robrick

Were heading to Turkey in a few months and was wondering about money while in Turkey.
I was planning to get some Turkish Lira's ( I' m in Canada) prior to leaving so we have some money on arrival, then to use the ATM machines while on vacation. I use a 4 digit pin numer. Is that the best route to take? Would I be better to take Euros instead of Liras? You help and suggestions would be greatly appreciated.
Rob

adrienne

It's best to use Lira which you can get upon arrival.

Michael

You will need to have cash for your visa, and it has to be lira, euros or U.S. dollars. The ATMs of the airport on the Asian side of Istanbul are after immigration.

adrienne

I was just looking up the price for a visa for a Canadian national and found that as of April, 2013 you have to get an evisa prior to arrival. That the stickers are no longer given out.

http://ottava.be.mfa.gov.tr/ShowInfo...aspx?ID=121781

robrick

Thanks. already have the evisa. It was so easy.

otherchelebi

The Turkish Lira has been depreciating almost daily, the last 40 days or so, due to major political issues with economic repercussion.

Late Friday the local markets closed with 2.1022 TL for CAN$ 1 . in cash exchange with no commission or charges.

The US$ and Euro have much smaller differences in buying and selling prices, however, you may end up paying more than the 0.5% difference if you buy Euros or USD in Canada before getting here.

I do not know what exchange rate which banks use when you draw local currency with a debit card.

For exchanging within Turkey :

1. airport exchange locations give bad rates
2. hotels give terrible rates
3. shops give bad rates
4. banks give bad rates
5. exchange bureaus at touristy locations (with a few exceptions) give bad rates.
6. The best rates are in the Grand bazaar, down the street with the small kiosk in the middle, just after the kiosk on the right, although other FX shops in that area are almost as good, because that is just next to the heart of the grey FX market for the whole country, and the buyers and sellers conclude deals in large sums within minutes.
7. Second best rates are further below the Grand bazaar on mahmutpasa Street and at Tahtakale Street behind rustem pasa mosque.
8. The differences between the best and the not so good is minimal for amounts less than a few hundred USD, but can become significant if you decide to change a thousand or more and deal in cash. In any case, avoid the airports, hotels, shops and banks, as well as any place which charges commission or fees.

Compare the rates at the folowing link with what your bank will give before you buy before getting to turkey :

http://www.bigpara.com/doviz/

This site is Turkish but easy to decipher,

You can also see the gold bullion (per gram) and gold coin prices if you click "altin"

Michael

<i>banks give bad rates</i>

Even at ATMs which in effect operate under the posted international daily rates? Are you saying that one would not get today's this rate: 100.00 TRY = 42.9535 USD minus $0.42 for the Visa charge?

Southam

Canada's big banks make it very expensive to buy foreign currency on their home turf. Ataturk Airport's official site says it has three bank currency booths on the arrivals level. It also claims 30 cashpoints throughout the airport, although some of those might not be part of an international ATM network. Here is a rather intricate map of the arrivals level showing financial services among other things http://www.ataturkairport.com/tr-TR/...gelis_info.pdf
(PS: Airports generally have helpful Internet sites that can answer plenty of questions for you.)
In my experience, banks offer the same foreign exchange rate at their ATMs as they would over-the-counter. That's not the rate you see quoted in financial information. The bank is selling you currency and adds a couple of percentage points for itself. In effect, the customer is charged a retail rate, not the rate banks use for transactions between themselves. The same in reverse; when you want to sell your foreign currency back to a bank, its rate will be a couple of percentage points below the "official" rate. In either direction, they make money, whether at a bank counter or punching an ATM's buttons. No Canadian should be surprised.
A separate foreign-transaction fee at ATMs will be imposed by your bank back in Canada, probably about $5. That's for every transaction, so take out a big amount and then pay cash. Be wary of grey-market machines operated by non-bank businesses which may add extra charges.
And be sure to supply both your bank and credit-card operators with your itinerary before leaving home.

otherchelebi

Michael, My remarks above were for cash exchange rates.

Every bank has different and flexible policies regarding FX rates for credit card, debit card and ATM transactions and I would be stupid to think I could say what they were at any given time.

I know that I get a 0.2% or sometimes even smaller margin at a few of the FX offices in the grey market area of the Grand bazaar in istanbul and have been conducting all my personal FX business there for the last twentytwo years whether for investment or for traveling.

Carrying too much cash is never a good idea anywhere in the world, however, at my age it is difficult to forget the old days and not feel anxious when having less than a few hundred Dollars in one's pockets.

otherchelebi

By the way, It is almost impossible to cash American Express Travelers Cheques in Turkey.

And personal cheques will not only take a long time to clear but will also be subject to lots of fees .

Michael

<i>The bank is selling you currency and adds a couple of percentage points for itself. In effect, the customer is charged a retail rate, not the rate banks use for transactions between themselves. The same in reverse; when you want to sell your foreign currency back to a bank, its rate will be a couple of percentage points below the "official" rate. In either direction, they make money,</i>

But the ATM rate falls in the middle if it is what is posted on Google or http://www.xe.com/currencyconverter/

robrick

How is the exchange rate today?

otherchelebi

The weekend free market CASH rates for buying TL are :

USD 1 = 2.25 TL
CAN$ 1= 2.02 TL
Euro = 3.04 TL

TL gained some against other currencies due to a major interest rate hike announced by the turkish Central Bank, last Wednesday morning.

The $ gained against the Euro last week due to the FED announcement.

girlwithanattitude

I am confused on the general advice. We usually bring no cash, get some at an ATM at the airport, and then use credit when we can, and cash from ATM's when we can't. Is this an acceptable plan for week long trip Istanbul? We don't have foreign fees on our credit card transactions. ATM fees seem worth it to us, as we get only what we need, and aren't having to exchange money at the end. I check the exchange rates posted by our banks/cards for each transaction, and it has always been better than the daily rate on xe.com, but not always as good as the daily rate on the ground.

otherchelebi

girlwithanattitude, i think you will be fine following your pattern of behavior.

If you are a big spender, eating at very expensive restaurants and shopping for silk carpets, gaining a few Dollars on exchange will not matter. If you are on a budget, you will not be spending enough to make a big difference due to exchange rate margins.

The reduced risk of having just enough cash on you in a foreign country outweighs any FX benefits also.

There are Bank branches with ATMs almost everywhere in the city available 24 hours. All shops, restaurants and hotels are usually paid with credit card. Even some taxis have post machines.

Just make sure you have a debit card with a four digit pin number. (Credit cards always charge for any cash withdrawals)

Most ATMs at IST airport are to your left as you come out of customs, lined up along the wall.

ashwinb

You've already got good advice here, the easiest to find good exchange places are near the Laleli University tram stop,a stop after Grand Bazar(Beyazit) Just take a tram,or you can even walk for about 10-15 minutes from Sultanahmet. Those rates are 2nd best (best are in Grand Bazar), but you dont want to be spending time searching for places.
And rates in Cappadocia and Ephesus are nowhere close,so exchange in Istanbul itself.
I used to withdraw Euros from the ATM and then get them changed, drawing Liras from the ATM gave me terrible rates.

girlwithanattitude

Thanks again, otherchelebi. You continue to be of great help.