Bank Hapoalim International Transfers & Exchange Rates

This Israeli bank is a major player in the global financial market, and we want to learn more about its international transfer solutions. By comparing these banking services to the options offered by competing money transfer companies, we are able to present the cheapest, safest and most reliable methods for cross-border payments.

About Bank Hapoalim

Bank Hapoalim (BHI) was founded in 1921 and is a leading Israeli bank that provides a wide range of commercial banking products and services geared for professionals, small businesses, private banking, and residential mortgages.

BHI also offers a variety of online services, including daily interest deposit, NIS deposits, account summary, portfolio data, foreign currency current account, foreign currency deposits, representative rates, latest exchange rates, cross rates, and indices. Apart from Israel, the bank also operates internationally via various global branches.

Bank Hapoalim Exchange Rates and Fees

Exchange rates may make a big impact when sending money overseas, so do your homework and weigh up your options before sending.

Exchange Rates

Bank Hapoalim's exchange rates, like those of other banks, are updated once a day and thus merely a representation of the actual exchange rates at which money is exchanged in the branches.

As of this writing, Bank Hapoalim's buying rate for the US dollar is 3.13000, with a selling rate of 3.29000; for the Euro, the buying rate is 3.71000, with a selling rate of 3.90000; for the British Pound, the buying rate is 4.32000, with a selling rate of 4.54000; and so on.

We recommend visiting Bank Hapoalim's website to find the most up-to-date exchange rates.

Transfer Fees

When transferring significant amounts of funds, wire transfers are the safest and fastest option. Bank Hapoalim, a foreign bank, a private broker, or a money changer are all options for wire transfers. Depending on the bank or broker used, you will be charged a fee of about 0.33% of the transaction when the funds are received into your account. Some banks may let you set up a fixed charge for foreign exchange wire receipts.

Additional Costs

There are other intermediary fees to consider, as well as a domestic receiving fee in Israel. Net wire fees between the United States and Israel are around $70 per transaction.

Aside from the transfer costs, keep in mind that Bank Hapoalimand private brokers are legally free to set their own exchange rates and are not obliged to use the Bank of Israel's official rate. You should alwaysdouble-check the rate offered by the company handling your wire transfer.

How Do Bank Hapoalim Transfer Fees Compare to Using Other Money Transfer Providers?

Bank Hapoalim, like all other banks, is the most costly choice for sending and receiving money in Israel. It offers a lowerexchange rate than specialist companies. Furthermore, it takes several days for money to appear in your account when you transfer funds from and to foreign accounts.

When you use a money transfer company, you will typically save many of transfers fees, and are likely to receive a better exchange rate for your currency conversion. Also, these companies typically offer excellent customer service and are fluent in English. When using these companies, make sure it is licensed and regulated by the Israeli Capital Market Authority as a currency broker.

Bank Hapoalim Pros and Cons

Like all other online banks, Bank Hapoalim has its own set of advantages and disadvantages.

FAQs

Here are some of the most commonly asked questions about Bank Hapoalim.

How to open an account and transfer money with Bank Hapoalim

Opening an Account

BHI offers a comprehensive range of commercial banking services. Its company is largely focused on the middle market and commercial enterprises with annual sales of more than $10 million. You may contact Online Banking Support in Israel at (972) 3 650-1155 if you want to open anaccount. If you have an account in the United States, please contact Online Banking Support in New York at (212) 782-2282 or send an email to ContactUs@bhiusa.com.

Transferring Money

Transferring money to Israel can be done in a variety of ways.

Although cash is the simplest mode of money transfer, be mindful of any restrictions or reporting requirements imposed by both Bank Hapoalimfrom which the funds aretaken and the financial institution to which the funds are transferred. The tax authorities are notified when a deposit of more than 50,000 NIS (or the foreign currency equivalent) is made. This is not an issue in and of itself, but it is essential to be aware of it.

In the local Israeli banking system, foreign currency cash transactions are generally the most fee-intensive transactions. There are fees associated with both depositing and withdrawing foreign currency from your account.

Customer Service Details for Users of Bank Hapoalim

Bank Hapoalim's Customer Support can be reached at 03-6501155 from Sunday to Thursday, 08:00 - 24:00, or Fridays at 08:00 - 13:00 Israel local time.

Summary

Bank Hapoalim has been a significant player in Israel's fast economic expansion since its inception in 1921. Today, Bank Hapoalim is generally recognized as Israel's leading bank, with a network of over 250 branches and a distinctive red emblem. It enjoys all of the advantages of a large, stable financial services company. It has effectively used its size, stability, and extensive experience to encourage innovation in the sometimes sluggish banking sector.

As a drawback, however, the Long- and Short-Term IDRs of Hapoalim are affected by a change in the Israeli government' intention or capacity to provide timely support to the banking industry. The passage oflegislations, which indicatea reduced willingness to assist, is being considered. The coronavirus-induced economic downturn has alsoresulted in some asset quality deterioration and continues to wreak havoc on profitability.

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