Turkish Lira - Should I buy?

james_dean1986

We were about to buy some Lira today for our holiday in October but woke up this morning to the news about it dropping even more and a potential crisis.

Obviously on the surface we get more for our money but I'm now a little worried.

I have the Halifax overseas card which I use most of the time but always like to take a little cash for small purchases, tips etc.

Thanks

Westin

Personally - I would wait.

I tend to go to Turkey and use my Halifax Clarity card and also take a small amount of euros and US$ for tips and small purchases. I find these well received for tips, dolmus rides, shop purchases - especially the euros.

I haven't actually used Turkish Lira for over 10 years.

james_dean1986

OK - That's interesting.

I know there is ease in using euros or dollars but I was always told to use local currency for best value (which is also echoed on here) and at the minute the value is great.

Although perhaps euro and dollars are safer as I know I will always go to other countries which accept those.

eDicky

There's nothing you can do about the value of Turkish lire, or know which way it will go, so why worry? Take your lire from an ATM with your Clarity card, that's what it's for, and forget about euros and dollars unless you can afford to be very generous.

Westin

I actually found the Turkish shop keepers gave me a better price if I offered to pay in Euro/Dollars. Do not be afraid to barter.

PompeyPete

I'm in favour of using Turkish Lira. If you don't know what you're doing, then you can easily get fleeced, the shopkeepers, and blokes on market stalls are very savvy.

I was in Side in February, and wanted a couple of good leather belts. I went to the Side tourist market first, and saw more or less what I wanted. I was given a silly inflated price in €uros, I told the seller I wanted to pay in Lira, and the price he gave me, still inflated, didn't cross refer. I walked on.

Bartering or haggling, whatever it's called is fine. But only if you know what you're doing. If you don't, then watch other people to get in the swing, but a tourist market isn't really a good place to get off the mark.

james_dean1986

Thanks.
Very comfortable with bartering but it was less about that. I know typically the only reason locals prefer certain currency is because they are getting a better deal.
My concern was more on an economy level having read the news. eg. is their currency about to crash and burn.

Westin

I suspect with the Lira's value dropping on international markets and talk of much higher inflation figures to follow, I suspect most Turks would welcome the opportunity and value of holding some hard currency such as the Euro or Dollar.

worried_jim

9TL to the £ in resort this morning. Makes a beer about £1.60. I shall be back out in September, looks like it is going to make the holiday half the price as last year. I've never spent anything other than the Lira in Turkey and shall continue to use my Monzo, Starling and Revolut accounts in shops and ATM's. I don't even take any currency any more, simply use cards as I would if I was in the UK. 21st century traveller.

Voyager2002

james_dean1986 wrote: »

We were about to buy some Lira today for our holiday in October but woke up this morning to the news about it dropping even more and a potential crisis.

Obviously on the surface we get more for our money but I'm now a little worried.

I have the Halifax overseas card which I use most of the time but always like to take a little cash for small purchases, tips etc.

Thanks

I think your plan is very sensible: if the lira falls further then by using your card you will benefit from that.


You prefer to take a small amount in cash with you: just make sure that it really is a small amount, so that getting really bad value for it will not matter.

zagfles

Westin wrote: »

I actually found the Turkish shop keepers gave me a better price if I offered to pay in Euro/Dollars.

Better than what, GBP, or Lira? When I was there they liked GBP as much as other major currencies, and they did seem to prefer GBP to Lira.

If you have some EUR/USD left over from previous trips then it'd certainly be worth taking them, but I very much doubt it'd be worthwhile to buy Euros or USD here to spend in Turkey, when you account for what you'll lose in the conversion when you buy here.