There are a variety of payment methods that are used in Turkey. However, cash is predominantly used throughout the country, especially in small businesses. While credit cards, debit cards, and other payment methods are becoming prevalent throughout the country, carrying cash with you is essential. We will share current currency information and some tips about Istanbul currency exchange and payment methods to have a comfortable trip in Istanbul.

History of the Turkish Lira

Since the establishment of the Turkish Republic, as the tradition of putting the picture of the president of state on the front face of the coin, only Mustafa Kemal Atatürk, and İsmet İnönü’s depictions were printed on the coins and banknotes. However, this law was amended by the government in 1952. It was decided to have only the depiction of Mustafa Kemal Atatürk, the founding leader of the Turkish Republic, on the Turkish lira.

After the proclamation of the Turkish Republic in 1923, the new government decided to print the first Turkish banknotes to officialize the Turkish Republic. However, since Turkey did not have its central bank, the first paper money was printed in the United Kingdom. Since the Alphabet Revolution had not yet taken place, the first coins had Arabic letters on them, while the Latin letters were put into circulation in 1937. A few years later, to increase the global prestige of the Turkish lira, six zeros were removed, and the lowest valued banknote became 5 Turkish lira.

Currency Information for Istanbul

Although the Turkish lira, the official currency of Turkey, is commonly used in Istanbul, some hotels, businesses, restaurants, and shops allow tourists to use foreign currency. If you encounter a situation where foreign currency is not valid during your trip, you can exchange currency from bank branches or ATMs, exchange offices, PTT (Turkey’s postal organization), jewelers, hotels, and the airport. However, we recommend you use the Turkish lira for your comfort on your Istanbul trip.

The currency rate in Turkey is not stable, and it changes constantly. One of the most important things you should know about Istanbul, for having a comfortable visit to Turkey, is the current and reliable currency information. You can find the most up-to-date and reliable currency information on the Central Bank of the Republic of Turkey website. Apart from that, you can access up-to-date currency information from the reception of your hotel, mobile banking applications, exchange offices, and banks. As the currency information changes during the day and sometimes within a week, we will not share the current exchange rate. Still, you can always check it on the Internet to give you an idea about adjusting your budget while coming to Istanbul.

Withdrawing the Turkish lira from an ATM rather than carrying large quantities of cash during your travels will be a good precaution for risks such as pickpocketing, which is a common risk, especially in some districts of Istanbul, and losing luggage at the airport. ATMs can be your primary source of cash while you’re in Istanbul. Credit and debit cards are widely used in Turkey. The most common ones are Visa and MasterCard, and American Express in luxury hotels and restaurants. You can get Turkish lira cash from ATMs in Istanbul with a normal bank card. International banks operating in Turkey are

• HSBC Turkey
• Citibank Turkey
• Deutsche Bank Turkey
• Société Générale Turkey
• Sberbank (Denizbank in Turkey)

You can also open a bank account with a Turkish bank before your trip. The five most common retail banks in Turkey are

• Agricultural Bank of the Republic of Turkey (Ziraat)
• Türkiye İş Bankası
• Akbank
• Halkbank
• Vakıfbank

When Do Banks Open In Istanbul?

Banks are typically open Monday through Friday from 9:00 a.m. to 17:00 p.m., and closed on weekends and religious or national holidays. Some bank offices in large retail malls offer extended hours and are also open on weekends. 

Akbank:

AKBank was established in 1948 and focuses on Consumer Banking, Commercial Banking, SME Banking, Corporate Investment, Private Banking, and Treasury. The business is Headquartered In Istanbul and employs about 14,200 people. By the end of 2017, the bank has serviced 14.3 million clients via 800 branches throughout Turkey and one business branch. A total of 76 billion dollars has been spent by 2016, with a net deficit of 1 245 billion dollars. 

Garanti Bank:

Garanti Bank was Founded in 1946 In Istanbul and has its headquarters there. Personal accounts, small and medium-sized businesses, private and corporate banking products and services are only a few of the financial goods and services offered by the Bank. Garanti has 937 offices throughout Turkey, as well as 8 branches and three representative offices around the nation. It employs approximately 22,000 employees and serves over 14 million customers. As of 2016, the bank has 80 billion dollars in assets and a net profit of 1.301 billion dollars. 

Ziraat Bank:

Ziraat Bank is a state bank that was founded in 1863. It offers a variety of banking products and services to consumers, small and medium-sized businesses, and corporate customers in Turkey and other countries. With 24,374 employees, the company’s headquarters are in Ankara. As of December 31, 2016, the bank has 1,814 locations. It is present in 19 countries, with a focus on people and land. The bank has gross assets of 91.60 billion dollars and a net profit of 1.69 billion dollars in 2016. 

