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Send money to West Bank and Gaza
Sending money to the West Bank and Gaza isn't difficult once you learn the right methods.
The Oslo Accords state that there are three currencies which are legal tender in the Gaza Strip: the Israeli sheqel, the Jordanian dinar and the US dollar. Because the West Bank and Gaza have three different legal currencies, you might have found yourself overwhelmed by which you should send to your loved one. Fortunately, there are multiple money transfer companies and banks that can exchange your US dollars to Israeli sheqels or Jordanian dinars.
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Send money to West Bank and Gaza with Wise
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Compare money transfer services to West Bank and Gaza
Best ways to send money to the West Bank and Gaza
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to the West Bank and Gaza. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts.
1. Digital money transfer servicesCompanies like Wise and XE specialize in foreign currencies, making them some of the most cost-effective ways to send money to the West Bank and Gaza. Most offer transfers directly to your recipient's bank account in the West Bank and Gaza, often in as little as a day or two.
- Why? Digital money transfer services are cheaper because they exist online and don't have as many employees or physical locations.
2. Cash transfersServices like Remitly and WorldRemit allow you to transfer cash for pickup at a local branch in the West Bank and Gaza— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees.
- Why? Picking up cash is more expensive because more people are involved.
3. BanksThe New Israeli shekel may be offered by your bank, but beware of high fees and wide margins on the exchange rate. Compare bank transfers to digital services and other options before sending a wire transfer to the West Bank and Gaza.
- Why? Banks offer money transfers as a secondary service so don't strive to offer competitive prices.
Let's crunch the numbers: Sending $1,000 to the West Bank and GazaLet's say you need to send $1,000 to family in the West Bank and Gaza. Here's what you might face as far as fees and exchange rates using today's rate of 1 USD = 3.258 ILS.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$0||$4||$25 + additional correspondent bank fees|
|Exchange rate||1 USD = 3.249 ILS||1 USD = 3.242 ILS||1 USD = 3.095 ILS|
|Transfer speed||1-2 days||Minutes||2-5 days|
The bank option ends up being the slowest and gets the smallest amount of money to your recipient in the West Bank and Gaza. A digital transfer sends the most, which is ILS$231 more than the bank. For speed, a cash transfer can typically have your transfer to the West Bank and Gaza in as little as 15 minutes. Make sure there's a cash pickup location near your recipient before sending.
How to send money to the West Bank and Gaza online
Sign up and send money to the West Bank and Gaza with a digital money transfer specialist in four steps:
- Sign up for a free account. Compare and pick a provider before signing up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient's contact information and pick a delivery method. If transferring to a bank, you'll need their bank account details in the West Bank and Gaza.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt's confirmation number to track the progress of your transfer to the West Bank and Gaza. Some money transfer providers send a text or email when your transfer is complete.
Get the most out of your money transfer to the West Bank and Gaza
Weigh costs and fees against convenience to best compare money transfer providers that send to the West Bank and Gaza. Consider:
- Exchange rates. The USD–ILS relationship fluctuates, so using a service that allows you to lock in exchange prices may help you save money down the line if the New Israeli shekel rises against the US dollar.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger USD–ILS exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of New Israeli shekels you're sending to the West Bank and Gaza.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to the West Bank and Gaza.
- Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you're sending is a valid strategy for saving money.
- Transfer methods. Whether you want money sent to a bank account in the West Bank and Gaza or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
How to send money to the West Bank and Gaza without a bank accountIf you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up New Israeli shekels without a bank account.
Emergency cash transferWhen urgency trumps cost to get your money to the West Bank and Gaza quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
The West Bank And Gaza's exchange rates explained
Banks and money transfer companies use exchange rate to calculate how much the West Bank and Gaza's currency is worth when converted to USD. The USD-ILS relationship can change daily based on global economic stability, interest rates, inflation and more.Today's exchange rate USD to ILS
What to watch out for
Sending money to relatives or family members in the West Bank and Gaza may be subject to taxes on the money transfer and certain documents may be required.
Taxes on transfers to the West Bank and Gaza
In general, any large transfers being sent from the US to the West Bank and Gaza should be filed with the IRS to avoid any penalties.
Receiving money in the West Bank and Gaza:
- Transfer confirmation details like a transfer number, an MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID like a passport or similar official ID may be required to pick up your transfer.
- Sender's information. Take along your sender's full name, the sending country and their address, if known.
Sending to the West Bank and Gaza from the US:
- Proof of identification like a government-issued ID or your SSN number.
- Recipient information like their name, address and bank account information in the West Bank and Gaza.
Sending your hard-earned money to the West Bank and Gaza shouldn't cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.
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