How to send money to Israel

How to send a fast, secure and affordable money transfer to Israel from Canada.

Last updated:

If you want to send money to Israel, for travel or remittances, there are a number of suitable options right at your fingertips. Check out our handy money transfer guide if you’re looking to send money to Israel in the near future, to find the most competitive exchange rates and lowest fees.

TransferWise International Money Transfers

Send your money with TransferWise

TransferWise gives you the real exchange rate when you send money overseas.

  • Same or next-day delivery
  • Transparent fees
  • Easy to use
  • Secure and regulated by FINTRAC

    Compare transfer options for sending money to Israel

    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
    CAD 0 Within an hour CAD 3.99 2.68 ILS
    13,389
    Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
    An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
    Go to site Show details
    CAD 1 1 - 2 days CAD 75.00 2.689 ILS
    13,245
    Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
    CAD 2,000 1 day CAD 0.00 2.638 ILS
    13,191
    Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider. Go to site Show details
    CAD 0 1 day CAD 0.00 2.649 ILS
    13,245
    Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
    USD 150 1 day CAD 0.00 2.662 ILS
    13,312
    TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
    Send money overseas in 45 currencies.
    Go to site Show details
    USD 150 1 day CAD 15.00 2.646 ILS
    13,192
    Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
    A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
    Go to site Show details
    CAD 5 1 - 2 days EUR 3.00 2.649 ILS
    13,245
    Special offer: Pay zero fees on your first 5 transfers.
    Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
    Go to site Show details

    Compare up to 4 providers


    The “Rate” and “Amount Received” displayed are indicative rates that have been supplied by each brand or gathered by Finder.

    Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

    Banks versus money transfer companies

    If you’re looking to send money from Canada to Israel, one of the best places to start is to figure out which money transfer option will best suit your needs. Two notable ways to send money to Israel include your bank or an online money transfer company.

    • Banks. While banks offer a plethora of specialized services, they are somewhat lacking in the department of international money transfers. They may be able to help you send money from Canada to Israel if you’re in a tight spot, but they also have a tendency to overcharge, both on exchange rates and transfer fees. For this reason, it can be well worth your time and energy to compare your options
    • Money transfer service. When it comes to making overseas transfers, many Canadians prefer to use the services offered by specialist money transfer companies. Unlike banks, these companies focus specifically on currency exchange, which means they’re in a better position to offer competitive exchange rates with lower fees than the bank.

    Case Study: Tom sends money to Israel

    Tom is working and living in Canada, and wants to send $1,000 home to Israel to support his parents. Eager to ensure that as much of his money makes it to his parents as possible, Tom compares the fees and exchange rates of his bank and an online money transfer company. The results of his comparison are shown in the table below:

    BankMoney transfer company
    Exchange rateCAD$1 = ILS 2.79CAD$1 = ILS 2.74
    Transfer fee$20$10
    Transfer methodBank account depositBank account deposit
    Processing time2-4 business days2 business days
    Amount received (in Israeli New Shekels)ILS 2,790ILS 2,740

    Tom realizes that he can save approximately ILS 50 (around $18) in the exchange rate with the first option, but will have to pay $10 more in transfer fees, for a total savings of around $8.

    How do I compare transfer companies when transferring money to Israel?

    Even though he only saved $8 in fees, Tom learned a lot about how to compare services to find the best deal, and recommends looking for the following features:

    • Competitive exchange rates. While banks tend to mark up exchange rates well beyond a reasonable margin, money transfer services typically offer a rate that resembles the mid-market rate (the rate you can find by doing a quick search on Google).
    • Minimal fees. Most banks will charge a flat fee regardless of the amount being transferred, while money transfer options typically offer lower fees than the bank, with flexible options that depend on a number of variables.
    • Various transfer methods. Banks typically offer only bank-to-bank wire services while money transfer services are more diverse, allowing you to package money onto phone wallets and pick up cash from service locations.
    • Fast transfer times. Money transfer services have high-speed processing times (most completed within 24 hours). This can be a life-saver in the case of an emergency.
    • Suitable transfer amounts. Both banks and money transfer services will sometimes require you to send a set amount to qualify for a transfer. Know your limits before you settle on your top pick.
    • Reliable customer service. Do a bit of digging before you decide on a provider. This will ensure that you don’t run into any roadblocks along the way.

    How do I send money to Israel from Canada?

    When it comes to sending money to Israel from Canada, there are a few different options.

    • Canadian Banks. Several of Canada’s largest banks can facilitate overseas transfers, provided the currency being exchanged is fairly mainstream, like the ILS.
    • Money Transfer Services. Money transfer providers like OFX and TransferWise can offer convenient and affordable international transfers to Israel.
    • Cash pickup transfer companies. Western Union and MoneyGram both specialize in cash pickups, which can be essential in the event of an emergency.
    • PayPal. Paypal is operational in Israel, so as long as you and the person you’re sending money to have a Paypal account, you can send money online.

    Compare Money Transfer Services

    Money Transfer ServiceTransfer Fee (CAD)Exchange Rate MarkupTotal in ILS minus fees (from $1000.00)
    TransferWise$10$2.79002,762
    Canadian Forex$15$2.78272,740
    Currency Solutions$0$2.78272,792
    WorldFirst$10$2.79202,763

    Rates updated as of 17 February 2018

    Emergency cash transfers in Israel

    In the event of an emergency, you can search for a cash pick-up option like Western Union or MoneyGram to complete transactions. While these services are designed to allow you to send money overseas in a matter of minutes, it’s important to remember that higher transaction fees and exchange rates often apply. Just something to keep in the back of your mind before you finalize your transaction. Once the money is sent, the recipient just needs to present with their passport at the appropriate pick-up location to collect funds.

    Tips for picking up cash

    If you’re planning a trip to Israel, the Government of Canada recommends that you exercise a high degree of caution (as of 23 September 2018). Canadian tourists have had run-ins with petty crime, such as pickpocketing and purse snatching, particularly in crowded areas, on beaches and at public markets. Ensure that your wallet, money and valuables are out of sight and be extra careful around automated banking machines (ABMs) when picking up cash.

    Background for Israel

    Located at the eastern end of the Mediterranean Sea, Israel is bordered by Lebanon, Syria, Jordan and Egypt. Despite its small size, the country boasts an expansive coastal plain punctuated by the infamous multi-coloured canyon of Makhtesh Ramon and the timeworn walls and pathways of Nazareth and Jerusalem. Canada and Israel have strong bilateral relations reinforced by a 1997 free trade agreement which makes Israel only the third country (after the US and Mexico) to enjoy an uninhibited trade status with Canada. It’s estimated that as many as 30,000 Israelis live in Canada, accounting for one of the largest Israeli diaspora populations in the world.

    You may also be interested in

    OFX vs TorFX

    OFX vs TorFX

    We compare two international transfer services, OFX and TorFX, including their rates, fees and speed. Read more…

    Was this content helpful to you? No  Yes

    Ask an Expert

    You must be logged in to post a comment.

    Go to site