Can I exchange lira for dollars at international airports?

What Actually Happens When You Try to Exchange Lira for Dollars at Airports?

A couple of years back, after a whirlwind week in Istanbul, I found myself at Istanbul Airport with a fistful of lira and the classic traveler’s dilemma: should I swap my leftover TRY for dollars before flying out? I’d heard conflicting stories—some friends swore airport exchanges were a rip-off, others said it was the only option left. So, what’s the real deal?

Here’s what I found out (and tested personally), plus a breakdown of what you should expect if you’re in the same boat.

Step-by-Step: Exchanging TRY to USD at Major Airports

First off, yes, you usually can exchange lira for dollars at major international airports—especially in Turkey, but also at some global hubs like Frankfurt, London Heathrow, or even JFK if you shop around. The process is straightforward, but every little detail matters. Let’s walk you through it:

1. Look for Official Currency Exchange Counters: Most airports have at least one (usually more) branded exchange kiosk. In Istanbul, you’ll spot Garanti BBVA, Isbank, and global chains like Travelex. I snapped a photo of the rates board for reference—though, as I quickly learned, those rates are only half the story (more on that below).
   Photo: Actual rate board at Istanbul Airport, 2023
2. Present Your Lira and ID: Most counters will ask for your passport. If you’re exchanging a larger sum (over $500 equivalent), they might log your details for anti-money laundering rules—per FATF guidelines (source).
3. Compare the Buy and Sell Rates: Here’s where it gets interesting (and annoying). The spread—the difference between what they buy and sell at—is often huge. When I checked, the mid-market rate for 1 USD was about 27 TRY, but the exchange counter was buying at 24.5 TRY. That’s a 9% difference, not counting any flat fees.
4. Pay Attention to Fees: Some counters tack on a flat fee (e.g., $5 per transaction), others bury the cost in the rate. Ask directly—sometimes staff will only mention the fee if you press them.
5. Get Your Dollars (or Not): Not all counters keep large amounts of USD on hand. At smaller airports, I’ve been told “no dollars left.” At IST and Sabiha Gökçen, I never had an issue, but friends at regional Turkish airports have.

What About Airports Outside Turkey?

Here’s a twist: outside Turkey, exchanging TRY can be much harder. When I tried to offload lira at Frankfurt, the counter staff just shook their heads. At Heathrow, they could take it, but the rate was even worse—more like a 15% haircut. USD and EUR are universally accepted, but TRY is considered a “minor” currency at most global hubs. If you’re not at a major Turkish airport, your odds drop quickly.

How Do Exchange Rates and Fees Stack Up?

I compared rates at Istanbul Airport, a city center exchange in Istanbul, and an online benchmark (using XE.com). Here’s what I found:

• Airport rate: up to 10% worse than mid-market, plus $3-5 fee
• City center rate: usually 3-5% worse, sometimes no flat fee
• Online mid-market: for reference, not available to retail consumers

So, yes, you can exchange TRY to USD at airports—especially in Turkey—but expect to lose a chunk to the spread and fees. Outside Turkey, don’t count on it.

Regulatory Framework: Why Does This Vary?

International currency exchange is subject to a patchwork of national banking regulations and global standards. The World Customs Organization (WCO) and OECD encourage transparency and anti-money laundering controls (OECD report), but there’s no global “floor” for rates or fees. Each country sets its own rules; for example, the US Financial Crimes Enforcement Network (FinCEN) requires currency exchangers to register as money services businesses (FinCEN guidance).

Case Study: How “Verified Trade” Standards Affect Cross-Border Exchanges

Country/Region	Standard Name	Legal Basis	Enforcement Body
Turkey	Currency Exchange Licensing (Değişim Bürosu)	Banking Law No. 5411	Banking Regulation and Supervision Agency (BDDK)
EU	Payment Services Directive (PSD2)	Directive (EU) 2015/2366	European Banking Authority (EBA)
USA	Money Services Business Registration	Bank Secrecy Act (31 U.S.C. 5311)	FinCEN
UK	Money Service Business Regulations	Money Laundering Regulations 2017	HM Revenue & Customs (HMRC)

Expert View: An Industry Insider’s Take

“Airport exchange counters operate under strict licensing, but they’re also in a captive market. They know travelers have few options, so rates are rarely competitive. If you’re exchanging minor currencies like the lira, especially outside the country of origin, you should expect a hefty margin or outright refusal. Always check online rates first and, if possible, exchange in the city before heading to the airport.”

Real-World Case: Disagreement on “Verified Trade” and Currency Exchange

Let’s imagine a scenario: A Turkish business traveler tries to exchange a large sum of TRY to USD at a Paris airport, but the counter refuses, citing “unverified origin of funds” (a nod to EU anti-money laundering rules). The traveler protests, referencing a Turkish bank withdrawal slip. The counter staff, following PSD2 and EBA guidance (EBA source), insists on more documentation. In this case, the difference in national standards for “verified trade” comes into play: what’s sufficient in Turkey doesn’t automatically satisfy EU rules. The traveler ends up using a global remittance service instead—paying another fee, but at least gets dollars.

Personal Reflection: What I’d Do Next Time

Honestly, after my own last-minute dash at Istanbul Airport—where I lost more on fees than my airport coffee cost—I’d say: plan ahead. Exchange most of your lira in the city, where competition keeps spreads tighter (I once got a rate less than 4% off mid-market at a shop near Taksim Square). Only use airport exchanges for small amounts, and never assume you’ll find a counter willing to take lira outside Turkey.

Conclusion and Next Steps

In summary, you can exchange Turkish lira for US dollars at most international airports in Turkey, and sometimes at other major hubs, but expect wide spreads and possible fees. Outside Turkey, it’s less reliable—TRY is not a “mainstream” currency abroad, so many exchange desks won’t accept it, or will do so at punitive rates. The underlying regulatory landscape, shaped by each country’s laws and international standards, adds another layer of complexity, especially for large transactions.

If you’re heading home with lira in your wallet, try to exchange in the city before you travel, keep receipts for larger transactions, and always check rates online (sites like Wise or Revolut may offer better alternatives). And if you’re ever stuck, don’t be shy—ask the counter staff for all fees and alternatives. Sometimes, a little negotiation goes a long way, even at the airport.

For a deep dive on international currency exchange regulation, see the WTO GATS text (Article XVI), or the OECD’s money laundering guidelines.

And if you ever find yourself staring at a lira note at a non-Turkish airport exchange, don’t say I didn’t warn you.