Send Money To Israel

Send Money To Israel and From Israel

After reading this Israel Money Transfer Guide you will understand how to get the most out of your currency by knowing how and where to get the best ILS exchange rate.

It doesn’t matter if you are sending money to or from Israel, our selected Foreign Exchange companies will provide the cheapest service and more benefits than any of your local banks.

The Guide’s Topics:


Best Company To Transfer Money To Israel

Payment Facility

Summary

Recommendation

currencies-direct logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates*:
- GBP: 4.5853 ILS to 4.6249 ILS
- USD: 3.6904 ILS to 3.7222 ILS
- EUR: 3.8974 ILS to 3.9311 ILS
CurrenciesDirect
CurrenciesDirect Review
Azimo logoMin. Transfer: No Limit.
Transfer: Online Only.
Wire Fees: £ / € 1 - 12 (Depends on Speed).

Expected Rates*:
- GBP: 4.5597 ILS
- EUR: 3.8757 ILS
- USD: 3.6698 ILS
MoneyCorp
Azimo review
Israel BankBig International Transfer Fee + Commission On Currency Exchange. Bad Currency Exchange Rate.
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick But Very Bad Currency Exchange Rates. Paypal

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

Currencies Direct has one of the biggest portfolio of international currencies so you can rest assure that they cover any location on the planet. Countries like USA, UK, Canada, Australia, Germany, Italy or even China, are destinations that they work with every single day.

If you want to be sure that they can deliver to your desired location, be sure to check out their website for more info.


Best Company to Transfer Money from Israel

Service Provider

Summary

Recommendation

currencies-direct logoMin. Transfer: 20,000 NIS.
Transfer: Online or by Phone.
Why Them? Over 150,000 Active Clients. £4.5Bn Transferred Annually. 18 Worldwide Offices. The only firm to handle Israeli clients out of 20 reviewed on this website.
CurrenciesDirect
CurrenciesDirect Review

Supported States & Currencies

With our selected money transfer operators you can send money anywhere in Israel as the country doesn’t have regional regulations like in the USA. When a company receives the license to operate in Israel, it can freely provide the services in any city they choose to.

Currencies: Currencies Direct works with over 100 currencies at any given time so you can imagine that countries like USA, Canada, Australia, New Zealand, China or Japan, are usual transfer destinations because they are well developed countries. But also smaller countries that heavily rely on the intake of remittances are available: India, Romania, the Philippines, Mexico, Poland or Bangladesh.


Today’s Foreign Exchange Rates for ILS

GBP to ILS – Pounds to Israeli Shekel; 10,000 GBP is 46,528.0000 ILS

ILS to GBP – Israeli Shekel to Pounds; 10,000 ILS is 2,149.2435 GBP

EUR to ILS – Euro to Israeli Shekel; 10,000 EUR is 39,547.8113 ILS

ILS to EUR – Israeli Shekel to Euro; 10,000 ILS is 2,528.5849 EUR

AUD to ILS – Australian Dollar to Israeli Shekel; 10,000 AUD is 28,749.3821 ILS

ILS to AUD – Israeli Shekel to Australian Dollar; 10,000 ILS is 3,478.3356 AUD

ILS to USD – Israeli Shekel to US Dollars; 10,000 ILS is 2,670.4350 USD

USD to ILS – US Dollars to Israeli Shekel; 10,000 USD is 37,447.0825 ILS

ILS to CHF – Israeli Shekel to Swiss Franc; 10,000 ILS is 2,694.0767 CHF

CHF to ILS – Swiss Francs to Israeli Shekel; 10,000 CHF is 37,118.4683 ILS

ILS to CAD – Israeli Shekel to Canadian Dollar; 10,000 ILS is 3,492.7356 CAD

CAD to ILS – Canadian Dollars to Israeli Shekel; 10,000 USD is 28,630.8535 ILS


Why Send Money To Israeli Bank Account

The Israeli New Shekel is the national currency of the State of Israel but it is also used by the Palestinian territories of the West Bank and the Gaza Strip. It has been in use since 1 January 1986 when it replaced the old Shekel.

Tourism: Israel is a hub for many religious tourists. The vast majority of these people are doing an Aliyah – a so-called return to the “promised land”, which is exclusively for Jewish people. In 2013, Israel received the most tourists, setting a new record with over 3.5 million.

Silicon Wadi: Tel Aviv has for some time been nicknamed the ‘Silicon Valley of the Middle East’, as more and more start-ups are emerging from this city. It has more start-ups per capita than anywhere else, and it has 61 companies listed on NASDAQ.

Thinking Of Relocating To Israel?

