What is the Best Currency to Take to Turkey in 2023?

Turkey has long been a top travel destination, with its unique mix of history, culture, and breathtaking landscapes. However, travelers planning their 2023 visit are left wondering what currency to take to make the most of their experience. Which currency should you bring? Should you rely on cash, cards, or local ATMs?

Before delving into the nuances, the short answer is that the best currency to bring to Turkey in 2023 is the Turkish Lira (TRY). However, Euros (EUR), US Dollars (USD), and British Pounds (GBP) are widely accepted in many tourist areas. If you want to avoid frequent trips to ATMs, or if you're unsure about the best strategy, don't worry. In this article, we’ll break down everything you need to know to ensure smooth financial transactions during your Turkish adventure.

Why Turkish Lira (TRY) is the Best Currency Choice

The Turkish Lira is the official currency in Turkey, and using it is the most straightforward and cost-effective option for travelers. While larger hotels, shops, and restaurants in tourist areas might accept Euros or US Dollars, you’ll get the best value by using Lira, particularly in smaller towns, local markets, or family-run businesses. The key reason is that vendors often round up prices or offer unfavorable exchange rates when taking foreign currency.

Here’s a comparison table to demonstrate potential savings when using TRY:

Currency Used	Exchange Rate (Example)	Total Paid (in TRY)	Potential Savings with TRY
Turkish Lira (TRY)	1:1	100 TRY	0%
US Dollar (USD)	1:25	120 TRY	20% Loss
Euro (EUR)	1:28	115 TRY	15% Loss

While the rates fluctuate, this general trend shows how opting for Turkish Lira can save you significant money over the course of a trip, especially on smaller purchases such as food, souvenirs, and local services.

Carrying Foreign Currency: Euros, Dollars, and Pounds

Many travelers, especially from Europe, the US, or the UK, might already have Euros, Dollars, or Pounds on hand. These currencies are widely accepted in major tourist destinations like Istanbul, Antalya, or Cappadocia. However, acceptance of foreign currencies outside of these areas is limited. Even when accepted, shops or restaurants may apply their own exchange rates, which could mean you're paying more than you would if you were using Lira.

• Pros of Bringing Foreign Currency:

  • Easier for quick transactions in tourist-heavy areas
  • Convenient if you already have these currencies
  • Handy for emergencies if you can’t access an ATM immediately

• Cons of Bringing Foreign Currency:

  • Higher costs due to vendor exchange rates
  • Limited acceptance outside tourist zones
  • Possible confusion with change being given in Lira

The bottom line is that while having Euros, USD, or GBP can be helpful for emergency situations or certain large purchases, you’ll get better overall value by converting your money into Turkish Lira for most transactions.

Should You Rely on Credit and Debit Cards in Turkey?

In 2023, Turkey is very card-friendly, especially in big cities and tourist hubs. Visa and Mastercard are widely accepted, and you’ll find contactless payments available in many places. However, American Express and Discover are less commonly accepted, so travelers using these cards should plan accordingly.

That said, having some cash on hand is still a must. Many small vendors, street markets, and rural businesses operate on a cash-only basis. In particular, taxis and small cafes may not accept card payments, especially outside larger cities. For tipping in Turkey, cash is also preferred, particularly in smaller denominations of Lira.

One thing to be aware of is that foreign transaction fees might apply depending on your bank. Many travelers are now using multi-currency travel cards that allow you to load different currencies and avoid these fees. Such cards can also be used for withdrawing Lira from ATMs at more favorable rates than traditional bank cards.

ATM Withdrawals and Currency Exchange in Turkey

ATMs are abundant in cities and tourist areas, and they are often the easiest and most cost-efficient way to get local currency. Withdrawing Lira from an ATM allows you to take advantage of better exchange rates than those offered at currency exchange offices or banks. That said, it’s essential to note that many ATMs charge a small transaction fee for foreign cards, so it’s best to withdraw larger amounts less frequently.

Be cautious when using ATMs in very touristy areas, as some machines might offer dynamic currency conversion (DCC). DCC offers you the chance to withdraw money in your home currency rather than the local currency, but the exchange rate provided is often worse than what your bank would give.

Currency exchange offices (known as Döviz) are also an option, particularly if you’re carrying foreign currency. They are plentiful in areas like Istanbul’s Sultanahmet or Taksim Square, as well as in other tourist zones. Rates can vary, though, so shop around to find the best deal.

Tips for Managing Currency in Turkey

1. Use Lira for Daily Transactions: Whether it's for shopping at the Grand Bazaar or buying simit (Turkish bagel) from a street vendor, using Lira will ensure you get the best prices.
2. Keep Some Foreign Currency for Emergencies: Euros and Dollars can be useful in tourist areas or in case of emergency, but you’ll likely pay a premium.
3. Credit Cards Are Widely Accepted, but Carry Cash: Always have some Lira on hand, particularly if you're venturing outside major cities.
4. Withdraw Lira from ATMs for the Best Exchange Rates: Avoid currency exchange counters at airports or tourist hotspots, which tend to have higher fees.
5. Watch Out for Dynamic Currency Conversion (DCC): Always choose to pay in Lira rather than your home currency when using an ATM or credit card.

Conclusion

In 2023, the best currency to take to Turkey is the Turkish Lira. While Euros, US Dollars, and British Pounds are accepted in many tourist areas, they come with the risk of unfavorable exchange rates and rounding. If you're looking to maximize your spending power and avoid hidden costs, it’s advisable to convert your money to Lira either before your trip or withdraw from ATMs upon arrival. Having a mix of cash and cards ensures you're well-prepared for all types of transactions.

Ultimately, the key to enjoying a hassle-free trip to Turkey is preparation. Understanding the local currency dynamics and having a strategy for your spending will let you focus on what really matters—experiencing the vibrant culture, history, and beauty Turkey has to offer.