Is It Better To Exchange Money In Turkey?

Currency exchange is one of the essential points you should learn about before traveling to Turkey to experience a comfortable trip in Turkey.

Is it better to exchange money in Turkey? Is it better to take Euros or lira to Turkey? Is it better to exchange Pounds to lira in Turkey? etc., are some questions that may come to the minds of many of us before traveling to Turkey. For all people who plan to travel abroad, one of the first questions that come to their mind is, should we take dollars with us or the currency of that country?

The answer to this question directly impacts our well-being while traveling, and by making the right and logical decision, we can have fun in Turkey without financial loss and enjoy more entertainment and amenities.

In this article on Traveling Topic, we examine the question: Is it better to exchange money in Turkey? and examines all the points you need to know about lira and dollar currency. If you are interested in knowing the answer to the question “is it best to exchange money in Turkey?” and get to know the best way to exchange money in Turkey, read this article to the end. 🤗

Is it better to exchange money in Turkey?

Before answering the question, “is it better to change lira in Turkey?” you should know that Turkey is considered among the twenty most powerful countries globally, but its economic situation is constantly changing. Especially since 2015, the inflation rate has grown in it.

Therefore, the situation of the lira against other main currencies of the world, such as the dollar and euro, could be better, and its rate is always changing. 😎According to the latest statistics, in 2021, the Turkish lira won first place in the value of the monetary unit against the dollar with 44.35 percent. In 2023, the parity of the lira against the dollar has reached its lowest level in recent years.

For this reason, in August 2023, the Turkish authorities decided to increase the interest rate to increase the value of the Turkish currency and increase it to 25%; for this reason, we have seen an increase in the value of the Turkish Lira.

With the information given, to answer whether Is it better to exchange money in Turkey, we can answer that it is better to take dollars with you and exchange them in this country. Generally, we must say yes if we want to give a definite and one-word answer. It seems wiser to take dollars to Turkey on some conditions we will discuss in the rest of the article.

The main ways to transfer money to Turkey

Now that you know the answer to the question,” Is it better to exchange money in Turkey ” it is better to know how to transfer it. Today, with the cryptocurrencies, a new way to transfer money worldwide has emerged.

There are 3 legal ways to transfer money to Turkey:

• 1. Taking bills.
  2. Transfer money to an electronic wallet in Tether, which can be cashed in Turkish exchanges.
  3. Deposit to your bank account if you have a bank account in Turkey.

Although some countries cannot open a bank account in Turkey, they can open one in Turkish state banks. If you have a bank account in Turkey, you can transfer your money to your account in Turkey through the exchanges in your country and pay all your travel expenses using your bank card, which is a party to the MasterCard or Visa card agreement. In this case, you can also use the various seasonal discounts on bank cards when booking hotels and flights to save on travel expenses. 😃

Transfer money to Turkey through an electronic wallet

One of the other ways is to deposit money to your electronic wallet in the form of Tether or electronic dollars. You can convert your money into dollars through electronic or hardware wallets. When you travel to Turkey, you can exchange this money into dollar or lira bills through exchange offices in all Turkish cities. It is better to receive lira as much as you use during the currency exchange so you only pay the exchange fee once. You should take cash with you if you need a foreign bank account or Tether wallet.

When is the best time to take Lira to Turkey?

As we said in the answer to the question, “is it better to exchange money in Turkey,” it is better to exchange dollars with you. But sometimes it’s better to take a lira with you. Be sure to carry some lira from the beginning of your trip to Turkey to the end of your trip so that you can take a taxi if needed, go to a restaurant and eat famous food of Turkey, and also be able to shop at local markets such as Wednesday market Istanbul and Sunday market Istanbul, or meet your unforeseen needs and avoid getting into trouble.

During working hours, the difference between buying and selling different currencies for banks and reputable exchanges is less than 2 percent, but during holidays, this difference will reach 10 percent.

 Important points when converting dollars

Now that you understand the answer to the question, ” Is it better to exchange money in Turkey ” it is better to carry dollars when traveling to Turkey. We will mention some very important points so that you can experience an enjoyable trip to Turkey without any worries.

• Airport exchanges, shopping malls (AVMs), jewelry stores, and hotels are places where you should exchange currency only in an emergency. Because currency conversion is not their main job, they profit more.
• Before converting currency, check the exchange rate set by the Central Bank so that you can choose the closest price to it in selling your currency.
• As mentioned, converting dollars or any other currency into lira during bank office hours (Monday to Friday from 9 am to 5 pm) is better.
• Contrary to what some people think, the exchange rates of tourist areas and large markets are more suitable in Turkey than in other cities.
• Take some cash with you outside the hotel. Leave the rest of your money in the hotel’s safety box, divide it among your fellow travelers, or put it in different pockets.
• If you plan to stay in Turkey for a long time or have a large amount of money, you can open an account in a Turkish bank with your passport. It is possible and much safer than carrying cash.
• Authorized exchange offices in all Turkish cities have a sign written DÖVIZ, which means exchange. Other shops work illegally, so it is better not to use them.

Does Turkey accept US dollars?

Above, we talked about all the points related to money conversion. You may not have understood the answer to the question “Does Turkey accept US dollars?” above. You can take your dollars to Turkey and use them to pay your bills. 🤑

Can you use Euros in Turkey?

As we mentioned in the article “Is Turkey in Europe or Asia“, this country is located in Europe, so you can use Euros and dollars to pay your bills. We should mention that Turkey is trying to become a member of the European Union, and if this happens, you can easily use the Euro in this country, but now we suggest that you use dollars instead of euros on your trip to Turkey. 

At the end of the line

In this article, we examined the question, ” Is it better to exchange money in Turkey “. Also, we stated the most important points of exchanging money in Turkey. Many tourists from all over the world go to Turkey every day. One of the questions that always occupy the minds of travelers to Turkey is it better to use Euros or lira in Turkey.

According to what has been said, carrying dollars on a trip to Turkey is a more suitable and economical option. It is also suggested to convert your currency to lira for daily travel expenses at authorized city-level exchanges or banks during office hours to pay fewer fees. If there is extra money at the end of the trip, it should be in the form of dollars because it can be used when you return or on subsequent trips to other countries.

Finally, we suggest you read the articles “Turkey Customs Regulations” and “How Much Lira For A Week In Turkey” before traveling to Turkey to get to know this country more and experience a comfortable trip to Turkey. If you need more information about the answer to the question “is it cheaper to exchange money in Turkey?” you can leave your question in the comments section to receive your answer as soon as possible.

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