Are you thinking to move to Israel and live there as an expat, you may find the following information helpful.

Advantages Of Moving To Israel:

  • High Level of English: Israelis speak incredible English, which facilitates the transition of moving splendidly.
  • Thriving Economy: Many expats come here to take English-speaking job opportunities in Israel and rejoice in their decision.
  • Easy to Obtain Nationality: For those with Jewish heritage, Israel has opened its doors to you and you can enjoy the benefits of being a citizen.

Disadvantages Of Moving To Israel:

  • Military Service: For those who do nationalize, there is a requirement to serve for two years in the military for both male and females. This is a drawback to many prospective expats considering nationalizing.
  • Security: While Israel is one of the places that I have felt the safest in the world, it is important to remember that there is a security threat there with tensions in the region.
  • Getting a Work Visa is Nearly Impossible: For those who do not have Jewish ancestry, getting sponsored for a working visa is a difficult and prolonged process.

Popular Destinations in Israel

Popular cities for business and real estate transactions from abroad in Israel: Jerusalem, West Jerusalem, Haifa, Tel Aviv, Ashdod, Rishon LeZiyyon, Petah Tiqwa, Beersheba, Netanya and Holon.


How The Money Transfers Works

Considering that the other options for transferring money overseas are quite expensive, many may have difficulty believing that sending money to Israel for free is even possible because the Israeli Shekel is viewed as a more “exotic” currency. The way that this can happen is due to the fact that FX companies actually make their money off of currency exchange rates rather than fees charged to their customers. So they make money by helping you to transform your current currency in to Israeli Shekels.

As these professionals spend most of their days watching the currency markets, they know the best times to make their trades to ensure the best returns. They then pass along the savings to customers who make larger transfers or those who make transfers often.

In case free transfers weren’t enough, most FX companies conduct their business over the Internet. This means that their customers can also log on to set up transfers, check currency exchange rates and conduct other business no matter where they are, as long as they have an Internet connection.

To initiate a transaction you will need to following details:

  • Bank Name and Address
  • IBAN
  • Swift Code
  • Receiver’s Complete Name and Address

Setting Up The Transfer:

  • Create a free account with the chosen company.
  • Get a quote from one the company’s specialist.
  • Approve the given quote.
  • Fund your account with the necessary amount for the transfer.
  • Wait 1-2 days until you get the confirmation from the dealer that the transfer is completed.

Our Company Recommendation:


Regulations on money transfers to and from Israel

Israel’s currency is the New Israeli Shekel (ILS). The ILS is fully convertible, making transfers in and out of Israel relatively simple.

The Bank of Israel

The Bank of Israel oversees payment systems, monitors the proper function of financial systems, and works to preserve price stability. Although the Bank of Israel can intervene in monetary markets to ensure the Shekel’s stability, its policy is to refrain from foreign currency trading except in the case of drastic shifts.

Transfer regulations

There are no transfer restrictions on money going in and out of Israel, but large-scale foreign transfers must be reported to the Controller of Foreign Currency.

Foreign Direct Investments (FDI) in Israel do not require government approval, except in regulated sectors such as banking and insurance.

Taxation on foreign income

Israeli residents are taxed on any foreign income. Non-residents are taxed only on income originating in Israel. Double tax treaties are in place to avoid double-taxation.

List with biggest Israeli banks

  • Hapoalim Bank
  • Bank Leumi
  • Discount Bank
  • Mizrahi-Tefahot Bank
  • First International Bank

Disclaimer for Israeli Clients:

6 Comments

    • Hi Katie,

      We don’t handle the transfers. We just review the companies that can process international money transfers. So please get in touch with one of the companies listed in this page and they will provide you a solution.

  1. I experienced systematic refusals of orders of transfer by Bank Hapoalim :
    1) Transfer from abroad in order to open a non resident account: only fax orders are accepted
    2) Transfer from 1 non resident to another non resident, both accounts in the same bank branch: motivation of the transfer (refunding a personal loan)not accepted
    3) Transfer from a resident to a non resident: not accepted
    4) Redemption of a mature Israel bond: cashing on non resident account rejected: the amount must be transferred to the country of residence.
    Hapoalim does not seem to comply with the regulation of transfers.

    • Thank your Raphael. We are not knowledgeable enough about the regulation in Israel. We can however suggest you will send the funds through a money transfer company (Currencies Direct are the only ones to deal with Israelis). Perhaps if this transfer goes through a third party, it pose no problem? The traders at Currencies Direct can advise on that. This suggested solution is only feasible if you intend to do a foreign currency exchange and not ILS to ILS. Good luck.

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