The Only Guide You Need for Currency Exchange in Istanbul

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.

What is the Currency of Turkey?

Turkey’s official currency is the Turkish Lira (TL). Its currency sign is ₺ on paper.

Turkish Bills and Coins

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.

How Do You Withdraw Money in Turkey?

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.

Is Euro or Dollar Accepted in Turkey?

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.

Can You Do a Currency Exchange in Istanbul?

Yes, there are several money exchange options in Istanbul:

Currency Exchange Offices: Found in airports or major tourist areas. They are convenient for exchanging currency quickly. However, the rates they offer are usually not as good as other options.
Banks: They can provide better rates than currency exchange offices in exchange for your time due to complicated progress. You will need to have an account with the bank and the transaction can take several days to process.
Online Currency Exchanges: Websites that allow you to buy and sell currency online. They offer very good rates, and the transactions can be processed quickly and easily. However, make sure that the website is trusted. Scams and frauds are common among these websites.

Areas to Exchange Currency 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.

Areas Not to Exchange Currency in Istanbul

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.

Companies With Currency Exchange In Istanbul

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.

Tips When Exchanging Money In Istanbul

As few companies are offering currency exchange in Turkey, you will need several tips before taking action which are:

Prices given in resorts are never as good as in a town or city. Always, tourist centers and airports will offer you less.
Always compare rates by looking at different places. You might be surprised how much they can vary.
Prices always seem to be better when banks are open. Therefore, after 17:00 when there are no online transaction prices, you may find that the price will drop. The same goes for the weekend.
When you exchange your currency, always count your money and check that the correct amount is given at the exchange point. Check whether the server is using a counting machine or counting right in front of you.
Most exchanges do not charge a fee or commission for exchanging currency. But check in advance to avoid any shocks.
Use the calculator on your phone to check what to expect.

How to Check Currency Rates of the Turkish Lira?

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.