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The Best Place to Buy Turkish Lira in Turkey
Exchange offices in the market offer better cash exchange rates than those in tourist areas. Offices at international reports offer poor rates for exchange. To get the best value for their money, one should carefully check all available options and avoid any inconvenience when buying Turkish lira in Turkey. The best place to exchange currency depends upon;
● The exchange rate that the provider offers,
● The charging fee provider charges,
Banks mostly take a 4% commission on every exchange. It’s better to go for small exchange offices in the main market as they offer the best deals with minimum commission. Exchange offices are known as; “money changers,” displaying the word; “Doviz,” show that they provide foreign currency exchange services. “Doviz” means “exchange” in English.
Post offices (PTT in Turkey) also provide currency exchange services for US Dollars, Euros, and British Pounds Sterling.
Related Article: The Best Way to Exchange Currency in Turkey.
Stay up-to-Date with Mid-Market Currency Exchange Rates
When deciding where to exchange currency, it’s important to understand the mid-exchange rates. The mid exchange rate is the real exchange rate and the tourist rates are derived from these real rates by whatever formula they choose to apply.
Currency exchange services rates may vary, depending on provided profit interest. Sometimes exchange services claim 0% commission, and they charge hidden fees in the name of “real exchange rates.” If you are not up-to-date with the currency exchange rates, you might not get your money’s worth when exchanging your currency and buying the Turkish lira in Turkey.
How To Get a Fair Deal When Exchanging Currency
The mid-market rates fluctuate all the time, due to up and down movement in the global market rates. But it’s not impossible to get a fair deal. Find out the current mid-market rate with the help of the currency converter. Compare this exchange rate with the rates you are being offered.
Should I Exchange My Money When I Arrive at The Airport, or Should I Wait and Exchange it in The City?
Yes! You should wait and exchange money in the city to get better and fair rates. Avoid exchanging money at the airport and do exchange your money in the city. For this, you should keep some lira with you until you get access to a good place for exchange in the city.
Airport exchange offices and hotel front desks offer high fee exchange services and are notorious for charging high exchange rates. In the main city, one can easily get better exchange rates. Keep some lira with yourself, and after your arrival in Turkey, seek the best place for exchange and it’s easy to find one in the city.
If you are short of money, then don’t confuse yourself with the airport option. ATM is the best alternative. Turkey is a country with a wide ATM network. An ATM can be easily found at the Airport, or in free-standing booths on the street.
Withdraw your cash while using your ATM card to get some quick cash until you reach your destination for a fair exchange. Using ATM is safer and less prone to tampering. You should always choose to pay local currency. If you decided to choose an ATM, it will make up an exchange rate for you. This is not a good deal and you should avoid it.
If you are coming from the U.K., you can check this website; “money” to find the best exchange rates and places in Turkey. Other alternatives include:
● CompareHolidayMoney
● GlobalExchange
● CompareTravelCash
Buy Turkish Lira in Turkey: Currency Exchanges in Istanbul
Money changers around the grand bazaar are providing the best exchange rates, the Istanbul Exchange Office near the Grand Bazaar is a good idea to exchange currencies. There, the competition drives a decent deal for travelers. Always be sure to check and do your due diligence to find the best exchange rates when buying Turkis lira in Turkey.
The Turkish Lira (₺) notes will be your greatest friend in Istanbul, since they may be used to make any payment, especially at teahouses and market businesses. Lira notes are available in denominations of; 5, 10, 20, 50, 100, and 200 lira. A one-lira coin is also available, which is worth 100 Kurus. Locals in Istanbul refer to a money changer as a currency change office. When you see the word “doviz,” which means “foreign exchange,” in front of a property, you know you’re about to pass a currency change office.
Recommended money changers in the Grand Bazaar:
- Merkez Doviz
- Kur Borsa Doviz
- Haznedar Doviz
- Gazi Doviz
- Yazici Altin Doviz
Related Article: The Local Currency in Turkey.
