Istanbul money
In Turkey, since 2005, the official currency is represented by New Turkish Lira, TRY (Yeni Turk Lirasi, YTL). However, American Dollar and European Euro are quite convertible currencies, especially in Istanbul. Therefore, informally, Istanbul has three currencies - TRY, USD and EURO, but, to be honest, EURO is less popular than US Dollar in Istanbul.
American Dollars and European Euro can be used as pay off currency practically in every shopping center or bazaar, pub or restaurant and even taxi. But, still, in Istanbul remained such places, where only New Turkish lira is the only acceptable currency, for example in public transport or in some supermarkets. Nowadays, the approximate currency exchange rates are: 1 USD = 1.25 TRY, 1 EURO = 2 TRY.
It would be better, if you have in your wallet some amount of New Turkish Liras, 50 or 100 will be enough, while going to Istanbul restaurants, bars or cafes, refueling your car in one of petrol stations in Istanbul, having your haircut at barber’s shop or buying any goods in Istanbul supermarkets.
The most disadvantageous currency exchange rates are in airports, in exchange points, located close to country boarders and in hotels. But, we suggest you to exchange some money right there, because you may become in need of local currency any time. The best ones are directly in Istanbul’s banks or in the city’s currency exchange points. You may find plenty of them in crowded streets of Istanbul, especially in the historical part of the city. As we mentioned above, actually, it is very easy to exchange almost any currency in Istanbul, and you will be able purchase for dollars or euro any souvenirs, clothes etc. But, the rate will be a little bit disadvantageous for you, so prepare yourself for insignificant losses, while aiming to go shopping in Istanbul, having no Turkish liras with you.
On Sundays, most of the Istanbul currency exchange points do not work. Moreover, in those, which are opened, the rates are considerably high. On week-days, almost all city’s currency exchange points operate from 09:00 till 17:00, bank offices are opened for service from 8:30 till 17:00. The evidences of black market operations with Istanbul money are very rare.
Last but not least, we suggest you to take rather US dollars or Euro than you national money, while planning a visit to Istanbul.
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