Currency Converter
Convert currencies with real-time exchange rates. 150+ currencies supported.
Disclaimer: This tool is for informational purposes only and does not constitute professional accounting, legal or financial advice. Results are estimates; consult a certified advisor for important decisions. Terms of Service.
What Is an Exchange Rate and How Is It Set?
An exchange rate is the value of one currency expressed in terms of another. For example, "1 USD = 34.20 TL" means one US dollar equals 34.20 Turkish lira. In free-market economies, rates change constantly based on supply and demand. Interest rates, inflation, the current account balance, political stability and central bank policy are the main drivers. Turkey uses a floating exchange rate regime, meaning the market — not a fixed government rate — determines the price.
Which Rates Does This Tool Use?
This converter is based on the reference rates published every business day by the European Central Bank (ECB). Reference rates reflect average interbank values and provide a transparent, reliable baseline. Keep in mind these are indicative rates: the rate you get at a bank or exchange office will differ slightly due to the buy/sell spread explained below.
The Difference Between Buy and Sell Rates (Spread)
Exchange offices and banks quote two rates: the buy rate (the price they pay you for currency) and the sell rate (the price they charge you). The sell rate is always higher; the gap is the spread, which is the institution's profit. If the dollar buy is 34.10 TL and sell is 34.30 TL, buying 1,000 dollars and immediately selling back loses about 200 TL. On small, frequent transactions this spread adds up.
How Cross Rates Are Calculated
When there is no direct rate between two currencies, a cross rate is computed through a common currency (usually USD or EUR). If GBP/TRY is unknown: GBP/USD × USD/TRY. With 1 GBP = 1.27 USD and 1 USD = 34.20 TL, then 1 GBP = 1.27 × 34.20 = 43.43 TL. This tool performs cross calculations across 150+ currencies automatically.
When to Exchange: Practical Tips
- Track the rate: Look at a multi-day trend rather than reacting to a single day's number.
- Compare spreads: Different banks apply different spreads on the same day; it pays to compare for large amounts.
- Ask about fees: Some institutions add transaction fees on top of the rate. Calculate the total cost.
- For travel: Airport kiosks usually have the widest spread; exchange in the city center beforehand when possible.
How to Use This Tool
- Enter the amount to convert.
- Select the source currency (e.g., USD).
- Select the target currency (e.g., TRY).
- See the result instantly at the current reference rate.
Disclaimer and Sources
Rates here are indicative and not investment advice. For official rates, rely on the European Central Bank (ECB) reference rates and confirm your bank's current buy/sell rate before any real transaction.