Money

1. Currency Exchange

The official Turkish currency is the New Turkish Lira (TRY). This currency first came into circulation on January 1, 2005. The New Turkish Lira is equivalent to US $ 0.63 and is divided into 100 yeni kurus.

Credit cards can be used to pay for most of the purchases in Turkey. The popular credit cards are Visa, MasterCard and Euro card. American Express credit cards are accepted mostly in expensive places.

The easiest way of getting money in Turkey is by the use of home bank ATM /cash card or a credit card in a Turkish ATM /bancomat or cash machine.

Cash can be exchanged at a number of places such as currency exchange offices, which are usually found in market areas. The exchange rates they offer are better as compared to the banks. At times, these offices might not even charge a commission, locally known as ‘komisyon'. Shops offer the best rate and that too with the lowest or zero commission.

Post offices exchange cash for US dollars or euros. Some of the bigger post offices exchange other major currencies such as the UK pound sterling. Banks also provide this facility but charge high commission and the procedure they follow is cumbersome.

Travelers' checks are expensive to use in Istanbul for the simple reason that they are not welcomed by many of the banks. If they accept it, it is against a fee of US $ 20 per check or as much as 20 % of the amount of the check.

2. What A Dollar Will Buy You

Istanbul is not a very expensive place and there are many things that you can get for one dollar. The prices of some of the basic commodities are as follows:

Rice (1kg) - $1.41

Sugar (1kg) - $0.94

Potatoes (1kg) - $1.26

Apples (1 kg) - $1.88

Grapes (1kg) - $1.10

Local Beer (one can) - $0.33

Cup of coffee at a café - $1.41

Coca-Cola (1lt) - $0.69

3. Telecommunications

Direct dialing systems connect Istanbul to all the major cities of the world. Public phones are spread across the city and can be used for making local, national and international calls. These phones are operated by phone cards or tokens, also known as ‘jetons'. Small jetons can be used only for making local calls. Phone cards can be purchased from post offices or from street vendors. Cards are in the denominations of 30, 60 and 100 Turkish liras. The international dialing code is 00. Phone numbers in Turkey consists of two sections; one area code (3 digits) and the main number (7 digits). Call rates are relatively low on weekdays between 6 pm to 6 am and on weekends.

Same area calls - just the 7-digit number

From area to area - 0 + area code + number

International calls - 0 + 0 + country code + area code + number

4. Cab Fares

Cabs are an efficient means of transport within the city. All taxis are required to run the meter by law. Hence, it is necessary to ensure that the driver of your cab turns on the meter or ‘taksimetre' as it is locally known. Cabs in Istanbul have two different rates, namely the morning rate and the night rate. The morning rate is locally known as ‘Gunduz' and ranges from 6 am till midnight. The night rate is known as ‘Gece' and is 50 % higher than the day rate. Passengers don't tip the taxi drivers but round up the fare. The cab fares are quite reasonable during the day. A day fare for a trip between Sultanahmet and Takim Square is approximately $5. A trip from the Ataturk Airport to Sultanahmet, which takes about 35 to 75 minutes, can cost US $18 to $25, depending on the traffic.

5. Currency Exchange Rates

1 Turkish Lira (TRY) = 0.64 USD

1 Turkish Lira (TRY) = 0.5 EUR

1 Turkish Lira (TRY) = 0.34 GBP

1 Turkish Lira (TRY) = 0.71 CAD

1 USD = 1.56 TRY

1 EUR = 1.99 TRY

1 GBP = 2.86 TRY

1 CAD = 1.40 TRY

6. Taxes

Value Added Tax or VAT is levied on most products and services in Turkey. VAT is charged at 18%. Taxes are also levied on hotel accommodations and a five-day four-night stay in Istanbul can cost about US $234 in taxes.

An airport access fee of 8% is also charged.

7. Tipping

Tipping in Istanbul is not mandatory and constitutes only a small percent of the total amount. However, with the recent influx of tourists who tip heavily, more and more people are expectant of receiving a substantial amount. In ordinary restaurants, a small tip of 5% to 10% can be given, while a larger tip of about 10-15% is expected at an upscale restaurant. Porters at hotels expect about 50 cents to a dollar in tip for carrying the luggage. Taxi drivers do not receive tips, but the cab fare is rounded up to the next complete denomination.