Let us help you find a quick, easy and affordable way to send money to Israel from the U.S.
When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Israel doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the most Israeli new shekels for your dollar.From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Israel is easy. However, do your research and shop around for the best available deal.
World First International Money Transfers
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- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
Compare transfer options for sending money to Israel
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Israel. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Banks versus money transfer companies/services
While the Israeli new shekel is not one of the most commonly traded currencies, most major U.S. banks will allow you to send new shekels from the U.S. to Israel. However, banks generally charge high fees and offer low exchange rates when they send your money overseas.
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.
Case study: Tom sends money to Israel
Tom is working and living in the U.S. and wants to send $5,000 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:
|Bank||Money transfer company|
|Exchange rate||$1 USD = $2.65 ILS||$1 USD = $2.76 ILS|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2-4 business days||2 business days|
|Amount received (in Israeli New Shekels)||13,250 ILS||13,800 ILS|
As you can see, not only can Tom save $10 in fees when he sends his funds with a money transfer company, he can also send an extra 550 shekels to his parents.Back to top
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in January 2018, the U.S dollar was worth approximately 3.51 Israel new shekel. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Live USD-ILS exchange rate
How to compare transfer companies when transferring money to Israel
- Exchange rates. The exchange rate that applies to your transaction will impact the amount of money that arrives to your recipient.
- Fees. Most providers will charge you a fee for sending money overseas, although some will waive their fees when you transfer more than a minimum amount. Also remember that some providers that charge higher fees may also offer a better exchange rate.
- Transfer methods. Check to see whether transfers can be made online, over the phone, by visiting a branch and/or by using a mobile app.
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- Turnaround time. While some companies process transfers within minutes, others will take several business days for the transaction to be completed.
- Minimum amount. Some companies impose a minimum limit on the amount you can send, which can be inconvenient if you only want to transfer a small sum.
- Pickup methods. Are the funds sent into your recipient’s bank account, or can the cash be picked up in person?
- Customer service. When you need help with a transaction, it’s reassuring to know whether phone, email and/or live chat support will be available.
How to send money to Israel from the U.S.
- 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 the U.S. to Israel.
- Money transfer companies with cash pickup options. Companies like Western Union and MoneyGram allow you to send funds overseas that can be picked up from thousands of agent locations across Israel.
- 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, most companies will require you to register for an account first. To do this you will usually need to provide:
- Your full name
- Your phone number and email address
- Your date of birth
- Proof of ID
- Your credit card or bank account details (these will not be required by some companies that allow you to pay cash)
There are several options to choose from when you need to send money to Israel, but it pays to shop around before you choose a money transfer provider. Doing some research and comparing your options can save you money in the long term.
Tips for picking up cash in Israel
Exercise a high degree of caution when picking up funds in Israel. Keep your money hidden, avoid any questionable parts of town and deposit the cash you pick up into your bank account as soon as possible.Back to top