Foreign Exchange Regime in Turkey

a-     Importation of foreign exchange to Turkey is free.

b-     Residents in Turkey may freely keep foreign exchange; purchase foreign exchange from banks, authorized establishments, PTT and precious metal brokerage institutions; hold foreign exchange in their foreign exchange accounts with banks; use foreign currency banknotes and make deposits in banks in Turkey and abroad.

c-      Residents in Turkey are allowed to accept payment in foreign currency from non-residents for the transactions that they conduct in Turkey in favor of such non-residents.

d-     Non-residents are allowed to purchase foreign exchange from banks, authorized establishments, PTT, precious metals brokerage institutions and intermediary institutions.

e-     Residents in Turkey and non-residents may freely transfer foreign exchange abroad through banks. Banks shall inform the authorities to be determined by the Ministry about foreign exchange transfers abroad (including transfers made from foreign exchange deposit accounts), excluding payments for exports, imports and invisible transactions that are above US$ 50.000 or its equivalent in another foreign currency within a 30 day-period starting from the date of transfer.

f-        Travelers may freely take foreign currency banknotes with them abroad up to US$ 5.000 or its equivalent. 

Non-residents and Turkish citizens working abroad who are also considered as residents in Turkey may freely take foreign currency banknotes abroad on their person in an amount exceeding US$ 5.000,- or an equivalent amount in another currency, provided that a declaration is made upon entry to Turkey. Meanwhile, the same is valid also for residents in Turkey, in case they prove that the foreign currency banknotes have been purchased from banks within the framework of invisible transactions.

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