Lira is divided into
100 kuruş (koo-ROOSH). Here are the Turkish
Cash from an ATM
The most convenient way
to get money in Turkey is by using
your home bank ATM/cash card or
card in a Turkish
ATM/bancomat/cash machine. Most Turkish ATMs issue only Turkish liras, but some will give you liras, euros or US dollars. More...
Of course, ATMs are run by banks, so
there will be not just fees, but significant
fees, perhaps 2% or 3% or more of the
money you receive. ATMs are an easy,
but expensive, way to get money.
If you want to exchange cash,
plenty of places will do it for you,
and it can be cheaper.
Currency Exchange Offices (Döviz
found in tourist, market and commercial areas.
They offer better exchange
rates than most banks, and may
or may not charge a commission (komisyon).
Offices in market areas tend
to offer better exchange rates than
those in tourist areas. Offices at international airports in Turkey tend to offer poor rates of exchange (for you; good for them).
Consider the Buy & Sell Spread
Besides exchange rates, a good gauge
of the price you'll pay to exchange
money is the Buy
and Sell spread that
an office uses.
The spread is
the difference between what an office
pays to buy a unit of your currency,
and what it sells that unit for to
A big spread means the
makes a lot of money on the transactions.
A small spread means it makes less,
and you get more.
US$1 = TL3.9856
get 3.9856 Turkish liras for
every US dollar you change.
US$1 = TL3.8088
else has to pay 3.8088 liras to
Spread = 0.0232
office keeps TL0.0232
So if you change US$100, you get TL398.56
in return, and the office will make
TL2.32 (1.3%) on the business.
But what if the rates are Buy TL3.9900
and Sell TL3.9980, a spread of only
0.008? You get TL399.00 for your US$100
instead of only TL398.56. The office
keeps only TL0.008 (only 1/2 of 1%)—a
much better deal for you.
Look for the office where the difference between Buy and Sell is the smallest amount.
are today's exchange rates.
—Here are the best places to exchange cash in Istanbul.
Post Office (PTT)
Most post offices will exchange cash US
dollars or euros,
and the bigger post offices may also
exchange other major currencies such
as UK sterling (but no
have the worst rates, the biggest commissions
and the most cumbersome procedures,
but a few specialized branches may
be willing to exchange currencies lesser
known than the US dollar, euro, sterling,
are the Turkish names for