5 Centres with Best Exchange Rates in Istanbul: Convenient & Safe

When you are in Istanbul, the Turkish Lira (TRY) notes will be your best friends as it can make any of your payments done smoothly, especially at teahouses and market stores.

You will find the Lira notes in denominations of 5, 10, 20, 50, 100, and 200 Liras. There is also 1-lira coin, which is equivalent to 100 Kurus.

A money changer in Istanbul is called change office by locals. When you see the word “doviz“, which means foreign exchange, in front of a place, then you know that you are going to walk past a change office.

Those planning to exchange currency in Istanbul’s airport, at hotels or banks should think twice. Because most airport money changers charge a commission, which can be as high as 5%. And most importantly, rates offered by the above mentioned service providers are not the best one can find in town.

So where can we look for money changers with rates that will make us say yes happily?

Just like the way it is in Singapore and Hong Kong, good money changers in Istanbul usually get together at commercial areas and major tourist places. You can find many of them at the Grand Bazaar, Spice Bazaar, Sultanahmet, Laleli, and Taksim. This is such a nice combination, bringing convenience to visitors.

A useful rule of thumb is that always ask a change office if there is a commission or surcharge. And choose to go with the money changer with the narrowest difference between buy and sell rates.

If you bring traveler’s cheques with you in your trip to Istanbul, then you are advised to have them exchanged at post offices. Because they are the only service providers that won’t collect commissions for this kind of service. 9% fee is the amount that is charged as commission at most of the money changers in town when dealing with traveler’s cheques.

Note that post offices (PTT) also offer currency exchange service that apply to US Dollars, Euros, and UK Sterling.