You will need cash during your stay in Istanbul, there is no way around it. Sure, credit cards are widely accepted in hotels, restaurants, bars and stores, but there are occasions that require cash money.
So, do you bring cash along or do you withdraw it from an ATM? Do I bring Dollars, Euros or Turkish Liras? Where do I best exchange my money? Here’s my safe and practical Istanbul money strategy.
Why Do I Need Cash Money in Istanbul?
I agree with you that using credit cards to cover your expenses is easier and safer than carrying cash money on you. But some occasions simply require cash money — either because the amount of your expense is too small or credit cards are simply not allowed. For instance, taxis and public transportation don’t accept credit cards, nor do street vendors or market stands. And let’s not forget about tipping or small purchases such as a bottle of water or snacks. Also, a lot of sightseeing venues won’t allow credit card payments — an attempt to keep the waiting lines short I guess.
And even if you have the choice between credit cards or cash money, the latter may be preferred. Often you will get a nice discount of 10% or more if you pay cash! Hotels and shops are widely known to use this tactic.
Do I Bring Turkish Liras, Dollars or Euros?
I’m sure you’re convinced by now that having cash money on you is a necessity in Istanbul. But what currency? Hotels may ask (or prefer) you to pay in Dollars or Euros. However, for all other expenses you’re better off or required to pay in Turkish Liras.
So, if your hotel gives you a nice discount by paying cash in a strong currency, make sure to bring that amount along and pay for your stay upon arrival. This way you prevent carrying a huge amount of money on you while exploring the city. After that it’s a matter of preference. Some tourists bring more cash along and exchange it into Turkish Liras whenever they run out, while others withdraw Turkish Liras from the omnipresent ATMs.
Using ATMs Is Common and Safe
I’m in favor of bringing a rather small amount of extra money in a strong currency, just for emergencies. For all my other expenses, I just use credit cards. In bars, restaurants, shops, and to withdraw Turkish Liras for my daily expenses.
But do check with your bank first how much they charge for every transaction and let them know you’ll be travelling to Istanbul soon. If their fees are too high, you may opt to bring Dollars or Euros along and exchange them in Istanbul. But don’t do it at the airport, hotels or shops! There are several exchange offices in both Sultanahmet and Taksim that offer much better exchange rates.
Emilie says
Hi, I want to warn travellers who arrive at the new airport in Istanbul NOT to use the cash machines run by ATM group, positioned in the bagage retrieval area.
They charge a horrendous service fee.
For a cash witdrawal of 4000 TL they charge 400 TL – ten percent!
Erlend says
It’s always better not to use the exchange or ATM services at the airport, even buying a SIM card there is more expensive than in the city center. If you’re not in a rush, wait until you’re at the city center.
Moacir says
Great advice in the comment section and article!
Chris says
How much spending money do I need in Turkey ? Per day ?
Erlend says
There is no way for me to answer that, it all depends on your lifestyle. Some people just eat a simit in the morning, while others enjoy a full blown Turkish breakfast.
Eya says
I’m going to istanbul 21/12/21 and i have cash in euro where is the best place to change it to TL?
Erlend says
At the money exchange shop where you get the most for your euros. I would refrain from changing them at the airport, they rarely have the best rates. There is one at the beginning of Istiklal Street in Taksim, and one in Sultanhmet on Divan Yolu, not far from the Aya Sophia and Blue Mosque. Compare the rates.
Mohammed Qazi says
I am new Zealand citizen planning to go to turkey , is it safe to go there? Do I need to keep local currency ? Or travel card and credit card are ok. This weather is ok for travelers? Kindly let me know.
Erlend says
Hi Mohammed,
Istanbul is among the safest of all world cities, but as with other world cities, use common sense (no deserted alleys after dark, beware of tourist scams, etc.) As for money, as I said in the article, make sure to have a bit of a mix, some cash for small expenses such as street food and cab fares, credit card for bigger expenses. You may want to take a look at the Istanbul Kart for transportation.
Have a nice stay.
frances beard says
I don’t tip or buy water. or shop in markets.. just malls and hotels.. NO hotel gives a discount for cash. name ONE.
Zhenja says
maybe 5stars hotels not
all other hotels do.
But you have to ask properly.
If you do not tip, nobody will help you
Andy says
Lol. “I don’t buy water or shop in markets” Weirdo. Why?
micheline says
if i am out of cash in turkey ,where i can sell jewlery for cash?
Erlend says
Try the gold shops.
shireen amos says
I want to draw cash from my nedbank credit card in istanbul is it she to draw from an atm that takes visa cards and wil it automatically convert to turkish lira how do i go about doing that at the atm
Erlend says
Hi Shireen,
ATMs only provide Turkish liras. Let’s say that your bank account is in Euro, then your bank will convert enough euros from your account to liras to reach the amount you requested from the ATM. Keep in mind that your bank may use a less favorable exchange rate and/or ask for a (small) fee. This is something you must ask your bank.
Hope this helps.