Cash or Card in Istanbul?

We changed our money at Mustafa, but I think the changer at Eastpoint Mall is more convenient (for easties) and actually has better exhange rates.

We changed 2000SGD for 4255TL. The live rate on Google showed 5.3k and we were willing to take 5k because of commissions. When he gave us the 4.2k, we were shocked and disappointed.

Mustafa: 1SGD = 2.13TL

I checked at Eastpoint when getting my Euros (which btw was also a better rate than at Mustafa or the nearby City Square Mall) and we would have gotten another 400TL there.

Eastpoint: 1SGD = 2.32TL

Last week, I bought several products from Yves Rocher in a bid to combat my winter skin woes. We did not bring enough cash out that day so I paid by my POSB debit Mastercard. There were two payment channels, DBS Debit and Maestro.

I wanted to see what amount would be debited from my account ASAP so I could know how the exchange rates were like. I selected DBS Debit.

You know how people usually discourage overseas card use because of tariffs and other charges? YA WELL USE YOUR CARD IN ISTANBUL PLS YOU WILL SAVE MORE MONEY.

For 103.35TL of skincare, 39.30SGD was deducted from my account.

DBS Debit: 1SGD = 2.63TL (!!!)

Remember to choose to be charged in the local currency than to have it charged in your home currency (Dynamic Currency Conversion). We kena this at Doha airport, and there’s a 3.5% bank commission. It’s an unnecessary sum to pay just to see your bill in SGD.

For cash, I recommend using POSB cards. They have a flat $5 fee on each overseas withdrawal at any Cirrus (Maestro cards) or Plus (Visa cards) ATMs. These ATMs can be found easily in most parts of the city.

Today, Khai withdrew 2000TL from the school ATM and he selected the Maestro option. 785SGD was deducted from his account.

ATM: 1SGD = 2.53TL (factoring the $5 charge)

This rate is still pretty good. Way better than the best moneychangers in Singapore, in fact. You will need cash because street stalls, small eateries/boutiques, and local taxis do not accept card payments.

Personally, I think these card rates are fantastic because I really hate carrying cash, especially carrying so much cash on flights and en route to your accommodation in a foreign land.

The $5 charge is acceptable. My mom said to think of it as service charge for the bank’s safekeeping of our money.

Of course, exchange rates fluctuate. But we thought we’d get a good rate at the moneychanger, judging by the perceived volatility of Turkey then. Banks also take commissions, so even my “best” rate here will not be the rate you will find on Google.

That said, please still change a small sum (like 100SGD/person) so that you can pay your cabbie and also cover meals before you get to an ATM.

Whether you’re coming here for a holiday or for exchange, I hope this was helpful! I’ve done a lot of reading up and asking around to make sure I get the best deal for the dollars I worked hard for.

Now that we’ve been here for nearly 2 weeks, I have found the empirical evidence to support my “theories”. I’ll look into whether this is the same case in other parts of Europe when we travel. Keep an eye out for new posts ya 😉