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How to send money to Israel
Your guide to quick, easy and affordable remittances to Israel.
The Israeli shekel is frequently traded on international markets, which means you have quite a few options for sending money to those living in Israel. By taking the time to compare transfer fees, exchange rates and turnaround, you can find a good deal that won’t break the bank.
Compare money transfer services to Israel
How to transfer money to Israel online
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for a free account. Pick a provider and sign 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 Israeli bank account details.
- 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 Israel. Some money transfer providers send a text or email when your transfer is complete.
What’s the best way to send money to Israel?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Israel. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Digital money transfer services
A company like Wise specialises in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Israeli bank account, often in as little as a day or two.
Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Israel — 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.
The Israeli shekel is an exotic currency, so your local bank most likely would not offer it. If your bank supports ILS, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Israel.
Let’s crunch the numbers: Sending $1,000 to Israel
To put this into perspective, let’s see what a transfer with each of these options looks like. This table uses real fees and exchange rates that are current as of 25 August 2020.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||1 SGD = 2.4855 ILS||1 SGD = 2.4825 ILS|
|Amount received||ILS 2,449.71||ILS 2,482.50|
In this case, money transfer service 2 allows you to send ILS 32.79 more to your recipient than the first money transfer service.
How to get the most out of your money transfer to Israel
Weigh costs and fees against convenience to best compare money transfer providers that send to Israel. Consider:
- Exchange rates. The SGD-ILS relationship fluctuates often, so using a service that allows you to lock in exchange prices may help you save money down the line if the ILS rises against Singapore 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 SGD-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 ILS you’re sending to Israel.
- 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 Israel.
- 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 an Israeli bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer
When urgency trumps cost to get your money to Israel 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.
How to send money to Israel without a bank account
Cash transfer services can help you if you’re unbanked or marginally banked. If 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 cash without a bank account.
Israel’s exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weak currency. The Israeli shekel’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
You can check out how the Israeli shekel has been trading against the Singapore dollar in this historical rate chart.
Documents needed for transferring money to and from Israel
To send money to Israel from Singapore, you’ll need a government-issued ID and other documents, while documents needed to pick up money in Israel may be different by company.
Documents to send money from Singapore
To send money from Singapore to Israel, you’ll need documentation and details that include:
- Identification. Most services require your NRIC, passport or other government-issued ID.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheque.
- Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Israeli bank account and routing number.
Documents to receive money in Israel
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. As Israeli Passport, Israeli ID, or similar official ID may be required to pick up your transfer.
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
Sending your hard-earned money to Israel shouldn’t cost a fortune. Compare money transfer companies that specialise 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.Back to top
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