Currency in Turkmenistan: TMT Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Turkmenistan with the Turkmenistani manat.
What's in this Turkmenistan currency guide?
What currency is used in Turkmenistan?
The official currency of Turkmenistan (country code: TM) is the Turkmenistani manat, with symbol m and currency code TMT.
What is a good Turkmenistani manat exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Turkmenistani manat
Key Facts about the Turkmenistani Manat (TMT)
1. Currency Symbol: The official symbol for the Turkmenistani Manat is ТМТ (TMT), with the code "TMT" used in international financial transactions.
2. Subdivisions: The Manat is subdivided into 100 tenga, although tenga coins have been largely withdrawn from circulation.
3. Central Bank: The Central Bank of Turkmenistan is responsible for issuing the Manat and managing monetary policy in the country.
4. Major Uses: The TMT is primarily used within Turkmenistan for all domestic transactions, with strict regulations on currency exchange for foreign currencies.
5. Legal Restrictions: Foreign exchange transactions involving the TMT are tightly controlled, impacting its availability outside of Turkmenistan.
6. Exchange Rate Behavior: The value of the Manat has been subject to fluctuations due to government policies and economic conditions; it is pegged to a basket of currencies but may experience volatility.
7. Popularity: The TMT is primarily used within Turkmenistan, with limited acceptance in international markets, making it less popular for travel outside the region.
For more TMT information check out our selection of Turkmenistani manat news and guides.
Frequently Asked Questions
What currency should I use in Turkmenistan?
The domestic currency in Turkmenistan is the Turkmenistani manat.
What is the Turkmenistani manat currency code and symbol?
The three letter currency code for the Turkmenistani manat is TMT — symbol is m.
Which countries use the Turkmenistani manat?
It is the domestic currency in Turkmenistan.
Is the Turkmenistani manat a closed currency?
No, the Turkmenistani manat is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and TMT?
Here are some popular conversion amounts for USD to TMT (US dollar to Turkmenistani manat)*.
*Converted at the current USDTMT interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Turkmenistan
Using Wise for Turkmenistani manat travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Turkmenistani manat otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Turkmenistani manat cash before departure, you can save money by ordering online. You generally get better rates and can pick up the TMT cash locally or even on travel day at the airport.
Turkmenistan: Travel Guide
Traveling to Turkmenistan requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Turkmenistan, the most enigmatic of Central Asia's 'stans, gained notoriety under the eccentric dictatorship of Saparmyrat Niyazov, known as 'Turkmenbashi' ('Leader of the Turkmen'). Until his death in 2006, Niyazov filled the country with grand monuments and golden statues of himself. While many of these have been removed, Turkmenistan remains a land of striking contrasts—its rich history, natural beauty, and deep traditions far surpass its reputation as a "totalitarian theme park."
The ancient Silk Road cities of Merv and Konye-Urgench echo with history, while the haunting Karakum Desert and natural wonders like the Darvaza Gas Crater ("Door to Hell") mesmerize visitors. The true highlight, however, is the warmth and legendary hospitality of the Turkmen people, making every visit unforgettable.
Getting Around in Turkmenistan
- Air Travel: Domestic flights on Turkmenistan Airlines are efficient and affordable but must be booked in advance due to high demand. Most flights connect through Ashgabat.
- Marshrutkas and Shared Taxis: Popular for shorter trips, though marshrutkas can be cramped. Shared taxis offer a more comfortable and faster alternative.
- Trains: Slow but comfortable, trains are a scenic way to travel and meet locals. Fares are often charged in US dollars.
- Driving: Possible but challenging due to roadblocks, poor infrastructure, and high costs, including a road tax based on distance traveled.
- Buses: Cheap but slow, buses are a viable option for budget travelers.
Travel Tips for Turkmenistan
- The Door to Hell: This fiery gas crater, burning since 1971, is a must-see and highlights Turkmenistan’s vast gas reserves—the fourth largest in the world.
- Culture and Religion: Descended from nomadic tribes, Turkmen culture blends Islam with animist traditions. Shrines and rituals are common throughout the country.
- Border Crossings: Expect thorough inspections at borders, and be cautious with photography, especially near government buildings in Ashgabat.
- Quirky History: From Niyazov’s rotating golden statue to his successor Berdimukhamedov’s continued personality cult, Turkmenistan’s political quirks are part of its unique character.
Prepare for an adventure filled with rich history, surreal landscapes, and memorable encounters in this fascinating and little-visited land.
Everyday Costs in in Turkmenistan
How much does it really cost to live, work, or travel in Turkmenistan? Here's what to expect for daily expenses and expat living.
Currency Guide for Turkmenistan (TM)
When planning a mid-range trip to Turkmenistan for one week, travelers should budget around 1,500 to 2,000 Turkmenistan Manat (TMT). This budget allows for comfortable accommodation, dining, and leisure activities while exploring the rich culture and breathtaking landscapes of this unique country. Here are some typical daily expenses that will help with your budgeting:
- 🍽️ Meal at a local restaurant: 25-50 TMT
- ☕ Coffee: 5-10 TMT
- 🚌 Public transport fare: 2-5 TMT
- 📱 Prepaid SIM card: 30 TMT
- 🏨 Budget hotel or Airbnb: 100-200 TMT per night
Overall, Turkmenistan is considered to be an average-priced destination compared to other countries. For example, daily expenses in Turkmenistan can be lower than in the United States but are comparatively similar to those in the UK. While dining and accommodation can be relatively affordable, imported goods and some services may come with a steeper price tag.
Living in Turkmenistan: A Guide for Expats
For expatriates looking to settle in Turkmenistan, the monthly living costs can typically range between 4,000 to 6,000 TMT, depending on lifestyle preferences and location. This estimate covers housing, utilities, groceries, and other personal expenses. When it comes to banking in Turkmenistan, it's wise to open a local account to facilitate transactions. Credit and debit cards are accepted widely in urban areas and larger establishments, but it's beneficial to keep some cash on hand to navigate smaller vendors and markets.
Regarding money transfers, using online services like Wise or OFX can often provide better exchange rates compared to traditional methods. This is particularly effective for international remittances or when needing to send and receive funds. However, if you prefer exchanging money locally, ensure you compare rates at various exchange points to get the best deal. Overall, being informed about the currency situation and leveraging both local options and online services can help expats manage their finances efficiently in Turkmenistan.
USD/TMT Market Data
The below interactive chart displays the USD/TMT change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Turkmenistan - Best Rates
To get a good (and fair) exchange rate when sending money to Turkmenistan you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Turkmenistan
When sending money to Turkmenistan it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Turkmenistani manat amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted TMT amount will be transfered to the recipient account you specify in Turkmenistan.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Turkmenistani manat deposited into the recipient bank account and less margins and fees kept by the banks!