Yapikredi:

Yapi Kredi Bank was established in 1944 and serves clients in Turkey, Holland, Azerbaijan, Russia, and Malta. Retail finance, commercial and corporate banking, private banking, and property management departments are among its specialties. He employs about 19,000 people and is headquartered in Istanbul. 

In Turkey, the bank has a network of 4,348 ATMs, four call centers, and 544,000 POS devices, as well as one branch. In 2016, the Bank’s investments totaled 69 million dollars, with a profit of 740 million dollars. 

These were some of Turkey’s most well-known banks, as well as Istanbul. There are many more banks offering possibilities in the city, but these are the ones that foreigners in Turkey choose. As a foreigner, you may open an account with any of these banks and begin conducting business in Turkey. 

Now that you know more about the top banks in Turkey, check out our investment section if you’re seeking to buy a home in Istanbul. We discuss the greatest investment opportunities in Istanbul, including popular sectors and lucrative companies, good locations to invest, and even how to open turkish bank account as a foreigner!

As a tourist, you can claim value added tax return when you shop in Istanbul. Like many other countries around the world, tax is always included in products in stores. But as a tourist, you do not have to pay these taxes. If you want to be eligible for tax return, there are certain rules you need to follow. These rules are:

1. You must be a resident of another country.

2. You must spend certain amount of money to claim VAT back (This amount changes annually. You need to check the exact amount before you visit Istanbul).

3. You need to take these products out of Turkey in 3 months.

4. You must purchase from tax free stores in Turkey (this is indicated with a blue sign).

5. You must ask the shop owner to prepare the Global Refund Cheque in payment process.

6. You need to present all your invoices and receipts.

If you are suitable to take you tax back, you can get your money back from international airports in Turkey. However, you need to be ready when you go to customs return offices in Istanbul.

Customs Office In International Airports In Turkey

You can claim your tax money back from customs offices in Turkey. If you are flying from Istanbul International Airport or from Sabiha Gokcen Airport, you can easily get your money back. After booking your Istanbul Airport Private Transfer, you need to search for the customs office. Since Istanbul Airport is a huge places, it is important to go early if you are going to collect your tax return.

If you are flying to a different city in Turkey, you can collect your tax back in that international airport. For example, if you are discovering amazing Cappadocia with Cappadocia daily trip tour, you can collect your tax back from that airport. This tax collection process might be even faster than Istanbul as the airport will be less crowded.

When you apply to customs office, you need to present your invoice. This invoice must show the product prices and VAT price. Also, customs officers in Turkey might ask to see the products you have purchased from Turkey. To prevent any delays during your VAT return process, try to prepare your goods and gifts. You can place them on top of your baggage for convenience. This way, you can complete your tour without any troubles.

If you want to learn more about Istanbul and things to do in Istanbul, you can consult to istanbul.com. With 20-years of experience, you can find unique attractions, hotels and city life tips for Istanbul.

Istanbul is a city famous for its traffic and crowds to choose any means of transportation in the town. Public transport goes to the city's furthest reaches, so transportation is effortless. At the same time, you can choose special services such as taxis and uber, and you can reach the place you want to go by private vehicle. You don't need the Turkish language for this. People in public transport and private transport in Turkey are fluent in English.

Food and Drink

A fact you should know about Istanbul, which is the most populous city in Turkey, is that you can find all kinds of food in the city. Istanbul, a city where Turkish culture is blended with modern Western flavors, stands out as one of the number one cities for meat and vegetarian dishes. 

Being a city where you can also taste the local delicacies of Turkey, Istanbul is one of the most developed areas of the country in terms of food and drink. There are a few dishes in Istanbul that you should not return without eating, here are some of them. Let's start discovering Istanbul. Flavors first.

1- Bagel

Indispensable for Turkish breakfasts, simit! Preferred as a snack for every meal, including breakfast, especially on the streets, simit is the perfect combination of sesame and bread. Bagels, where you can put tomatoes, cheese, and butter ingredients, are only worth a few Turkish liras. Preferred in many places, from quick snacks to mixed breakfasts, Simit is one of the foods widely sold in every city of Turkey.

2- Tea

Turkey's most consumed beverage, tea, is exported worldwide from this country. You would not be considered to have come to Turkey without drinking the tea collected from the fresh highlands of the Black Sea region. Crown your meals with the pleasure of tea you can find anywhere at any time of the day.

3- Kumpir

Kumpir, a food that originates from the Mediterranean and can be consumed either as a snack or as a meal, is a street delicacy where you can put any ingredient you want. Kumpir, which can be consumed as vegan or vegetarian, is shaped according to your taste!

