Currency

The currency of Turkey is the Turkish Lira (TL). Coins are 5, 10, 25, 50 kuruş (equivalent of cents or pennies) and 1 TL. Bank notes are 5, 10, 20, 50, 100, and 200 TL.

Foreign Currency Exchange

Foreign exchange offices are known as Döviz Bürosu, and can be found throughout the city. They are very easy to find as their storefront has the word “DÖVIZ” boldly displayed. Operating hours are generally Monday-Friday from 9:00am to 5:00pm, although those located in shopping malls and touristic areas stay open until around 7:30pm; these are also open on Saturdays. Keep in mind that exchange offices that are open on Sundays offer very bad rates.

Foreign exchange offices generally offer better rates than banks, and do not charge a commission. In order to find out what the exchange rate is, look under the heading for SATIŞ (selling), which are displayed either inside the bureau or on the storefront. It is worth looking around at different offices, as rates can vary. Travelers’ checks and bank checks carry a commission fee.

Banks and ATMS

Most major banks offer online banking services in English. Banks are open from 9:00am to 5:00pm on weekdays, while branches that operate in shopping malls are also open on Saturdays. Please note that while most banks stay open through lunch, some do close for a lunch break from 12:00-1:00pm. To increase your chances of finding a bank with English speaking staff, head for a branch somewhere in the area of Taksim/Beyoğlu, if possible on Istiklal Caddesi.

The Turkish Iş Bankası also offers expatriate banking services including internet banking, ATM banking, and telephone banking in English. Garanti Bankası is another bank that makes an effort to provide services in English.

With a valid credit or debit card, you can get cash advances at most atms, which are abundently spread around the city. Accepted cards are posted on atms. Citibank, HSBC, and Fortis are some international banks that you will find in Istanbul. You can witdraw money from these international banks as well as from most Turkish banks, which are on the Cirrus or PLUS networks. Check with your bank to make sure that your credit card is on one of these networks.

It is possible to open bank accounts in foreign currencies at the major banks listed above. You will need to provide your passport and full details of your current bank accounts. Be prepared for the whole process to take some time.

If you want to open a bank account in Turkish currency, you will be asked for a tax number and a residency permit or work permit. You can get your tax number after a trip to the Tax Department with your passport and residency permit or work permit. Opening an account will provide you with conveniences, such as money storage, transfers, online banking, and automatic utility-bill payments. If you aim to keep your bank account open for more than a month, you may opt for a savings account but the banks will withdraw 15\% tax from your interest.

You can exchange foreign currency and traveler’s cheques at banks, but do note that exchange offices offer better rates than banks (see above).

Credit Cards

All major credit cards are accepted in most establishments in Turkey. MasterCard and Visa are more wide spread, while American Express and Diners Club International are less widely accepted because of the high commission fees.

Money Transfer

The best option for transferring money in Istanbul is to use Western Money Transfer, which is available as a service offered at all branches of the major Turkish banks: Garanti Bankası, Iş Bankası, Denizbank, Dışbank, Akbank, Yapı Kredi Bankası, Oyak Bank, Finansbank, and Ziraat Bankası. To receive money by transfer, arrive at the bank with your passport and transfer details, including your money transfer control number, the time the money is to be sent, and the amount of money being transfered. The money should be available immediately in US dollars, Euros, or TL. The other (slower and less reliable) option is to go through the bank’s own channels, which is possible even if you do not have an account with them. However, the money can be blocked for up to 20 days by the bank, and the only way to get around this is to withdraw the money in Turkish Lira at the bank’s stated rate, or by paying a high commission. The moral of the story: go for Western Money Transfer if at all possible.