Whether you're moving to Israel, purchasing property, or managing international investments, converting your currency to Israeli Shekels requires careful planning to maximize your money and minimize fees. Learn how to transfer money efficiently and save thousands with the right approach.
Get Started with Wise →Converting currency from your home country to Israeli Shekels (ILS) is a common need for many people, whether you're making Aliyah, purchasing real estate in Israel, supporting family members, or managing business operations. The challenge lies in finding a cost-effective and reliable way to move your money across borders.
Traditional banks often charge high fees and offer poor exchange rates, which can cost you thousands when transferring large sums. The hidden markups in exchange rates are where banks make much of their profit on international transfers. What might seem like a small percentage difference can add up to significant amounts, especially when you're dealing with substantial sums for property purchases or business capital.
When transferring money to Israel, you'll typically encounter several types of costs. First, there's the transfer fee itself, which banks often advertise prominently. However, the larger hidden cost comes from the exchange rate markup. Banks and traditional money transfer services rarely give you the actual mid-market exchange rate. Instead, they add a markup that can range from 2% to 5% or more. On a transfer of $100,000 for a property down payment, a 3% markup means you're losing $3,000 that simply disappears in the conversion process.
Additionally, there may be receiving fees charged by the Israeli bank, intermediary bank fees if the transfer goes through correspondent banks, and potential delays that could work against you if exchange rates move unfavorably. Every percentage point you save on exchange rates and fees translates directly to extra shekels in your pocket, making it crucial to understand your options.
Wise (formerly TransferWise) is the smart way to convert and transfer money internationally. With transparent fees, real exchange rates, and fast transfers, you'll save significantly compared to traditional banks.
Get the actual mid-market rate with no hidden markups
See exactly what you pay - no hidden charges
Most transfers arrive within 24 hours
Your money is protected and transfers are fully regulated
Setting up your Wise account is straightforward and can be completed entirely online. Begin by signing up for a free account using our referral link, which gives you benefits on your first transfer. You'll need to verify your identity through a simple online process that typically takes just a few minutes, requiring a photo ID and sometimes a selfie for security purposes.
Once verified, add your Israeli bank account details to your Wise profile. You'll need the account number, bank name, and branch information. When you're ready to transfer, simply enter the amount you want to send or the amount you want to receive in shekels. Wise shows you the exact exchange rate and all fees upfront, with no hidden charges. Most transfers to Israel arrive within 1-2 business days, though first-time transfers may take slightly longer due to security checks.
The timing and strategy of your currency conversions can have a significant impact on the total amount you receive. Unless you have an immediate need for the full amount, such as a property down payment with a fixed deadline, consider converting your money gradually. This approach, known as dollar-cost averaging, helps smooth out exchange rate fluctuations and reduces the risk of converting everything at an unfavorable rate.
Exchange rates between currencies fluctuate constantly based on economic conditions, interest rates, and market sentiment. Wise offers rate alerts that notify you when your desired exchange rate is reached, allowing you to time your transfers strategically. For large purchases like real estate, planning ahead is essential. If you're buying property in Israel, coordinate the timing of your currency conversion with your closing timeline to ensure funds are available when needed.
If you're purchasing property in Israel and working with IsraFinance for a mortgage, we can help you coordinate the timing of your currency conversion to ensure funds are available when needed for your down payment and closing costs. Our team understands the complexities of international transactions and can guide you through the process, whether you're making Aliyah or investing in Israeli real estate from abroad.
Join millions who trust Wise for international money transfers. When you sign up through our link, you'll get your first transfer fee-free (up to £500)!
Start Saving with Wise →At IsraFinance, we've helped thousands of clients navigate the financial aspects of their connection to Israel, whether they're making Aliyah, purchasing property, or managing investments. Our expertise extends beyond just mortgages to understanding the full spectrum of financial challenges involved in international transactions with Israel.
Whether you need guidance on coordinating large currency transfers for a property purchase, understanding the Israeli banking system, or planning the financial aspects of a move to Israel, we're here to help. Our team can provide personalized advice on timing your transfers, working with Israeli banks, and ensuring your money moves smoothly and efficiently.
