The era of withdrawing 10 TL and 20 TL from ATMs is coming to an end

In recent years, it has become very difficult to withdraw 10 and 20 TL from ATMs. Most banks had not been placing 10 and 20 TL banknotes in ATMs for a while. The decision taken by banks at the beginning of the year not to place 10 TL and 20 TL banknotes in ATMs will now be implemented in all banks. So, the era of withdrawing 10 TL and 20 TL from ATMs is officially over.

The era of withdrawing 10 TL and 20 TL from ATMs is coming to an end

The negative effects of inflation in Turkey cause the TL to lose value. The most concrete example of this appeared in the new decision taken by the banks. Those who currently withdraw money from ATMs are actually aware of this situation.

Turkey’s large private banks stopped placing 10 and 20 TL denominations in ATM slots since the beginning of the year and even earlier. ATMs normally have 5 banknote slots. Banks place 200, 100, 50, 20 and 10 TL in these five slots in each ATM.

Banks generally make agreements with intermediary money carriers for deposit transactions. In this sense, it is also among the information that these money carrier institutions no longer receive 10 TL and 20 TL notes.

Former Deputy General Manager of Ziraat Bank, Prof. Dr. Şenol Babuşçu also announced that banks have now started to allocate 10 and 20 TL slots to other banknotes. The practice, which has started since the beginning of January, especially in Istanbul, will be seen all over Turkey after the holiday.

Babuşçu attributed the reason for this practice to the fact that 200 TL banknotes are now widely used. Citizens started to use more 100 and 200 TL notes as the currency lost value. In this sense, the decrease in the number of products and services that can be purchased with 10 and 20 TL is among the factors of this situation. Economists interpret this situation as 10 TL and 20 TL being taken out of circulation, although not officially.

There is no official explanation for 10 TL and 20 TL withdrawals from ATMs. However, banks do not currently make official statements for such transactions. Previously, 5 TL was removed from ATMs silently.

So, do you think 10 TL and 20 TL withdrawals from ATMs should continue? We welcome your comments and opinions.