Turkey Guide: Money

Our money guide provides information on bank accounts, money exchange, credit and debit cards and money transfers. If you need to open a bank account, we will explain how to do it - step by step.

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  Turkish banks

  Opening a bank account in Turkey

  Turkey´s official currency is the New Turkish lira (YTL). In the past, the lira was plagued by astronomical inflation rates, making it an extremely unstable currency. Due to recent economic growth, however, and a currency reform that chopped six zeroes off the end of most Turkish bill denominations, the lira has stabilized considerably.

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  Money in Turkey

  Cash, cards and ATMs

  Make sure always have cash on hand in Turkey. You never know which shops or restaurants will refuse credit and debit cards. As a general rule: the bigger and more popular the store, the more likely it will accept a card.

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  Transfers

  How to transfer money in Turkey or abroad

  There are several methods of transferring money within Turkey or to an overseas account, though some are simpler than others.

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  Turkish Taxes

  Income and other taxes

  While the basics of the Turkish tax system are fairly simple, you should certainly consult an accountant or a tax lawyer so that you don´t overlook any of Turkey´s numerous deductions (or in some cases, exemptions).

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  Managing your finances

  Investing in Turkey

  When inflation ran rampant, Turkey was a house of horrors to potential investors. The comparatively stable New Turkish Lira and the recent economic growth have made Turkey considerably more attractive to native and foreign investors alike.

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