Guide to moving money to Israel

22

Moving money from one account to anotherin your own country can sometimes provedifficult enough. When moving money from

overseas to Israel it can prove even more difficult.Firstly you have to deal with speaking to your

bank outside Israel, which with time differences canmake life difficult. Sometimes the bank will make itdifficult for you to send money because when youmade Aliyah you never set up a facility to allow you towhilst overseas.

Once the money is received in Israel you have thepleasure of dealing with your bank here, I say the wordpleasure very loosely!

�“What should I be aware of when moving money toIsrael?”

Always speak with your bank outside of Israel first.Ensure exactly how they will allow you to wire themoney. Some banks will allow you to call them with

the bank details andthey will send thefunds immediately,others require youto send a letter bypost before they willsend the money. I evenhad a client who was toldhe had to go to his local branch to release his Dollars.He was in Israel, the branch was in New York!

Fees – when wiring funds to Israel the banksending the money will charge a fee between $20 and$40. When the funds are received in Israel the Israelibank will charge a percentage of the amount you sent;often as high as 0.2% with a minimum of $20. If youhave sent $1,000 it will cost you $20, if you send$100,000 it will cost $200!! A foreign Exchangebrokerage should help you avoid these charges.

Where to convert your funds. When asking yourbank to transfer funds to Israel they will ask you if you

Regulated by the State of Israel Capital Market Authority, license number 514135235

ExchangingMoney?

Make sure you make the right move when sending moneyto and from Israel.

� Unbeatable exchange rates� No commissions� No receiving fees� Fast and secure transfers

Call us now and speak to one of our foreign exchangespecialists or visit www.isratransfer.com

Israel direct 08 926 4342UK direct 020 8133 1302USA direct (914) 613 3430info@isratransfer.com

IsraTransferMoving your money, Globally

TM

By: Daniel Engelsman, Co-Founder IsraTransfer Ltd

want it in your home currency (Dollars, SterlingEuros) or for them to convert the funds into Shekelsand send it.This can be quite a difficult decision. If yourforeign bank converts the funds you will almostcertainly receive a poor exchange rate. Even worse itcan take up to four days to receive the Shekels in youraccount. (There will also be a receiving fee to receivethe Shekels). If you ask the foreign bank to send fundsin Dollars/Sterling/Euros you will receive the currencyin your Israeli account by the next day. However, theIsraeli banks charge you a conversion fee to convertthe funds from this currency to Shekels as well asgiving you a poor exchange rate.

There is an alternative to using the Israeli Banks.Worldwide there are Foreign Exchange brokeragesthat help move money globally, which can save youcertain fees and help achieve a better exchange rate.Normally funds are sent to the brokerage, theyconvert to Shekels and deposit the funds in theaccount of your choice.

�What to look for in a Foreign Exchange brokerage:

Make sure the brokerage is regulated in thecountry they operate. In Israel a brokeragefirm should be regulated by the IsraelCapital Market Authority.

The advantage of using a firm in thesame country your account is in is thatthey could possibly save the wire transferfee. However, most of them have norelationship with Israeli banks and will notbe able to help you avoid the fees imposed bythe Israeli banks. It will also take you approximately 3days to receive the Shekels in your account.

Using a firm in Israel should save you the receivingfees and conversion fees imposed by the Israeli banks.You will also receive your funds quicker.The processof sending the funds to Israel, converting and sendingto your account can take as little as 24 hours.

Advice. One of the mainreasons for using a brokerageis to receive their advice onwhat is happening with theexchange rates are doing. Byoptimizing the timing of your

currency exchange, you could save asubstantial amount.The bank will generallynot be in a position to give you this typeof advice. By using an Israeli brokeragethey should have more experience in thelocal market and better placed to adviseyou.To conclude: Talk to your bank where

you are holding the local currency and find outhow you can move your money. Decide whether tosend funds directly to your bank in Israel or use abrokerage. If you use the brokerage you will certainlysave money and time. More importantly you wonthave to deal with your bank!

ISRATRANSFER LTD is a Foreign Exchange Brokerage run byOlim specializing in helping peopleand companies move money toand from Israel, at better thanbank rates.Further information is available atwww.isratransfer.com or contact08-926-4342 or emailinfo@isratransfer.com.

“If you use the brokerage you willcertainly save money and time.

More importantly you wont haveto deal with your bank!”

? !

23

Cafe

Italian

Chinese

ADVERT

ADVERT

ADVERT

ADVERT

ADVERT

ADVERT

ADVERT

ADVERT

ADVERT

RestaurantGuide

22