Best exchange rates - cash or travellers cheques?

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Aug 14th, 1998, 12:13 PM
  #1
Muriel
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Best exchange rates - cash or travellers cheques?

Last time in Turkey, better rates were available for cash. Is this still so? Also, which is best currency to use -British Pounds or American dollars?
 
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Sep 11th, 1998, 10:51 AM
  #2
Karen Abusch
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I found that I received a better exchange rate for cash in Bamako, Mali and Kankan, Guinea, West Africa. Most black markets (exchanging money on the streets privately and not at the bank) usually can be negotiated to the highest exchange rates and often only take cash. Brand new $100 bills were gold in West Africa and you could get terrific rates. But be careful with your money and always carry travelers checks as safety.
 
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Sep 12th, 1998, 08:54 AM
  #3
Louis
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Realize that the average interbank rate for one dollar the past month has varied from a low of 272,000 lira to a high of 280,000 lira. Over the past year the low was 169,500 lira. Remember also that the best you may find between cash and travelers checks, unless the currancy is counterfit, is one or two percent as long as you stay away from hotel desks. That is $10 to
$20 on a $1,000 and your time in Turkey is worth more than that to waste it worrying about exchange rates. Get acquinted with the currancy including the cash and credit card rates at http://www.oanda.com/cgi-bin/ncc. You also can get a exchange chart and a historical chart both.

Dollars are accepted in most areas of Turkey. The best plan is to pay for everything you can with a credit card. Use a bank or debit card (not credit card) at ATMs to get lira. Get only enough lira for a day or two. Carry some travelers checks for safety. Use dollar bills for tips. Try to end your trip without lira to convert to dollars.

After my last trip to Turkey I found a 10 million lira note hidden in may wallet. I took a 50% loss in getting it converted in the USA.

 
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