In Turkey, the official currency is the Turkish Lira, denoted by the symbol “₺” or the abbreviation “TRY”. You’ll see prices listed in lira throughout shops, restaurants, and on taxi meters. While some tourist spots might accept Euros or US Dollars, it’s generally recommended to have Turkish Lira on hand for most transactions.

Now, where to get your lira? Here are your options:

• Exchange Bureaus: Scattered throughout Istanbul, especially in tourist areas, you’ll find exchange bureaus. Shop around for the best rates and avoid places with exorbitant commission fees. Look for clear signage displaying exchange rates.
• Banks: Banks offer currency exchange services, but the rates might not be as competitive as dedicated exchange bureaus. However, banks are a safe and reliable option, especially if you’re exchanging larger amounts of money.
• ATMs: ATMs are widely available in Istanbul, allowing you to withdraw Turkish Lira directly using your debit or credit card. Be sure to check with your bank beforehand about any international transaction fees that might apply.

Tips for Savvy Travelers:

• Carry a Mix: While ATMs are convenient, it’s always wise to carry some Turkish Lira with you upon arrival, especially for transportation costs and smaller purchases.
• Compare Rates: Don’t be afraid to compare exchange rates before committing. Rates can fluctuate slightly between different bureaus and banks. During last visit the author personally found the best rate inside the Grand Bazaar in Exchange bureau between the shops. The same could be found in Egypt Bazaar of Istanbul as well.
• Skip the Airport: Airport exchange rates are notorious for being less favorable. Exchange a small amount at the airport for immediate needs, and then find a better rate in the city.
• Inform Your Bank: Let your bank know you’ll be using your debit or credit card abroad to avoid any potential blocks on your account due to suspected fraudulent activity.

Going Cashless (Almost):

While having some cash on hand is recommended, Istanbul is increasingly becoming a cashless-friendly city. Many shops, restaurants, and hotels accept major credit cards like Visa and Mastercard. Contactless payment options are also gaining popularity.

Remember:

• Small Bills: Carry smaller denomination lira bills for taxis, street vendors, and smaller purchases.
• Receipts: Always get a receipt when exchanging money or making transactions.