The best exchange rate for Turkish Lira can be obtained by always paying with a card, as it is by far the most economical option. And to carry some cash, the best choice is to withdraw money from an ATM.
In other words, the best strategy to maximize cost savings would be to always pay with a card (as we’ll see later, in 2024 Wise card offers the best exchange rates and lowest fees in the market) and only withdraw the amount of cash we’ll need from an ATM.
Certainly, this money-saving technique for your vacations might surprise you. After all, if you go to any currency exchange or bank, you’ll see prominent advertisements claiming “no fees,” and one might think it’s logical to exchange liras at the current rate, right? Well, not quite! Everything has a cost, even paying with a card has a cost, though they might not tell you or show it upfront.
Let me tell you a secret: this website was created by a group of friends who worked for several years in currency exchange offices, and frankly, exchanging cash is the worst option by far. Moreover, to give you an idea of the scale of this poor alternative, you should know that most currency exchange operators or bank employees get discounts to exchange currencies compared to the rates offered to customers. Even with that advantage, we never exchange cash. At most, depending on the trip, only a small amount for certain payments or if it’s necessary for entry into the country.
So, it’s clear: always pay with a card and only withdraw the necessary cash liras from an ATM. Now let’s see how to pay the minimum cost possible in both cases:
Which is the best card for payments abroad?
Based on the study we’ve conducted on all the cards available in the market for the year 2024, for payments in any foreign country, travel cards have lower costs than regular bank cards, and among the travel cards, Wise card provides the lowest fees.
These results apply not only to the costs of payments in international stores in foreign currency (Wise would offer the best conditions, other travel cards being, on average, about 4 times more expensive, and regular bank cards about 10 times more expensive) but also to the costs of withdrawing cash in foreign currencies from ATMs outside your country (Wise would again have the lowest expenses, other travel cards being, on average, about 4 times more expensive, and regular bank cards about 20 times more expensive).
Also, if you want to know precisely the cost differences and functionalities among the different cards available in the market in 2024, don’t miss our comparative study at this link. As you’ll see, this extensive study analyzes all types of cards (debit, credit, and prepaid) and all types of providers (banks, fintech companies, financial institutions, etc.).
Is it necessary to bring cards from our country abroad?
As we mentioned, it’s preferable to use the Wise card instead of a regular bank card or other travel cards, as it will save you a significant amount of money when making purchases in foreign stores and when withdrawing money from international ATMs by paying the lowest possible commissions.
Therefore, initially, you wouldn’t need to bring any other card. However, keep in mind that if you’re planning to make payments such as car rental, you’ll need a credit card, as most car rental companies will hold an amount as a deposit and will only accept credit cards.
If, on the other hand, you won’t engage in such transactions, it’s advisable to leave your bank cards with higher balances at home and bring an extra debit card with a bit of balance for emergencies (imagine your other card gets damaged or stolen, and you lose your phone, leaving you with no means to pay).
Keep in mind that in case of theft, there is a risk that fraudulent operations may be carried out with your cards, up to their limits. With the Wise card we recommend, your balance will never go negative, so only the deposited balance can be spent.
Moreover, you can instantly block your Wise card from your phone, while with your bank cards, you might need to call your bank to cancel them, running the risk that they may not provide service at that moment due to holidays or being outside customer service hours.
For all these reasons, when traveling, it’s much better to carry a debit card like Wise, with the amount of money you’ll need. If you need more, you can always top it up instantly through the mobile application, and if you want to block it due to loss or theft, you can do it instantly through the app as well. This way, you’ll have full access to your money at all times, without paying fees for it, and minimizing the risk of theft.
As you can see, this card offers numerous features through the mobile phone, so it’s essential to ensure your phone’s battery is always charged. Keep in mind that in many countries, the plug types are different. Therefore, it’s a good idea to purchase a universal plug adapter for travel, as it will be useful for any trip you make in the future. In this link, we offer a very economical universal plug adapter, as well as other ideal and necessary products for travel.
Finally, it’s important to know that if you’re going to bring your credit card to pay for deposits in operations like car rentals, it’s advisable to inform your bank in advance that you’ll be traveling abroad and the limits you’ll need. Remember that all cards have daily, weekly, and monthly limits, and while traveling, you’ll spend more than usual. So, if you have somewhat low limits without knowing it, you could reach your limit unknowingly and find yourself in a serious predicament.
