high street bank.

Sending Money to Turkey?

When you click the ‘Open an Account / Get a Quick Quote’ button, you will be directed to the currency providers website where you need to open an account before you can send money to the Turkey.