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ISREAL

Send Money To Isreal

The state of Israel declared its independence in 1948. It is the birth place of the Jews and is considered by Christians, Jews and Muslims to be the biblical holy land. It shares borders with Syria, Jordan, Lebanon the Mediterranean Sea and the Red Sea. Since its founding, Israel has continued to experience conflict with its mainly Arab-Muslim neighbours and Palestinians who live in Israel-occupied territories. 

The official languages of Israel are Hebrew and Arabic. According to World Bank statistics (2013), Israel has a population of 8.059 million. The official currency is the Israel new shekel (ILS). One ILS is the equivalent of 0.2743 US dollars and 0.2202 British pounds
Isreal

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isreal

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Currency Used

Before embarking on a trip to Israel, you need to understand a few facts about the currencies used in the country. The Israel new shekel (ILS) is the official currency. One shekel is broken into 100 agora. The currency is available in both paper and coin form. Coins are available in denominations of one, two, five and ten shekels and 10 and 50 agorot. The notes are available in higher denominations. They are 20, 50, 100 and 200 ILS.

Israel does not place limits on the amount of money you can carry to convert into shekels when you visit Israel. Although some places accept the British pound and the UD dollar, the exchange rates may not be the most favourable. At the same time, you should check to confirm whether your debit or credit card will be accepted in the local ATMs.

Send Money with Bank Deposit

All money changers in Israel are subject to strict regulations implemented by the Israel government. The rules relate to accepting money deposits and currency conversion. So before arranging any bank transfer or changing money, be aware that there are risks involved.

Foreign clients using Israeli banks are required to provide a declaration confirming that they have met the tax requirements in their home country on the income deposited in their Israeli bank accounts. At the same time, any foreign resident customer must declare the source of his or her wealth or income and also declare that he or she has fully paid the required taxes in his or her country of residence.

These rules are aimed at helping the Israeli Tax Authorities detect any tax evaders and also combat potential money laundering. In addition to these rules, clients are also supposed to waive their rights to bank secrecy to other banking jurisdictions. 

So if you intend to travel to Israel, and you expect to receive some money, always have proof of the source of that money. If you can, have a lawyer confirm it in writing. The last thing you want is for your money to not reach you when you need it most.

Send Money Through Cash Pickup

Bank deposits are the safest way especially when large sums are involved. They can be done through a local bank or overseas bank. The fees charged vary from bank to bank. When sending money through bank deposits in Israel, you can either use Israel banks or overseas banks. Each option has its own advantages and disadvantages.

Overseas banks are the more expensive option when one wants to transfer shekels to Israel. Their exchange rate is lower compared to Israel banks. At the same time, the money takes a few days to appear in your account.

On the other hand, transferring money to Israeli banks involves paying receiving charges, currency exchange and conversion charges. However, as a customer, you are free to negotiate with the bank for better rates.

When transferring less than 2,500 pounds, writing a cheque might be a better option compared to a wire transfer. You can do this by writing the cheque to your UK account and then cash it at an Israeli bank or through a money changer. Larger sums are generally less expensive to transfer using a bank transfer.

Money Transfer Regulations

Everyone wants to receive an international funds transfer in cash. The big cash pickups companies have many branches in Israel, so sending money in and out of the country is quite easy. When sending money overseas, there are many reasons that support the use of cash pickups. With cash pickups, transferring funds internationally is made cheaper and much faster. 

One advantage of cash pickup is that it is a very simple method to understand and use. There are very few formalities involved. And the money reaches the recipient in a very short time.

Immediately you send the money, the recipient immediately goes and collects it. However it is important to know the recipient well enough to avoid getting ripped off. Once the money is collected, you cannot turn around and try to reverse the transaction.

Check to see whether the transferring company has a pickup location close to where you want to send the money. At the same time, check the operating hours to see whether they are convenient for the recipient.