Compare speed and cost-effectiveness to see which service you’d be better off using for your international money transfers. Read more…
How to send money to the West Bank and Gaza
Send money to the West Bank and Gaza using an international money transfer service and you could beat the bank's rates.
If you’re looking to send money to the West Bank and Gaza, but aren’t sure where to start, you’ve come to the right place. We’ve designed this handy comparison guide to help you weigh your options to find the best deal possible.
Which provider should I use to send money to the West Bank and Gaza?
The first question you should ask yourself before sending money to the region is whether you should use a bank or a money transfer company. Check out some of the main differences between both services below.
- Banks. Banks will typically use wire transfers to send money overseas, with fees ranging from $20 – $100. Exchange rates often add an extra margin to push the cost through the roof, and it usually takes between 2 – 5 business days for banks to process transactions.
- Money transfer services. Money transfer services typically process transactions with lower fees and more competitive exchange rates than the bank. Transfers often take about 1 – 3 days from the moment payment goes through to be delivered to your recipient.
Case study: Elyas sends money to West Bank and Gaza
Elyas Hamati has recently moved to Vancouver to study at the University of British Columbia. His wife is unable to join him because she needs to stay behind to take care of her aging parents. Lucky for Elyas, he is offered a position as a teaching assistant while he pursues his studies. He promises to send $1,000 back to his wife every month, and begins by comparing the costs to send money to the West Bank and Gaza with his bank versus a reputable money transfer service.
|Canadian bank||Money transfer service|
|Exchange rate||CAD$1 = ILS 2.482||CAD$1 = ILS 2.693|
|Transfer time||3-5 days||1 day|
|Transfer options||Bank account||Bank account|
|Amount received for $1,000||ILS 2,482||ILS 2,693|
Elyas realizes that he can save ILS 211 (around $76) by sending money home with the money transfer service, not to mention an additional $24 in fees. This spells good news for Elyas, who stands to save around $1,200 over the course of a year on fees and exchange rates if he sends $1,000 per month.
How do I compare transfer companies when transferring money to the West Bank and Gaza?
When it comes to sending money to the West Bank and Gaza, it can pay to shop around for the best deal. Take some time to select for the following features to find the right service for you.
- Low rates. Find the company that offers the lowest fees in combination with the most competitive exchange rates.
- Transfer time. Search for a transfer service that will process your payment as quickly as possible for the lowest cost.
- Delivery methods. Choose a money transfer service that offers a number of options for delivering payment, from bank-to-bank transfers to mobile phone top-ups to cash pick-ups.
- Bonus features. Look for bonus features on offer ranging from best-rate guarantees and price-matching to forward contracts and limit orders.
- Customer service. Find a company that’s committed to offering top-notch customer service at any time of day.
Options to send money from Canada to the West Bank and Gaza
The following options are available to Canadians who want to send money to the West Bank and Gaza.
- Bank to bank transfers. Many banks can send Israeli New Shekels overseas, but the cost of a wire transfer is often much more expensive than sending funds with a dedicated money transfer provider.
- Money transfer providers. Cash pick-up agents like Western Union will allow you to send money to scores of agent locations across West Bank and Gaza within minutes.
- Online money transfer companies. Companies like TorFX and TransferWise offer competitive exchange rates and minimal fees for big savings.
- International money order. International bank drafts are another handy way to send money overseas, although they take a significant amount of time to process.
Emergency cash transfers to the West Bank and Gaza
If you find yourself in a bit of a tight spot and need to organize an emergency transfer to the West Bank and Gaza, you can send cash in as little as 10 minutes to hundreds of pick-up locations. You will often find that cash pick-ups are significantly more expensive than bank-to-bank transfers, so be sure to get a handle on all fees and charges before you sign on the dotted line.
- Western Union. You can pick up cash at agent locations across 12 cities in the West Bank and Gaza.
Tips for picking up cash in the West Bank and Gaza
If you have the West Bank and Gaza on your travel itinerary in the near future, the Government of Canada recommends that you exercise extreme caution and, wherever possible, avoid non-essential travel to this region (as of 21 July 2018). The crime rate is moderate in Israel but low in the West Bank and the Gaza Strip. That being said, thefts do occur on public beaches, in large crowds and in public markets. If you do find yourself needing to pick up cash, it makes sense to enlist a friend to accompany you during daylight hours. You might also like to choose a cash pick-up agent in a safe part of town, and deposit your cash in the bank or a safety deposit box as quickly as possible.
What are the steps to send money to the West Bank and Gaza?
When sending money to West Bank or Gaza, the steps you’ll need to follow to organize a transfer will vary based on the provider you choose. That being said, the following basic information is typically required for most transfers.
- Transfer to bank account. If you’re transferring funds using your own bank, you’ll have to provide the recipient’s name and account number along with the name of the bank and the bank’s SWIFT code. If you’re sending money through a dedicated money transfer service, you’ll likely need to provide details for your bank account, debit card or credit card as well. Remember that not all money transfer companies will accept payments via credit cards. You can track the progress of your transfer using the reference number provided to you after payment processes.
- Cash pickup. If you’re sending cash from a physical location, you’ll need to provide your recipient’s name and a desired cash pickup location. In all other cases, you’ll likely need to provide your bank account, debit card or credit card details as well. Once you initiate the transfer you should get a reference number, which your recipient will need to collect the money.
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