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 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.