Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to send money to Israel

Let us help you find a quick, easy and affordable way to send money to Israel.

Updated . What changed?

Fact checked

The Israeli shekel is frequently traded through international markets, which means you have quite a few options when you want to send money to someone living or travelling in Israel. By comparing transfer fees, exchange rates and processing time, you can find a good deal that won’t break the bank. Just be sure to take your time and keep your options open.

Compare transfer options for sending money to Israel

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 10 1 - 2 days HKD 390.00 0.422 ILS
4,054
以透明的匯率,低收費及低最低金額的網上服務作匯款。 TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 100 1 day HKD 15.00 0.416 ILS
4,149
非Finder客戶將獲得較昂貴的匯率。 Better exchange rates for Finder customers.
可用45種貨幣匯款。 OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
GBP 5,000 1 - 2 days HKD 0.00 0.416 ILS
4,155
可匯款至20+個國家,無手續費。 CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details
USD 5 1 - 2 days HKD 25.00 0.418 ILS
4,166
新客戶可享有首三個月無限次免手續費匯款。New customers get 3 months of unlimited free transfers.
可用15+種貨幣匯款,享有超越銀行的匯率以及快速轉賬時間。 CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
USD 2,000 1 day HKD 0.00 0.416 ILS
4,155
TorFX保證提供最佳的匯率。需受條款約束。TorFX guarantees to match any competitor's exchange rate.
以30種貨幣匯款到全球。登記後,將會有一個客戶經理提供支持和引導。 TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How do international money transfers work?

International money transfers allow you to send money to a recipient in Israel by providing money to a bank or independent money transfer company, which then converts your HK dollars to Israeli shekels. This can be done in person, over the phone, through a mobile app or online, and you can use cash, a credit card or transfer funds from your bank account. Depending on the provider, your recipient can either pick up the cash in person or have it deposited into their bank account.

Banks versus money transfer specialists

Most major Hong Kong banks can conduct transfers between Hong Kong and Israel, but that doesn’t mean it’s cheap. You’ll generally be charged higher fees and be offered a lower exchange rate when you opt for a bank transfer.

Often, you can get a better deal if you use the services of a specialist money transfer company. Instead of offering a wide range of financial products and services as banks do, money transfer companies focus entirely on moving money internationally. They offer lower fees and better exchange rates than banks, and many allow the transactions to be quickly and conveniently made online.

Let’s crunch the numbers: Sending $10,000 to Israel

To get an idea of costs, let’s compare numerous transfer options and associated fees. This table uses real fees and exchange rates and is current as of 9 Jan, 2021.

Bank transferCash transferMoney transfer service
Fee65.00 HKD + additional correspondent bank fees30.00 HKD119.67 HKD
Exchange rate1.00 HKD = 0.35893 ILS1.00 HKD = 0.4056 ILS1 HKD = 0.411018 ILS
Transfer speed2-4 daysMinutes1-2 days
Amount received3,566.00 ILS4043.61 ILS4,060.99 ILS
Overall
  • Slowest and most expensive
  • Fastest
  • Best value

The bank option is slow and results the least amount of money to your recipient. If speed is crucial, the cash transfer combines value with nearly instant turnaround. If you decide to go with a money transfer service, your recipient ends up with 494.99 ILS more shekels and it gets there faster than a bank transfer.

Foreign exchange rates explained

An exchange rate is used to determine how much a currency is worth when converted into a different currency. Most currencies are flexible, so they won’t be worth the same amount day to day or month to month. If you want a good deal, you’ll have to keep an eye out for a strong rate. But because the Israeli shekel is weak against the HK dollar, you can send at least two to three shekels for every dollar you spend.

1
0
Updated: 21 Jan 2021 03:03:40 UTC

What are my transfer method options?

  • Bank transfers. You can send funds from your bank account to the account of your recipient in Israel.
  • Online money transfer providers. Companies like CurrencyFair allow fast and affordable online transfers from Hong Kong to Israel.
  • Money transfer companies with cash pick-up options. Companies like Western Union and MoneyGram allow you to send funds overseas that can be picked up as cash from thousands of agent locations across Israel. However, MoneyGram only allows you to send USD or EUR.
  • Checks. Another option is to get an international guaranteed check from your bank and mail it overseas.

How to send money to Israel

As you can see, there is no shortage of choices when it comes to finding the best way to send money to Israel. While the exact transfer method will differ depending on the provider you choose, these are the basic steps you’ll need to follow:

  1. Check out your options in our money transfer table.
  2. When you’ve found a suitable option, click Go to site.
  3. Register with that provider.
  4. Supply your information and your recipient’s information.
  5. Pay for your transfer.
  6. Save your tracking number to follow up on your transfer.

What to watch out for with Israeli money transfers

Check if the situation applies to you before sending money to Israel:

  • A transfer of 50,000 or more Israeli new shekels — or the foreign currency equivalent — needs to be reported to the Israeli Tax Authorities. For more info, see Israel Tax Authority’s website.

Emergency transfers

Emergency transfers to Israel are possible, and because the Israeli shekel is so widely traded, you may even be able to send money to your recipient within a few hours without having to pay high fees. However, you’ll still want to be careful. Not every company offers quick speed, low fees and strong exchange rates. Compare your options before committing to be sure you’re choosing the right provider for your needs.

Tips for picking up cash

Exercise a high degree of caution when picking up cash, no matter where in Israel you are. Be sure to:

  • Keep your money hidden.
  • Avoid any questionable parts of town.
  • Deposit the cash you pick up into your bank account as soon as possible.
  • Bring a friend along to provide an extra set of eyes, especially if you’re picking up a large sum of shekels.

Bottom line

Israel has one of the most widely traded currencies out there. You’ll have access to plenty of options with low fees and competitive exchange rates, which means you’ll have to take extra care to be sure you’re going with a provider that really caters to your needs. Read our guide to money transfers to get an idea of the general process before you send your next remittance.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site