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Istanbul Insider

Istanbul Money Strategy: Cash Or Credit Card?

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.

Picture of ATMs in Istanbul, Turkey.
ATMs in Istanbul. © Photo by FaceMePLS

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.

Further Recommended Reading

  1. How Much and When to Tip in Istanbul
  2. How to Get Your Turkish Electronic Visa Online and Avoid the Queue
  3. Where to Stay in Istanbul – Beyoğlu or Sultanahmet

Filed Under: Money, Planning, Visa, Safety, Money & Health Tagged With: ATM, Cash Money, Credit Cards, Dollar, Euro, Exchange Offices, Exchange Rates, Istanbul, Money Strategy, Turkish Lira


Comments

  1. Mohammed Qazi says

    January 21, 2020 at 7:42 am

    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

      January 22, 2020 at 10:29 am

      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.

  2. frances beard says

    July 30, 2019 at 7:21 pm

    I don’t tip or buy water. or shop in markets.. just malls and hotels.. NO hotel gives a discount for cash. name ONE.

  3. micheline says

    April 24, 2019 at 12:38 am

    if i am out of cash in turkey ,where i can sell jewlery for cash?

    • Erlend says

      April 24, 2019 at 9:40 pm

      Try the gold shops.

  4. shireen amos says

    April 5, 2019 at 12:10 pm

    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

      April 6, 2019 at 10:42 am

      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.

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