When you first arrive in Istanbul, the most important thing will be to use the local currency (Lira) to take advantage of the currency exchange rates and avoid overpaying. Equally important is knowing where and how to exchange your money, as some methods may offer better rates than others.
Top Tips for Currency Exchange in Istanbul
- Beware of currency exchange offices in airports and tourist areas as they tend to offer the worst rates and spread.
- ATMs typically provide better exchange rates than currency exchange offices in airports. If you can find an ATM that allows free withdrawals, take advantage of it.
- Currency exchange offices in market areas usually have the best deals.
- When using a currency exchange office, always check multiple locations to ensure you get the best rate. If the difference between the buying and selling rates is too large, consider finding another exchange office.
- Some exchange offices may claim to have no commission but offer less favorable rates. Always confirm both the buy and sell rates and calculate the effective exchange rate.
- Only exchange a small amount to cover your immediate needs. Currency exchange rates can change quickly, and you may find better rates if you wait.
Currency Exchange Basics in Istanbul: What You Need to Know
In Istanbul, you can use your home bank ATM/cash card or a credit card in Istanbul’s many ATMs (Bancomats, cash machines). 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 Bürosu) are found at the Istanbul Airport and Sabiha Gökçen Airport (SAW), and in tourist and market areas. They offer better exchange rates than banks, and may or may not charge a commission (komission). Offices in market areas tend to offer better exchange rates than those in tourist areas.
Except in Sultanahmet and other heavily touristed areas, currency exchange offices usually post their Buy and Sell rates prominently, so look for both the rates—which may change by the hour—and the spread, or difference between them. Few offices charge a commission (basically, a service fee) these days. Don’t use an office that charges commission.
Where to Find the Best Currency Exchange Rates in Istanbul
Now let’s take a look at the best and worst places for currency exchange in Istanbul:
1. Istanbul Airport and Sabiha Gökçen Airport
You can find both ATMs and Currency Exchange Offices in Istanbul and Sabiha Gökçen Airports. If you can find a free withdrawal bank, use your credit/debit card to take advantage. If not, you might want to wait until you get to exchange offices downtown for better rates.
When it comes to using a currency exchange office in the airport, be aware that the rates offered are usually the worst by far. It's best to avoid using them.
If you didn't bring any cash, you can exchange a small amount to cover your immediate needs until you reach downtown. Alternatively, you can pay for your taxi with a credit card. Once you arrive downtown, you can use a better exchange office.
2. Grand Bazaar
The best spreads you can find in Istanbul are in the gold dealers’ section of the Grand Bazaar (Kapalı Çarşı) near the Mahmutpaşa entrance (map). This is Istanbul’s unofficial “spot gold market,” foreign exchange is carried on big time, and exchange rate spreads can be truly minuscule.
3. Egyptian (Spice) Bazaar
Egyptian (Spice) Bazaar usually has better rates than offices in touristy areas, but offices in the Grand Bazaar may still have better rates.
4. Laleli
You can also take the Bağcılar-Kabataş tram westward to the Laleli stop just west of Beyazıt Square and the Grand Bazaar, just east of Aksaray. Right around the tram stop are exchange offices advertising rates.
—by Can Turan
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