What is a foreign exchange rate?
Foreign currencies used by other countries are referred to as foreign exchange.
A foreign exchange rate is the value of a foreign currency expressed in Turkish Lira (TRY).
In other words, it represents the conversion rate between a foreign currency and Türkiye's national currency, the Turkish Lira. For example, the value of the Euro expressed in Turkish Lira is called the Euro exchange rate, while the value of the US Dollar expressed in Turkish Lira is called the US Dollar exchange rate.
How are foreign exchange rates determined?
Foreign exchange rates represent the value of foreign currencies against Turkish Lira (TRY) and are determined by the decisions of buyers and sellers in the free market.
Exchange rates may change instantly based on supply and demand dynamics and can rise or fall in response to economic developments, market conditions, and breaking news. As a result, current foreign exchange rates reflect real-time market movements and are updated continuously.
On the İşbank Foreign Exchange Rates page, Central Bank of Türkiye exchange rate data can also be viewed for reference.
How does İşbank apply and publish foreign exchange rates?
İşbank foreign exchange rates:
- Are aligned with Central Bank of Türkiye reference exchange rates
- Are updated in accordance with market standards and conditions
- Clearly disclose transaction fees, commissions, and applicable costs.
This approach ensures that exchange rate information is presented transparently and reflects current market conditions.
How are foreign currency buy and sell transactions performed?
When buying or selling foreign currency, İşbank applies two different exchange rates:
- The foreign currency buying rate is used when the Bank purchases foreign currency from customers.
- The foreign currency selling rate is used when the Bank sells foreign currency to customers.
Accordingly, customers who wish to buy foreign currency should refer to the selling rate, while customers who wish to sell foreign currency should refer to the buying rate.
The difference between the buying and selling rates is referred to as the exchange rate margin. Market volatility is one of the main factors affecting this margin.
Where can foreign currency transactions be carried out?
Foreign currency purchase and exchange transactions can be performed through:
- İşbank branches,
- Internet Banking channels,
- İşCep Mobile Banking.
Transactions can be carried out not only between foreign currencies and Turkish Lira (TRY) (such as USD/TRY or EUR/TRY), but also between foreign currency pairs, such as GBP/USD or EUR/USD.
Which currencies can be exchanged through İşbank?
Through the İşbank Foreign Exchange Rates page, currency conversion transactions can be performed between the following currencies:
- Turkish Lira (TRY)
- US Dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Australian Dollar (AUD)
- Danish Krone (DKK)
- Swedish Krona (SEK)
- Swiss Franc (CHF)
- Japanese Yen (JPY)
- Canadian Dollar (CAD)
- Kuwaiti Dinar (KWD)
- Norwegian Krone (NOK)
- Saudi Riyal (SAR)
Current exchange rates can be reviewed via the live foreign exchange table, allowing transactions to be carried out based on up-to-date rate information.
How is foreign exchange rate calculation performed?
Foreign exchange rate calculation is performed by multiplying the amount of foreign currency to be bought or sold by the current foreign exchange rate against Turkish Lira (TRY).
Banks and currency exchange offices generally provide online currency calculation tools that allow users to perform these calculations quickly using up-to-date exchange rate data.
What is a cross exchange rate?
A cross exchange rate is the exchange rate between two different currencies except Turkish Lira, calculated using a third currency as a reference.
For example, the EUR/GBP exchange rate can be derived by comparing the Euro and the British Pound through their respective values against the US Dollar.
How much is 1 US Dollar in Turkish Lira?
The current US Dollar exchange rate against Turkish Lira (USD/TRY) can be viewed in the İşbank Foreign Exchange Rates table, where live buying and selling rates are updated in real time.
This table provides up-to-date information on the value of 1 US Dollar expressed in Turkish Lira (TRY) based on current market conditions.
How much is 1 Euro in Turkish Lira?
The current Euro exchange rate against Turkish Lira (EUR/TRY) can be viewed in the İşbank Foreign Exchange Rates table, where live buying and selling rates are updated in real time.
This table provides up-to-date information on the value of 1 Euro expressed in Turkish Lira (TRY) based on current market conditions.
How often are US Dollar, Euro, and other foreign exchange rates updated?
Foreign exchange rates, including the US Dollar and Euro exchange rates against Turkish Lira (TRY), are updated frequently and may change continuously during periods when transactions are processed, depending on market conditions.
Banks and financial platforms may publish exchange rates in real time or at regular intervals. The exchange rate applied is the rate that is valid at the time of the transaction.
What are free market foreign exchange rates?
Free market foreign exchange rates are market prices determined by supply and demand conditions in the foreign exchange market.
These rates may differ from bank exchange rates or official reference rates and are typically applied by currency exchange offices operating in the free market.