The best places to exchange money in Istanbul are popular and crowded tourist areas including Taksim, Sultanahmet, Grand Bazaar, and Sirkeci. These areas reportedly offer more favorable exchange rates compared to the airport or hotels.
How and Where to Exchange Money in Istanbul
Istanbul, being a large city that welcomes millions of tourists annually, ensures accessibility for foreign exchange and credit cards. Visa, MasterCard, and American Express are widely accepted throughout Istanbul, making it comfortable for tourists.
You can withdraw Dollars, Euros, and Liras from ATMs throughout the city. The ATM machines offer different language options including Turkish, English, Arabic, French, and Russian.
While many people prefer purchasing Lira at the airport, I do not recommend exchanging money there. The exchange rate offered is not ideal compared to the more advantageous rates available outside, particularly in popular tourist destinations.
Exchanging money is extremely convenient in Istanbul, but the exchange rate often differs from location to location. The currency exchange inside hotels and the airport would not provide you with a fair exchange rate as those in crowded tourist areas would, like Taksim, in the Sultanahmet Square vicinity, near the Grand Bazaar, and Eminonu, are some of the best rates that you can get.
Which is the best currency to take to Istanbul?
Though you will get most international currency in any exchange, the preferred currency to take is either Dollars or Euros as these are the most readily available currencies. You are also likely to get a good rate on the Dollar or Euro.
But once you are in Turkey, you would primarily be using Lira if you are paying in cash. Especially in the case of public transport, taxis included. As taxi drivers charge in cash, if you are lucky you can find a cab that will charge your card but that is a very rare instance.
Most ATMs in Istanbul offer three currency options for withdrawal: Dollars, Euros, and Liras. It is highly convenient to use foreign currency while purchasing lira in Istanbul.
Using Credit and Debit cards in Istanbul
Credit and debit cards are widely accepted all around Istanbul all kinds of cafes, bars, restaurants, and shops. But it is a matter of preference. If you are more comfortable bringing cash and paying in cash, you can.
Using your card frequently can be expensive, so it is advisable to only use it in dire circumstances or for cash withdrawals from ATMs. Although credit and debit cards are widely accepted in Istanbul, it is recommended to always carry a moderate amount of cash. Some shops and clothing stores offer discounts if you pay in cash rather than using your card.
Cash is necessary in certain places like the Grand Bazaar and The Spice Bazaar, especially when dealing with smaller shops and vendors. If you intend to buy something from the corn and chestnut stalls or smaller souvenir shops within or outside the bazaar, cash is required.
A few money management and safety tips for tourists.
Before converting your money, it is advisable to compare several foreign exchanges. In areas with intense competition among currency exchange providers, such as Taksim, Grand Bazaar, and Sultanahmet, this may not be necessary. However, in less popular areas like Besiktas, Sisli, and Levent, which are mainly residential, finding a favorable rate might be challenging due to significant variations.
Secondly, while there is no threat of robberies and street theft, if you feel unsafe or uncertain using the ATMs out on the street, there are plenty inside shopping malls where you can go and draw money without hesitation. The same goes for the Doviz exchange as well.
It’s ideal to maintain a balance between cash and card payments. Only carry a significant amount of money if you anticipate high expenses, such as visiting the Grand Bazaar or dining at upscale restaurants. This decision should also take into account the duration of your stay in Istanbul, along with your expenditures for accommodation and transportation.