Carrying overseas money transfers are no longer as complicated as they were until a couple of decades ago, mainly because of the arrival of several FinTech companies in this realm. Now, if you want to transfer money to Israel you no longer have to use the services of a bank. Instead, you get to choose from various specialist money transfer companies.
Transfer Money to Israel
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
What is Israeli money called? The Israeli new shekel (ILS), or the Israeli shekel, replaced the New Israeli Sheqel (NIS) as the official currency of Israel in 1986. The Israeli shekel is dived into 100 agora. Other than Israel, it is also used as legal tender in the Gaza Strip and West Bank, both Palestinian territories.
If you plan to transfer money to an Israeli bank account, you will need to provide the recipient’s complete name, a bank account number, the name of the receiving bank, and the bank’s SWIFT/BIC code.
The table below lists SWIFT codes of some popular Israeli banks.
|Bank Hapoalim||Tel Aviv||POALILITKBR|
|Bank Leumi||Tel Aviv||LUMIILITBSC|
|Israel Discount Bank||Tel Aviv||IDBLILITXXX|
|Mizrahi-Tefahot Bank||Tel Aviv||MIZBILITXXX|
Popular Currency Corridors
Money transfers to and from Israel take place regularly, and considerable money flows in and out of the country every year. In 2016, around U.S. $963 million was sent to Israel in remittances. More than U.S. $2.7 billion made its way out of Israel as remittances in the same year. These figures don’t include remittances made to and from Lebanon because of unavailability of data.
The tables below indicate the popular currency corridors and tell you how much money flowed in and out of Israel in 2016.
How Do I Compare Companies When Sending Money to Israel?
When sending money to Israel, it is important that you compare multiple money transfer companies across different parameters. Incidentally, the same aspects also require your consideration if you want to transfer money from Israel to the U.S., the UK, France, or any other country.
- Transfer cost. Factors that affect the cost of your transfer include the exchange rate you get and the fees you have to pay. Since overseas money transfer companies tend to offer varied exchange rates and follow different fee structures, an easy way to pick the most cost effective alternative is to look at how much money the recipient will receive.
- Turnaround time. The turnaround time may vary depending on the service provider you choose, although most transfers to Israeli bank accounts tend to process within five to seven working days. If the recipient is in a hurry to receive the transferred funds, you may send the money to a cash pickup location. These transfers tend to go through on the same day.
- Modes of payment. Bank account transfers are among the most common way to pay. You may be able to pay using a debit or credit card depending on the company you select. Some even accept payments through region-specific methods such as iDEAL, POLi, and SOFORT.
- Customer service. This aspect requires your attention because you never know when you might need assistance, either about an existing transfer or about one you wish to carry out. While the top companies provide over the phone support, online support is more easily available. If you want to know what previous customers have to say about companies you shortlist, turning to online platforms such as Trustpilot and Feefo might prove to be beneficial.
How to Send Money to Israel?
If you are wondering how to send money to Israel, know that you get three basic options from which to choose.
- Online. While your bank might give you the ability to transfer money to Israel using its online platform, consider using an overseas money transfer company instead. Other than being more cost-effective and quicker, most of the leading players provide apps for mobiles devices too.
- Over the phone. Some overseas money transfer companies let you transfer money to Israel over the phone. With some companies, you get access to personal dealers.
- In-person. A visit to your bank may prove to be helpful if you want to initiate your transfer in person. However, there are some money transfer companies that let you send money from physical locations as well.
Maya had to move to the U.S. because of a new job, and her aging parents continued living in Israel. Since she was the sole breadwinner of the family, she needed to send them some money every month. Not aware of her options, she used a popular Israeli bank for the first few months. It was only upon the suggestion of a friend that she decided to compare her options, and this is what she found.
|Bank||Money Transfer Service|
|Exchange rate||$1 = ILS 3.3148||$1 = ILS 3.4301|
|Amount received for $2,000||ILS 6,563,30||ILS 6,860.20|
|Transfer time||3 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||ILS 296.90|
Maya was sending $2,000 back home each month. By turning to the money transfer company instead of her bank, her parents ended up receiving almost ILS 300 extra every time. In addition, the service provider she selected also let her lock in exchange rates for transfers she wanted to carry out in the future.
Cash Pickup Locations in Israel
If you are in a hurry to send money to Israel, you may consider sending it to a cash pickup location. Popular overseas money transfer companies such as Western Union, Ria, and MoneyGram have agent networks in this country.
|Western Union in Israel|
|Tel Aviv Israel Postal Bank, Even Gvirol 108, Tel Aviv||Change S F Y, 140 Dizingoff, Tel Aviv|
|Jerusalem Israel Postal Bank, Shopan 12, Jerusalem||Change For You, 43 Emek Refa Im, Jerusalem|
|Ria in Israel|
|Tel Aviv Stb Union - Change Igal Ramat-Aviv, 17 Brazil Str, Tel Aviv||Georgy Sherman Change (Albercom Ltd), Dizengof 140, Tel Aviv|
|Haifa Stb Union - Akkacom - 1 Nordau, 5 Nordau Str, Haifa||Unigiros Ltd (Albercom Ltd), Nordau 50, Haifa|
Safety Tips for Picking up Cash in Israel
A majority of all visits to Israel go trouble-free. However, there are instances of valuables being stolen from public beaches, where petty crime is not uncommon. While levels of crime in Israel are relatively low, it is upon you to exercise basic caution. If you plan to collect a large amount of money from a cash pickup location, consider taking someone you trust along.
If you are travelling to Jerusalem, especially in or around the Old City, know that demonstrations are protests are fairly common. In such instances, it is best to leave the area before the eruption of violent clashes.
A money transfer to Israel via Western Union may take three to four hours on a working day. Banks and post offices remain closed from midday on Friday to Sunday morning.
What Information Do I Need to Transfer Money to Israel?
The chosen transfer method has a bearing on the information you need.
- Transfer to bank account. You will need the recipient’s name, his or her bank account number, the name of the bank, and the bank’s SWIFT/BIC code.
- Transfer to cash pickup location. In this case you need no more than the recipient’s name and the location of a desired cash pickup center. To collect the money, the recipient will need to provide a reference number and a valid form of identification document.
Regulations When Transferring Money to and From Israel
Israel successfully did away with most of its foreign exchange controls during the 1990s. In 2002, it lifted the last major restriction surrounding how much money institutional investors from the country may invest internationally.
Now, there are no restrictions on moving ILS in and out of the country, even when receiving payments for exports. Restrictions surrounding all kinds of unilateral transfers such as gifts and support payments have also been abolished. However, any deposit of ILS 50,000 or more, or its equivalent in another currency, is reported to the country’s taxation authorities.
No matter whether you want to wire money to Israel or send it to a cash pickup location, you get different alternatives from which to choose. Take your individual requirements into account before getting started, and look for promotional coupons that might lead to savings.
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