Planning a trip to another country can raise numerous questions. If you are coming to Istanbul, one of the things you should be aware of is used currencies and exchanges.
Turkey’s official currency is the Turkish Lira (TL). Its currency sign is ₺ on paper.
There are 6 different Turkish Lira bills: 5, 10, 20, 50, 100, and 200.
There are 4 different Turkish coins: 10, 25, and 50 kurus and 1 Turkish Lira.
100 kurus equals 1 Turkish Lira.
You can withdraw money in Turkey via ATMs or directly from the banks. But, ATMs are more practical and can be found everywhere. If you don’t need to withdraw significant sums of money, use ATMs to get your cash fast.
If you buy a package or a specific item sold in euros or dollars in Turkey, there won’t be a problem in the transaction. However, most places only accept Turkish Liras for payment within the country’s borders. So, always have TL in your wallets or purses while hanging out.
Yes, there are several money exchange options in Istanbul:
Taksim Square: is one of the most popular areas in Istanbul and is home to many banks and currency exchange offices. You will be able to find a reasonable rate for your coin here
Istiklal Street: The most popular area in Istanbul is home to numerous banks and currency exchange offices. It’s almost impossible for you to find good rates there.
Sultanahmet: The historical center of Istanbul has several banks and currency exchange offices for you. You should find good rates for your currency here.
Beyazıt: Has a number of banks and currency exchange offices. You can find good rates there.
Kapalıçarşı: Kapalicarsi is close to the Grand Bazaar and has a number of currency exchange offices. You will be able to find good rates there.
Kadıköy: There’s a bazaar-like place in Kadıköy which is called altın çarşı. There, you can find some exchange offices.
There are two main places you should avoid at any cost: Airports and hotels.
Small or big, avoid exchanging your money at airports because their rates will always be terrible. Also, there will be commission charges up to 5%. So, it’ll be no different than burning some of your money and watching it turn into ashes.
For hotels, it’s almost the same as exchanging at airports. Either the rates will be bad or you will have to pay a commission fee.
Aksa Exchange is one of the most popular currency exchange companies in Istanbul. They offer currency exchange, money transfer, and online banking.
Albaraka Turk: They offer services of currency exchange, money transfer, and online banking.
Cankaya Exchange: They offer numerous services such as currency exchange, money transfer, and online banking.
DenizBank & Garanti Bank: Two of the leading banks in Turkey that offer currency exchange.
As few companies are offering currency exchange in Turkey, you will need several tips before taking action which are:
You can check the websites that provide real-time data about currency ratios. For example, go to Google and search for “1 USD Dollar to TL” and you can see the ratios. According to that, you can also have an idea about which company has the best exchange rates.