Istanbul, as Turkey’s largest city and a major tourist destination, offers a wide variety of payment options. From traditional cash transactions to credit card payments and mobile wallets, understanding how to manage your money while in Istanbul will help ensure a smooth travel experience.
Currency in Istanbul
The official currency of Turkey is the Turkish Lira (TRY). Banknotes come in denominations of 5, 10, 20, 50, 100, and 200 TRY, while coins (known as “kurus”) are available in 1, 5, 10, 25, and 50 kuruş, with a 1 Lira coin also in circulation.
Exchange Rate: Exchange rates fluctuate, but as a general guide, 1 EUR is approximately 35-40 TRY. Always check live rates before exchanging money.
Currency Symbol: ₺ or TL.
Exchanging Money
Exchanging money in Istanbul is simple, with many exchange offices, banks, and ATMs readily available.
Where to Exchange Money:
Currency Exchange Offices (Döviz): Found in tourist hotspots like Sultanahmet, Taksim, and Grand Bazaar. These often offer better rates than airports or hotels.
Banks: Banks provide currency exchange, but the process can be slower. Banks are typically open from 9 AM to 5 PM on weekdays.
ATMs: ATMs dispense Lira and often allow withdrawals in foreign currencies. ATMs are widely available across the city.
Tips for Exchanging Money:
Avoid exchanging large amounts at the airport due to lower rates.
Compare rates at multiple exchange offices.
Keep smaller denominations for public transport and small purchases.
Credit Cards and Digital Payments
Credit cards are widely accepted in Istanbul, especially in hotels, restaurants, and major shops. However, smaller markets, local bazaars, and street vendors may prefer cash.
Accepted Credit Cards:
Visa and Mastercard are widely accepted.
American Express and Discover may not be accepted everywhere.
Contactless Payments:
Contactless payments are increasingly popular. Mobile wallets like Apple Pay and Google Pay are accepted at many retailers.
Local payment apps like BKM Express are also used by residents.
ATMs in Istanbul
ATMs are easy to find in Istanbul, often near tourist areas, shopping centers, and transport hubs.
ATM Tips:
Languages: ATMs usually offer English, Arabic, and other language options.
Withdrawal Fees: Some ATMs charge a fee for international cards. Compare fees before proceeding.
Bank ATMs: Use reputable banks such as Ziraat Bankası, İş Bankası, and Garanti BBVA to avoid issues.
Tipping in Istanbul
Tipping is customary in Istanbul, though not mandatory. Service charges may be included in your bill at upscale restaurants.
Restaurants: 5-10% of the bill.
Cafes and Bars: Rounding up the bill is common.
Hotel Staff: Porters and housekeeping typically receive 10-20 TRY per service.
Taxi Drivers: Tipping is not required, but rounding up to the nearest Lira is appreciated.
Bargaining and Shopping Tips
Markets and Bazaars: Bargaining is common in bazaars like the Grand Bazaar. Start by offering around 60-70% of the asking price.
Shops and Malls: Fixed prices are the norm in retail stores and shopping malls.
Useful Tips for Managing Money in Istanbul
Keep Cash Handy: Some places, like public restrooms and local markets, only accept cash.
Notify Your Bank: Inform your bank of your travel plans to avoid blocked transactions.
Secure Your Money: Use hotel safes and avoid carrying large sums of cash.
Download Currency Apps: Apps like XE Currency help track exchange rates in real time.
Understanding Istanbul’s money system and payment methods will enhance your travel experience, making purchases and daily transactions hassle-free. Whether you prefer cash, cards, or digital wallets, Istanbul offers convenience for every traveler.
