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The Best Way to Exchange Money in Turkey

The Best Way to Exchange Money in Turkey

Do you want to know where the best place to exchange Turkish Lira? You are at the best place to find it out! We will give you some information about where you should exhange money when you arrive Turkey.

Airport

Try to avoid to exchance money at aieports as much as possible. Although it seems pretty simple (arrive, exchange, then you get the money), you would rarely to get a good deal from it. They have high exchange rate. Many of them will set a service charge anywhere from $5 to $15. Even if you found the currency exchanger in airport with 0% commission offer, doesn’t mean they’re not making any money out of the transaction.

Maybe you want to eat right away and get some refreshment after you have just arrived at the airport. Or you want to go straight to the hotel and need a couple of bucks for the transportation cost and a tip for the courier. In this case, you can exchange a little bit of the money in the airport. And then find the best exchange rate later in the downtown.

ATM

This is a way better. ATMs use the current bank rate, which will typically offer competitive exchange rates and lower fees (surely depending on the bank and destination).
Exchange Turkish Lira in your bank’s ATM network is more advisable because they allow you to withdraw cash only with 1% to 3% fees. Avoid the out-of-network ATMs so you won’t get foreign transaction fees, where you end up paying fee to your bank and the ATM owner either. However, it is inevitable to pay fees when you are exchanging money overseas. But we can do something to minimize the fees. That is, by taking out larger sums of money at once in the ATM. It will cut down how much initially you should pay. Usually, ATMs are making a row in the airport. So you can go there after you arrive. You can also search it while you are strolling around in the city later.

Grand Bazaar

This is known for one of the most visited landmark in Istanbul. Behind the million people who visit this bazaar annually, there is a bunch of currency exchanger kiosk all around the Grand Bazaar. Because of the many kiosks there, it will be better if you compare the rates before deciding the chosen one. Usually, money exchangers in the gold dealer’s section offer the best rates. They are near the Mahmutpasa entrance.