With annual inflation rates of around 45% and with Turkey becoming more plugged into the international economy things were changing everyday earlier. Inflation is now under control and the new currency has been released as of Jan 1, 2005 so life is now a lot easier.

Things such as food, public transportation, taxis, and handicraft items are still a bargain but expect to spend the same amounts of money for most other things that you would at home.

The U.S. dollar is strong against the Yeni Turk Lirasi (YTL) According to the Turkish Central Bank rates, (Apr 11th, 2007) the current rate of exchange is approximately  YTL 1,36 = USD 1,00 and it keeps changing daily. We would advise you to initially exchange a small amount at the airport bank (around $200) and then when you have ascertained where you can get the best rates you can exchange a larger amount.
                                                                               
There probably is no one way better than others, ATMs are almost all around the country, yet you do need to ascertain what kind of service charge your bank makes on each transaction. You also need to check with your bank before you go to make sure that your security code will work internationally.

ATM Machines in Turkey have no way of entering letters, thus you should get your passwords and/ or pin codes as numbers, not letters. You also need to check with your bank to determine what their access fees are in Turkey and whether they have a special relationship with a Turkish bank.

For certain banks charge a high percentage for providing these services, at the end you may better use traveler’s cheques or cash. We would also advise you to let your bank know you will be in Turkey using your card as otherwise they sometimes suspect some kind of fraud.

Another money matter, which often confuses you, is tipping.  Good and friendly service in Turkey has not been tip dependent but has always been taken for granted as standard. Now, tipping has become somewhat expected in most places, so you should leave 10 to 15%, as you would at home but only if the service warrants it.

Tipping in Turkey is practiced in cash, so in a restaurant that accepts credit cards for instance, you may pay your bill with your credit card, yet you should leave appropriate amount of tip in cash. Turks usually do not tip taxi drivers at a certain percentage, but round out the fare by 5 – 10%.

The most significant tips that one is curious about are for minibus drivers, guides, and the captain and crew on Blue Cruises. The best thing to do is to pool our tips and give them to the appropriate party on the last day we use their services, usually with a note of appreciation.

The recommended amounts are $40 each person for drivers and $ 50 per person for guides and $40 to $45 per person for captain/crew. The gulet crew, you may like to know, are not highly paid and they work round the clock, so if they have made you happy you should show your appreciation.