4- Lahmacun

One of Turkey's most consumed dishes, lahmacun! Lahmacun, a Turkish adaptation of Armenian flavors, draws attention as a street flavor or a meal you can hang out and eat at the bar & restaurant. Lahmacun, a delicacy in which minced meat and sauce are cooked on lavash, is one of the most popular meals for tourists in Turkey. You can fill your stomach with lahmacun, a flavor you will encounter in every district of Istanbul. But watch out! The taste of this dish, which fascinates tourists with its affordable price, can be left in your mouth.

Accommodation and Hotels

There are accommodation places suitable for every budget in Istanbul. Don’t have to be concerned about your money matters. There are various hotels where you can stay from 100 Turkish lira to 5,000 Turkish lira per day. You can spend a 5-star night in the magnificent hotels in Levent, Maslak, and Şişli, which are among the richest districts of the city. In addition, you can choose to stay in Taksim, Kadıköy, and Beşiktaş regions, both economically and centrally. If you want, you can spend a quality night at an affordable price by choosing boutique hotels instead of hotel chains. In addition, you can stay with your crowded friends and family groups by taking advantage of the opportunities such as daily rental houses, apartments, and rooms. By the way, wherever you stay, you will be close to any bank or currency exchange center. By choosing public transportation and accommodation places far from the center, you can stay close to your destinations without billing extra for transportation. Early booking, one of the best accommodation opportunities in Istanbul, allows you to stay at a more affordable price the earlier you book your place. Especially when you make reservations a few months before your long-term trips and holidays, you can both cancel free of charge and allow you to stay in more elegant hotels at lower prices. Don't have to worry about billing when staying in affordable hotels!

If you want to watch two continents simultaneously, you can choose hotels and boutique places around Ortaköy. The Historic Peninsula, one of the must-stay places for those visiting Istanbul for the first time, is waiting for you to experience a historical and cultural feast. You can get information about Istanbul and have an unforgettable experience in the city with this trip that will present you to see both its cultural side and your money matters. 

If you want to go out and have fun at night, choose the Cihangir district. At the same time, Karaköy is a district famous for its entertainment venues and nightlife. In addition, if you want to stay within the cultural and historical textures, you can find hotels around Beyoğlu and Galata. Beyoğlu, which has not lost the city's historical texture over the years, is among the number one choice of photography and cultural travel enthusiasts with its stone walls and wooden houses. Beyoğlu, a district where the Galata tower can be seen everywhere, makes it possible to wander the streets among the lights.

Banking in Turkey

It is quite effortless to get to the branches and ATMs of Turkish banks in Istanbul. Therefore, banking in our country, and performing transactions related to a credit card and our currency will not cause concern for you. The Turkish banking system has developed considerably, especially over the past ten years. It has quickly become responsive to the financial needs of foreigners and Turkish citizens who have connections with Turkey. As a foreigner, foreign citizen, or tourist, the advantages offered by Turkish banks to you include paying utility bills, receiving your pensions, and having favorable interest rates.

As popular banks for foreigners, Yapıkredi, Işbank of Turkey, HSBC, Denizbank, Garanti BBVA, Akbank, Ziraat Bank and TEB can be given as examples. You have come to Turkey and want to live here permanently; that is, you will need a bank account. In these cases, it is also possible to open a bank account in Turkey by following some steps and keeping the necessary documents. But some Turkish banks open bank accounts only for foreigners who will stay in the country permanently. The documents required to open your bank account consist of your passport, Turkish tax identification number, and a document proving your residence. 

Foreign Banks in Istanbul

There are many banks in Turkey, and most of these banks are foreign-owned banks. For this reason, you may want to use your bank in your own country to withdraw your cash, deposit money, and make transactions with your credit card. Thanks to these banks and ATMs, which you often encounter while you discover Istanbul, you can easily continue your trips and make purchases. Or, if the bank to which your credit card is linked has an agreement with another bank, you can make withdrawals without commission. Let's look at the banks with foreign capital located in Turkey. 

• Alternative Bank

• Arab Turkish Bank

• T.C. Ziraat Bank

• Bank of Tokyo-Mitsubishi UFJ Turkey

• Citibank

• Denizbank

• Deutsche Bank

• HSBC A.Sh.

• ICBC Turkey Bank

• ING Bank

• Odeabank

• QNB Finansbank

• Rabobank

• T-Bank

• Garanti BBVA

Using Credit Cards

When discovering Istanbul, you may not want to have a lot of cash with you, so credit cards are always the saviors. It may be possible for you to continue using the credit cards you already use abroad when you come to Turkey. But here, you need to think about whether the bank of the credit card you have will be valid in Turkey. Therefore, one of the best methods to find out this may be to contact your bank and find out if they have branches in Turkey. 

