| Banking and Currency |
There is no limit to the amount of currency (foreign or Turkish) you can bring into Turkey. Although inflation and exchange rates once made  headlines, Turkey now has a modest inflation rate of about nine per cent. The Turkish Lira (TL) was introduced in January 2005 - a source of pride for all Turks, as the many zeros that humbled the old currency were eliminated. Since January 2006, only the new currency has been accepted as legal tender. Exchange rates have remained steady for several years and there is no longer a need to gain from rising exchange rates. Visitors will have few problems in paying for almost everything by credit card, using ATMs or making their usual banking transactions.BANKSMost banks are open from 9am until noon. They close for lunch and reopen at 1pm and close for the day at 5pm. A few banks, such as Garanti Bank, may stay open at lunch and some banks are experimenting with limited Saturday opening. Banks can be found in all main areas, on Divanyolu Caddesi and on İstiklâl Caddesi in Beyoğlu. The İş Bankası at Atatiirk airport is open 24 hours. Apart from Turkish banks, many foreign banks like Citibank and HSBC can be found in Turkey with familiar logos and services. If you want to change money at a bank, you do so by lining up with other customers and waiting your turn for a teller. Queues are usually quite long, so allow extra time for your transactions. Several Turkish banks have outlets at airports, offering a full range of banking services. EXCHANGE OFFICESWilli lower inflation, you will nor need to worry about exchanging foreign currency al Ihc most beneficial time. There are slill exchange offices but these are not found in the numbers that they once were. Well established offices include Para Döviz in the Grand Bazaar. Bamka Döviz in Taksim and Çetin Döviz on İstiklâl Caddesi. These will offer a somewhat better rate of exchange than banks and are open for longer hours and also on Saturdays. You will not be charged commission on cash exchanges and the rates being offered are prominently posted. TRAVELLER'S CHEQUES AND CREDIT CARDSCredit and debit cards and ATM machines have made traveller's cheques almost obsolete. It is difficult to find anyone who will cash them, and if they do, they will ask for a high commission. You are advised not to bring them into Turkey. If you need to have large sums of money in hand but do not want to carry it with you, consider using a money order (havale) service such as Western Union. They have an association with the Turkish Post Office (PTT) and with some banks, and this is a safe and speedy, although expensive, way to transfer money. Credit cards, such as VISA, Mastercard, American Express and, to a lesser extent, Diners Club are universally accepted. Many debit cards issued by international banks such as HSBC and Citibank are also accepted, but check that your card is valid internationally. Even if a smaller restaurant or establishment does not take credit cards, they will often be able to run it through the data line of a neighbour. However, be aware that some smaller establishments may not accept cards in winter even if they do so in summer. There is no commission on credit cards; even places that used to charge it, such as petrol stations, now display signs saying kredi kartı komisyonu sıfırdır. commission). If you buy an airline ticket from a travel agent, however, they will charge about 3 per cent commission on the fare. Note that many of the new chip and PIN cards require you to enter your PIN number. CURRENCYYou can take up to US$5,000 out of Turkey in cash. The new currency is known as the Turkish Lira (TL) or. more officially, as your credit card statement will show, TRY. The new coins are made of nickel and are not unlike the euro. These are known as kurus. The higher denomination notes contain many advanced and high technology security features that are not visible to the naked eye. The old-style notes ceased to be legal tender on 1 January 2006. |