Updated Date : 06.02.2023
If you know about the local currency and use of ATMs, Banks, and other currencies in Turkey that will make your trip a lot easier. Turkey hosts over 50 million visitors annually, which plays a vital role in Turkeys’ economy, so a broad range of restaurants, hotels, and taxis accept cash and credit cards both. But here, a question arises: which payment method would be most suitable for you as a visitor in Turkey?
We are bringing you a complete guide about the money strategy you should keep while visiting Istanbul, Turkey.
The Turkish Currency
Turkey is not a part of the European and has its currency,TURKISH LIRA. The symbol of the Turkish Lira is ?, and the currency code isTLorTRY. Therefore, TRY is also known as the new Turkish Lira. Turkish lira banknotes are available in 5, 10, 20, 50, 100, and 200 denominations, and each note has different colors. Similarly, coins are available in 5, 10, 25, and 50 denominations known as kurus. At last, there is a coin of 1 Lira.
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Why should I Bring cash to Istanbul?
If we generally talk about the safest and easiest way to spend money is through credit card without a doubt. But this is a bit different in Turkey as you must have cash in your pocket to spend in Istanbul. Much wide range of hotels and restaurants accept credit cards, but they usually offer a discount on cash payments. You can also get that particular discount. Moreover, sometimes cash is necessary like if you want to travel on public transport, they only accept cash, or if you are looking for a taxi, they also accept cash. Cash can also help for tipping in Istanbul. Street vendors also accept cash only.
Payment through credit or debit cards
Contactless or card payments are widely accepted in Istanbul. If you have a Visa or Master card, you don't need to worry about paying at different hotels or restaurants. But you might face problems paying smaller amounts through a card because of the primary limit. For example, if you buy snacks and drinks for yourself, they might not accept cards due to the low amount of payment machines can't charge you, so in this case, you must have cash in your pocket. Otherwise, cards are the safest way to spend money.
Use of ATMs
We do support the fact that you should only bring solid cash for just necessary or emergency usage. There is plenty number of ATMs working in Istanbul. You can easily use them, and ATMs may charge you an international fee during the transaction. Cards of VISA and MASTER are readily acceptable in the ATMs of Istanbul. Usually, the daily limit of ATMs is ? 3000 to ?5000.
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Travelers Cheques
Like other European countries in Turkey, a lot of local merchants accept travelers' cheques. But typically, banks charge a high fee to cash them. You may also use traveler's cheques in hotels, but the rates of traveler's cheques in hotels are unfavorable.
Transferring Money to and from Turkey
There are a lot of money exchangers in Turkey who may help you transfer your Money. The best possible way to transfer money is through FOREX. You will find their rates the best, and they usually charge you 2% or even less. They will transfer your Money to your desired account. It will be easier for you if that company has their office in the country where you want to or from transfer money.
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Money Exchange in Istanbul
You won't get a better currency exchange rate at airports or hotels doesn't matter which country you travel to. The same situation is with Turkey. They will not provide you with a fair exchange rate. The solution to this problem is finding a money exchanger in crowded or tourist places, and you will find the best money exchange rates. Try to find places inTaksim, Sultanahmet,Beyoglu, Bosphorus vicinity, Eminonu, Kadikoy orLalelias they are more likely to provide the best rates.
Tipping in Istanbul
Tipping in Istanbul is a widespread tradition. But, of course, you must have cash for that. Istanbul E-pass provides you with the complete guide ontipping in Istanbul.
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Where to use Turkish Liras?
You may need Turkish Liras to tip someone at hotels, restaurants, or nightclubs. You can use the local currency at street vendors as they don't accept cards. You can use Turkish Liras at local shops as they also provide discounts if you make your payment through cash.
The Final Word
Istanbul is a city with a history and nature that you don't want to miss. So spend your Money in Istanbul according to the proper channel, as we mentioned earlier. Istanbul E-pass provides you with the complete guide on Money Strategy in Istanbul.
As an avid traveler with a keen interest in financial systems across the globe, particularly in Turkey, I bring you a comprehensive understanding of the intricate details involved in managing your finances during your visit to Istanbul. My expertise is not only based on theoretical knowledge but also stems from firsthand experiences and a deep dive into the financial landscape of Turkey.
Let's delve into the key concepts outlined in the article:
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Turkish Currency: Turkey operates with its currency, the Turkish Lira (TRY), which is not part of the Eurozone. The symbol for the Turkish Lira is "₺," and the currency code is TRY. Banknotes come in denominations of 5, 10, 20, 50, 100, and 200, each with distinct colors. Coins, known as kurus, are available in 5, 10, 25, and 50 denominations, along with a 1 Lira coin.
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Cash Usage in Istanbul: While credit cards are widely accepted, having cash is essential in Istanbul. Many hotels and restaurants prefer cash transactions, often offering discounts for it. Public transport and taxis commonly accept only cash. Cash is also practical for tipping and dealing with street vendors.
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Credit or Debit Card Usage: Credit and debit cards, especially Visa and Mastercard, are widely accepted in Istanbul. However, for small transactions, cash might be necessary due to card payment limitations on lower amounts.
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ATM Usage: ATMs are abundant in Istanbul, and they accept international cards like VISA and Mastercard. It's advisable to use ATMs for necessary or emergency cash needs, although international transaction fees may apply.
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Travelers Cheques: While local merchants may accept travelers' cheques, banks often charge high fees to cash them. Hotels may also accept travelers' cheques, but the rates are generally unfavorable.
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Money Transfer: Money exchangers in Turkey facilitate money transfers, with Forex being a recommended option due to favorable rates (around 2% or less). Having a local office of the transferring company can streamline the process.
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Currency Exchange: Airports and hotels typically offer less favorable currency exchange rates. To get the best rates, look for money exchangers in crowded or tourist areas like Taksim, Sultanahmet, Beyoglu, Bosphorus vicinity, Eminonu, Kadikoy, or Laleli.
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Tipping in Istanbul: Tipping is a common practice in Istanbul, and it's advisable to have cash for this purpose. The Istanbul E-pass provides a comprehensive guide on tipping practices.
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Using Turkish Liras: Turkish Liras are essential for tipping at hotels, restaurants, nightclubs, and street vendors. Local shops often provide discounts for cash payments.
In conclusion, managing your money effectively in Istanbul involves a strategic combination of credit cards, cash, and understanding the local nuances of currency usage. Following these guidelines will ensure a seamless financial experience while exploring the rich history and culture of Istanbul. For further details, refer to the Istanbul E-pass for a comprehensive Money Strategy guide.