But it is essential to know that before coming to Turkey, you should find out if your credit card is available for use abroad. Because it will be much more challenging to understand this after arriving in the country and trying to fix it. If you are wondering whether it is safe to use your card internationally, it can be said that it is perfectly safe, except for copying your card. You should also pay attention to security and check your credit card movements when withdrawing money from banks located in Turkey or when shopping with your credit card. 

Especially checking your bank cards and credit cards you open for international shopping is very important because you are in a country you don't know. However, situations such as copying and stealing your card may also occur in your own country, and it is crucial to be cautious at all times. This way, you can secure your money and spend time discovering Istanbul without having too much cash with you.

If the branch of the bank where your credit card is linked is located in Istanbul, it is also possible for you to conveniently make withdrawals and deposits. But before performing these operations, it may also be important to check whether a commission is charged when withdrawing money directly from your currency. For more detailed information on this issue, it is useful to find out all the details by contacting the relevant bank. 

On the other hand, performing your banking transactions online is a method that will make your business ultimately easier. For example, you can convert your currency directly to the Turkish Lira via online banking. But it is very important that you stay in touch with your bank and be informed about the whole process. 

When you go on a trip to discover Istanbul, you will see that this city is a paradise for tourists with various activities. This means that you will never want to stop walking around the city and shopping because of your needs on the trip. Of course, you can also use the credit card option to spend money peacefully on your travels. Still, you can easily reach the Exchange Offices in Istanbul or withdraw the Turkish Lira from bank ATMs.

Exchange Offices in Istanbul

Istanbul has created opportunities to quickly meet its economic needs with its dense population, constantly evolving structure, and becoming a focal point for tourists. Although most luxury businesses in Istanbul accept payments in dollars and euros, it is often an easier and more reasonable option to pay in Turkish Lira. Although credit and debit cards are options that are becoming very common today and shelving the use of cash, you should also remember that in some places, you will only be able to use cash. Therefore, converting your currency to the Turkish Lira will be a convenient and easy option for discovering Istanbul and spending money.

There are usually exchange offices in the busiest tourist centers and popular places to get Turkish money easily in Istanbul. Considering that you will need money most of the time to discover Istanbul, it may be the most reasonable option to change your currency to Turkish currency by finding a foreign exchange office near you before you get to your destination. To meet your exchange office needs in Istanbul, let’s look at the information you need to know in advance.

• First of all, exchange offices start their services at 09:00 in the morning and usually close at 08:00 in the evening. Exchange offices in Istanbul are privately owned places, so it is necessary to consider that there may be changes from place to place during the opening and closing hours.
• Exchange offices generally provide services on weekdays, but sometimes the request for services may require working on weekends. It is possible to find out the hours of the nearest exchange office by calling or by going to the offices.
• There are many religious and national holidays in Turkey. If you want to discover Istanbul, it will be good to check these holidays and celebration days on your arrival dates. Currency exchange offices may be closed on these specific dates, or they may be working for half a day.
• In Istanbul, you will find currency exchange offices at airports, and if you wish, you can meet your need for Turkish Lira as cash when you first land in the city. The airport currency exchange offices are open 24 hours a day, and you can get service no matter what time your landing takes place. At Istanbul Sabiha Gökçen International Airport, you can reach the exchange offices in the sections of the Solid International Hall Leading to the Passenger Terminal, the Solid International Hall After Passport Control, the Solid Reception Hall Arriving, and the Foreign Passenger Baggage Reception Hall.
• The location of exchange offices in Istanbul may also vary depending on the preferred places of tourists. For example, you can find more foreign exchange offices in Kadıköy, Fatih, and Şişli districts.

Banking in Istanbul

It may also be possible to use the debit or credit cards you used in your country after arriving in the city. If you are using a particular banking service in your own country, you should check if there is a branch of your bank in Istanbul before you arrive. Thanks to your accounts in these banks, you can withdraw your currency as Turkish money directly from ATMs. If you want to use İşbank and Yapı Kredi Bank of Turkey, you can use the banking service facility seven days a week.

It may be possible to perform the transactions you can handle at the exchange office using banking services. Thanks to these banks, you can complete your money transfer and exchange transactions by contacting certain branches. It may be good for you to check how much commission will be charged during the currency exchange to the Turkish Lira before completing your foreign exchange transactions from banks.

You can find currency exchange offices and ATMs of certain banks at Istanbul airports. For example, there are ATMs of international banking institutions such as Akbank, Bank Asya, Deniz Bank, Finansbank, Garanti Bank, Halkbank, HSBC, ING Bank, Kuveyt Turkish Participation Bank, Şekerbank, TEB, Turkish Business Bank, Vakıfbank, Yapı Kredi Bank, Ziraat Bank at Istanbul Sabiha Gökçen Airport.