The official currency of Istanbul is the New Turkish Lira, which is symbolised as YTL. One unit of New Turkish Lira is equivalent to 100 New Kurus (Ykr); however, the smaller unit is rarely used due to the high rate of inflation in Turkey.

The notes of New Turkish Lira are available in denominations of 200, 100, 50, 20, 10, 5 and 1. Coins are also available in several denominations, including 1 YTL and 50, 25, 10, 5 and 1 Ykr.

There is no restriction on the amount of local currency that can be imported to or exported from Turkey. However, when carrying a foreign currency above US$5,000 or equivalent, it needs to be declared.

Euros and US Dollars are the common foreign currencies accepted in major tourist areas of Istanbul. Almost all shopping centres or bazaars, pubs, restaurants and even taxis in the city duly accept these currencies. Public transport and some supermarkets accept no other currency, but New Turkish Lira.

There are many options where money can be converted; the most common ones include banks and exchange points or bureaus within the city. Airport, post offices and hotels are other, less preferred, choices for currency exchange.

An easier alternative to currency exchange is to use ATMs or credit cards. Located throughout the city, the ATMs in Istanbul accept foreign debit cards and automatically detect the exchange rates while withdrawing New Turkish Lira.

The withdrawal of cash, however, is limited to 17,199.80 INR or 22,933.07 INR per day, varying from bank to bank.

Credit cards are also accepted in most of the hotels, car-rental agencies, shops, pharmacies, entertainment venues and restaurants. Visa is the most commonly accepted card; however, MasterCard and Amex are also accepted. Diners Club is often, not accepted.

Another option is to use travellers’ cheques. Exchange bureaus do not accept these cheques; hence, one has to get them exchanged at a bank or a post office; for which the passport is required. These help in avoiding additional exchange rate charges. These can be carried in Pound, Euro or US Dollar.

For best prices, banks and exchange offices are the best option. Found in most tourist and market areas, the currency exchange offices offer better exchange rates than most banks. These are open between 9 am and 7 pm. There is also a 24-hour exchange bureau at the airport.

Most of the foreign banks, like Citibank, Deutsche, HSBC, ING and other local ones, offer currency exchange services. Unlike exchange offices, banks charge commission.

Open from Monday to Friday, banks can be visited from 8:30 am to 12 pm and from 1:30 pm to 5 pm. Some banks in the tourist areas are open daily.

Many hotels in Istanbul also exchange currency, though the rates are not as good as those offered by banks or exchange bureaus. As per the present currency exchange rates in Istanbul, 1 US$ is equivalent to 1.25 YTL. The rates for other currencies may differ in accordance to their relation with US Dollars.