What is Israeli money called? The Israeli new shekel (ILS), or the Israeli shekel, replaced the New Israeli Sheqel (NIS) as the official currency of Israel in 1986. The Israeli shekel is dived into 100 agora. Other than Israel, it is also used as legal tender in the Gaza Strip and West Bank, both Palestinian territories.
If you plan to transfer money to an Israeli bank account, you will need to provide the recipient’s complete name, a bank account number, the name of the receiving bank, and the bank’s SWIFT/BIC code.
The table below lists SWIFT codes of some popular Israeli banks.
|Bank Hapoalim||Tel Aviv||POALILITKBR|
|Bank Leumi||Tel Aviv||LUMIILITBSC|
|Israel Discount Bank||Tel Aviv||IDBLILITXXX|
|Mizrahi-Tefahot Bank||Tel Aviv||MIZBILITXXX|
Maya had to move to the U.S. because of a new job, and her aging parents continued living in Israel. Since she was the sole breadwinner of the family, she needed to send them some money every month. Not aware of her options, she used a popular Israeli bank for the first few months. It was only upon the suggestion of a friend that she decided to compare her options, and this is what she found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||$1 = ILS 3.3148||$1 = ILS 3.4301|
|Amount received for $2,000||ILS 6,563,30||ILS 6,860.20|
|Transfer time||3 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||ILS 296.90|
Maya was sending $2,000 back home each month. By turning to the money transfer company instead of her bank, her parents ended up receiving almost ILS 300 extra every time. In addition, the service provider she selected also let her lock in exchange rates for transfers she wanted to carry out in the future.
If you are in a hurry to send money to Israel, you may consider sending it to a cash pickup location. Popular overseas money transfer companies such as Western Union, Ria, and MoneyGram have agent networks in this country.
|WESTERN UNION IN ISRAEL|
|Tel Aviv Israel Postal Bank, Even Gvirol 108, Tel Aviv||Change S F Y, 140 Dizingoff, Tel Aviv|
|Jerusalem Israel Postal Bank, Shopan 12, Jerusalem||Change For You, 43 Emek Refa Im, Jerusalem|
|RIA IN ISRAEL|
|Tel Aviv Stb Union - Change Igal Ramat-Aviv, 17 Brazil Str, Tel Aviv||Georgy Sherman Change (Albercom Ltd), Dizengof 140, Tel Aviv|
|Haifa Stb Union - Akkacom - 1 Nordau, 5 Nordau Str, Haifa||Unigiros Ltd (Albercom Ltd), Nordau 50, Haifa|
A majority of all visits to Israel go trouble-free. However, there are instances of valuables being stolen from public beaches, where petty crime is not uncommon. While levels of crime in Israel are relatively low, it is upon you to exercise basic caution. If you plan to collect a large amount of money from a cash pickup location, consider taking someone you trust along.
If you are travelling to Jerusalem, especially in or around the Old City, know that demonstrations are protests are fairly common. In such instances, it is best to leave the area before the eruption of violent clashes.
A money transfer to Israel via Western Union may take three to four hours on a working day. Banks and post offices remain closed from midday on Friday to Sunday morning.
The chosen transfer method has a bearing on the information you need.
Israel successfully did away with most of its foreign exchange controls during the 1990s. In 2002, it lifted the last major restriction surrounding how much money institutional investors from the country may invest internationally.
Now, there are no restrictions on moving ILS in and out of the country, even when receiving payments for exports. Restrictions surrounding all kinds of unilateral transfers such as gifts and support payments have also been abolished. However, any deposit of ILS 50,000 or more, or its equivalent in another currency, is reported to the country’s taxation authorities.