There are several payment methods used in Turkey, but cash is still common, especially in small businesses. Credit cards, debit cards, and other payment options are becoming more prevalent, yet carrying some cash with you is still essential. Below, you can find practical tips on Istanbul currency exchange, payment methods, and where to check current rates before and during your trip.
History of the Turkish Lira
Since the establishment of the Turkish Republic, the tradition of placing the picture of the president of state on the front face of coins and banknotes meant that only Mustafa Kemal Atatürk and İsmet İnönü were depicted. However, this law was amended by the government in 1952, and it was decided that only the depiction of Mustafa Kemal Atatürk, the founding leader of the Turkish Republic, would appear 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 Republic. Since Turkey did not yet have its central bank, the first paper money was printed in the United Kingdom. Because the Alphabet Revolution had not yet taken place, the first coins used Arabic letters, while coins and banknotes with Latin letters were put into circulation in 1937. A few years later, six zeros were removed from the currency, and the lowest valued banknote became 5 Turkish lira.
Currency Information of Republic of Turkey for Istanbul
Although the Turkish lira is the official and commonly used currency in Istanbul, some hotels, restaurants, shops, and tourist-oriented businesses may allow visitors to pay in foreign currency. Still, using Turkish lira is the most practical option for everyday travel in the city, whether you are shopping near the Grand Bazaar or exploring central areas around Taksim Square.
If you need cash during your trip, you can exchange money at bank branches, ATMs, exchange offices, PTT branches, jewelers, hotels, and the airport. Even so, rates and fees may vary from place to place. For comfort and convenience, many travelers prefer using Turkish lira directly rather than relying on foreign currency.
The exchange rate in Turkey is not stable and can change constantly. For that reason, one of the most important things to know before visiting Istanbul is where to find reliable and current exchange information. You can check the most up-to-date rates on the website of the Central Bank of the Republic of Turkey. You can also compare information through your hotel reception, mobile banking applications, banks, and exchange offices. Since rates can change during the day and across the week, it is better to check live sources online rather than rely on printed figures.
If you want a general background on the Turkish lira and its historical development, you can also review the overview on Wikipedia. For practical travel purposes, however, official sources are always the safer choice for daily exchange information.
Using ATMs in Istanbul
Withdrawing Turkish lira from an ATM instead of carrying large amounts of cash can be a sensible precaution against common travel risks such as pickpocketing in busy areas or lost luggage at the airport. ATMs are widely available across Istanbul and can be your main source of cash during your stay.
Credit and debit cards are also widely used in Turkey. The most commonly accepted cards are Visa and MasterCard, while American Express is more common in luxury hotels and restaurants. In many cases, you can withdraw Turkish lira from an ATM in Istanbul using a standard bank card from home.
International Banks Operating in Turkey
- HSBC Turkey
- Citibank Turkey
- Deutsche Bank Turkey
- Société Générale Turkey
- Sberbank (Denizbank in Turkey)
Common Retail Banks in Turkey
You can also consider opening a bank account with a Turkish bank before your trip if that suits your travel or business plans. The five most common retail banks in Turkey are:
- Agricultural Bank of the Republic of Turkey (Ziraat)
- Türkiye İş Bankası
- Akbank
- Halkbank
- Vakıfbank
Practical Payment Tips for Visitors
Cash remains useful in Istanbul, especially in small shops, local markets, and some independent businesses. In larger venues and tourist areas, card payments are more common. If you plan to visit places with heavy visitor traffic, such as the Spice Bazaar, having a mix of card and cash is often the most convenient approach.
Before exchanging money or withdrawing cash, it is wise to compare rates and possible fees. Airport exchange points and hotels may be convenient, but not always the most economical choice. Checking the current rate on an official source first can help you make a better decision.
FAQ
What is the official currency of Turkey?
The official currency of Turkey is the Turkish lira, shown as ₺ or TRY. It is the main form of payment across Istanbul and the rest of the country, even though some tourist businesses may also accept foreign currencies.
Can I use foreign currency in Istanbul?
Yes, some hotels, restaurants, shops, and tourist-oriented businesses may accept foreign currency. However, this is not guaranteed everywhere. For daily convenience and wider acceptance, it is better to carry and use Turkish lira during your visit.
Where can I exchange money in Istanbul?
You can exchange money at bank branches, ATMs, exchange offices, PTT branches, jewelers, hotels, and the airport. Since rates can vary, it is a good idea to compare options and check current exchange information before making a transaction.
Are credit cards widely accepted in Turkey?
Yes, credit and debit cards are widely used in Turkey. Visa and MasterCard are the most commonly accepted, while American Express is generally more common in luxury hotels and restaurants. Still, carrying some cash is useful for smaller businesses.
Where can I check reliable exchange rates for Turkish lira?
The most reliable place to check current rates is the Central Bank of the Republic of Turkey website. You can also look at mobile banking apps, banks, and exchange offices, but official sources are the best reference for up-to-date information.
