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Currency Exchange - EUR to TL

New York City, New...
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Currency Exchange - EUR to TL

Where is the best place to convert EURO to TL? Would it be the ataturk airport or someplace else? We will be staying in Taksim Square so if anything there please let me know

Singapore, Singapore
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1. Re: Currency Exchange - EUR to TL

There are many exchange office around town offering better rates than the airport, just walk around and compare the rates which are displayed on LED board. Usually those with more prominent frontage are not as good as those hidden away inside a building.

Melbourne, Australia
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2. Re: Currency Exchange - EUR to TL

FunTravellerNYC, you will not be given good exchange rates at the doviz (exchange) offices around Taksim, airport or Sultanahmet.

I suggest to get it changed at the doviz places across the entrance to the Grand Bazaar behind Bayezit-Kapalicarsi tram stop right here http://goo.gl/maps/HXanI

The doviz offices in Kadikoy also give decent market rates. In other words the places away fom the touristic areas offer better service then those located in the main tourist areas of Taksim & Sultanahmet.

It is not recommended in getting currency exchanged at the airport due to the higher fees involved which is a given around the world.

You can check out the daily exchange rate prices published by the reserve bank of Turkey here

www.tcmb.gov.tr/yeni/kurlar/kurlar_en.html

http://www.tcmb.gov.tr/yeni/eng/

New York City, New...
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3. Re: Currency Exchange - EUR to TL

Thanks i'll get exchanged around Grand Bazaar..

Kayakoy, Turkey
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4. Re: Currency Exchange - EUR to TL

I notice that you're from New York. Unless you already have Euros that you want to use, bring USD. If you're buying Euros in the USA you'll pay commission and you'll pay it again to use them in Turkey. There's no such thing as "No Commission". Someone will be making money out of you.

Mount Dora, Florida
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5. Re: Currency Exchange - EUR to TL

If you are buying Euros because your hotel quoted rates in Euros, you do not need Euros to pay your hotel bill. Every hotel will also accept US currency. I purchased Euros in 2007 because I thought I would need them in Turkey. I still have them. I actually do not carry much cash. I carry cash only to pay my hotel bill because I get a 10% discount for cash. I then use ATMs to withdraw TL from my own checking account, limiting the amount of cash I need to carry with me.

My ATM card provides free transactions at any international ATM and there is no charge for currency conversion, so it is as inexpensive to use as it is in the US. In my case, with my bank, there is actually such a thing as "no commission", but I am sure my bank makes money on other financial products they sell me. I think they consider this ATM card a perk to encourage my continued loyalty.

Cincinnati, Ohio
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6. Re: Currency Exchange - EUR to TL

Why not just use ATM machines to get all your TL rather than bringing other currency which will result in an exchange fee? My home bank does not charge any foreign exchange fees and ATM's are ubiquitous.

Singapore, Singapore
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7. Re: Currency Exchange - EUR to TL

Banks usually make money by charging a less favourable exchange rates even if there is no commission, US$ notes is accepted at Exchange Office in Istanbul and I suspects the rates would be better than the ATM rates.

Anywhere it depends on how much you need, I won't go all the way out and around to find the cheapest rate for a small amount, the difference could only be a few TL per 100 euro. I usually change what I estimate I need for the few days and change again wherever convenient if I need more.

Don't forget you will need some TL when you first arrive to pay for your transport before you can get anywhere!

Edited: 22 August 2014, 05:16
Singapore, Singapore
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8. Re: Currency Exchange - EUR to TL

An interesting read on cnbc:

http://www.cnbc.com/id/101940076

Mount Dora, Florida
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9. Re: Currency Exchange - EUR to TL

This is an interesting article confirming what we have been hearing for several years. Last year in October someone reported that US-style credit cards without chip & pin could no longer be used in Turkey. As I was only days away from leaving I asked our local people to check for me. Enigma contacted his bank. Sari, I believe, had the banker in her town call his bank in Istanbul. In the meantime I contacted my bank to see if I could obtain the chip & pin card.

My friends all reported that they heard of no prohibition using the swipe & sign cards we use in the US. I did get a card with a chip via over-night delivery. It was not possible to get a PIN. I used both the new card with the chip and my older swipe card in Amsterdam and Paris. No one even looked at the card. In Turkey I had no difficulties at all with the cards.

Last week I once again checked with my banks and they told me that there is still no PIN for the chip card. I am not, however, worried about this. I think US visitors still make enough of a significant contribution to the European economy that they would not reject our form of payment. I am confident that US style cards are still acceptable in Turkey.

Eventually I expect the US to adopt chip & pin systems. I find it very odd that banks are so very hesitant to do this. All we really can do is request the technology and hope it is delivered sooner rather than later. In the meantime there is no problem with current US cards in Turkey.

Singapore, Singapore
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10. Re: Currency Exchange - EUR to TL

I am also surprised that banks in USA are slow in incorporating the EMV chip card technology, wondering if it is more of a political than technical matter. In fact all cards issued in Singapore, including those issued by citibank, AMEX and other foreign banks have been replaced in the past 2 years. All credit and debit cards here now have both the EMV and the magnetic strip on them. But for added security the use of magnetic strips oversea can be deactivated/activated by the card holders via online banking or sms banking, or by a phone call to the bank.

The problem with magnetic strip is it is too easily to be croned and hence frauds are common. I hope soon we will see a complete phase out of the magnetic strip to make card usage safer, much like in the old day when card details were imprinted on carbonised papers that eventually were replaced by magnetic strips!.