What to do if my card runs out of balance abroad?
If your debit card runs out of balance abroad, you can always get money in a straightforward way:
- If you have a bank card, contact a family member or friend who is a customer of the same bank so they can transfer money to your account. Between accounts of the same institution, the money arrives instantly, so once the transfer is completed, your card can use the new balance in your account. Another option would be to make an “immediate transfer” between accounts from different banks, which is also done instantly.
- If you have a prepaid card like Wise, you can recharge it through the app (or someone else can do it for you) and receive the money instantly.
What do I do if all my cards are stolen abroad?
If all your cards are stolen abroad, these would be your alternatives to get by:
- Use cash liras you’ve withdrawn from the ATM: You can pay with the cash in foreign currency in case you made a withdrawal from an international ATM.
- Exchange your home currency for cash: It’s always advisable to carry some cash in your country’s currency in case of emergencies, as you can exchange it for liras at exchange establishments if needed.
- Pay with your mobile: If your phone has NFC technology, and your bank offers mobile payment services, you can link your mobile phone to your card. Even if the card is canceled or blocked due to theft, you can continue to pay with your phone without any issues.
- Have someone pay for what you need from your country: If you only need to purchase a plane, train, or boat ticket, anyone in your country could pay for it online and send you the boarding pass via mobile (or you can download it from the company’s app).
- Receive money through money transfer agencies: In most tourist cities, there are many agencies of this type. Anyone you know could make a transfer from your country so that you receive the money abroad.
- Sell your jewelry at a gold buying store: In most major cities worldwide, there are numerous gold buying establishments that will readily purchase any gold jewelry from you.
- Sell your higher-value belongings at a second-hand shop: The most sought-after and easily sellable items would be technological products like phones or laptops, as well as high-quality clothing and watches.
- Ask for money: The easiest way to get what you need would be to ask fellow compatriots who can trust you. If you need a small amount, vending machine areas are perfect for asking, as people often receive change there, making it easy for them to give something.
- Visit your Embassy or Consulate: As a last resort, the representatives of your country can provide assistance.
Where to find the best cash exchange for Turkish Lira?
As previously mentioned, the cheapest way to obtain cash liras is by withdrawing money from ATMs.
In any case, if you were to exchange cash liras at a currency exchange office or bank, a margin of less than 5% compared to the official exchange rate would be a good exchange rate. A margin between 5% – 10% would be an acceptable exchange rate; between 10% – 15%, it would be a poor exchange rate, and beyond 15%, it would be usurious.
You can easily find the official exchange rate for the Turkish Lira against your currency on Google. Subtracting the rate offered to you from the official rate and dividing the difference by the official rate will give you the percentage margin being applied to you.
Generally, highly trafficked areas in tourist locations are the worst places to exchange currencies, as they apply higher margins to exchange rates. Therefore, it’s best to search online beforehand for a reputable exchange office instead of going to the first one you see.
In any case, if it’s a small amount of money that needs to be exchanged in case of emergency and urgency, it wouldn’t matter much where you exchange it. In the worst-case scenario, you’d be assuming a small extra cost.
What amount of cash is sufficient for traveling?
Exchanging cash only serves two purposes:
- It serves as an emergency fund in case your card and phone are stolen, so at least you can get by: buy something to eat, make a call, travel to the embassy if you need a duplicate passport, and reach the airport to leave the country.
- It serves for making cash payments: in some street shops, vending machines, and paying for certain services such as laundry, phone booths, coin-operated shopping carts, etc.
Depending on the number of days you’ll be traveling and how much you plan to spend in cash, you can estimate what you’ll need, which, in any case, should not be a large amount.
Is it possible to know if the Turkish Lira exchange rate will be better or worse in the future?
Official currency exchange rates for all currencies function like any other financial market, just like the stock market. While there are analysts and financial gurus who make predictions, just like stock price predictions, there is no solid evidence that anyone can consistently predict future prices.
Generally, foreign exchange market rates tend to be quite stable, and within a month, they don’t vary much more than 5%, unless there is an unexpected economic or political event, such as the unexpected victory of an opposition party with a disruptive economic program.