Compare all the best ways to send money to Israel

The exchange rate plays a key role in determining how much ILS your recipient in IL will get.

For example, in the past 7 days average rate for USD to ILS was 3.3832 ILS.

Since USD-ILS exchange rates fluctuate with market conditions, waiting a couple of days could result in a better rate, giving your recipient more ILS.

If you need to make an urgent transfer, we recommend using Wise, which consistently offers the best rates for New Israeli Sheqel transfers.

The most cost-effective way to fund your transfer to Israel is through a bank transfer with Key Currency, which is 0.01% cheaper than the second-best service.

The way you fund your transfer to Israel impacts the cost, speed, and how much ILS the recipient will receive.

Based on our live data for a $7,000 transfer from the US to Israel, the following are your best options:

• Key Currency with bank transfer deposit costs $0 and has a 0.25% markup.

• Xe with a debit card deposit costs $0 with 1.1% markup.

We advise against using bank transfer, as they tend to be the most expensive option for ILS transfers.

Credit card transfers may incur cash advance fees and higher interest rates on ILS, and are usually more expensive.

Whenever possible, avoid transfers via the SWIFT network to IL. SWIFT transfers to Israel are slower and come with higher fees.

Instead, look for a cheaper option such as ACH or account balance.

Money transfer companies often have min and max limits on how much ILS you can send.

The amount you transfer can also affect the fees and the ILS exchange rate you receive. For instance, Wise is the best choice for sending large amounts to Israel.

Additionally, there may be government-imposed restrictions, commercial limitations, and other factors that influence the amount of ILS you can send.

This is why it’s really important to compare your options when transferring money to Israel.

The speed of sending New Israeli Sheqel to Israel depends on factors like the amount, timing, deposit, and withdrawal method chosen. Typically, faster transfers come with higher fees.

For example, based on a $7,000 transfer to Israel:

Use Currencyflow for fastest transfers

Of the 16 companies offering ILS transfers, Currencyflow consistently offers the fastest delivery times across all deposit methods.

For bank account & card deposits use Currencyflow

Currencyflow offers fast and affordable New Israeli Sheqel transfers, with fees of around $0 for bank deposits and $0 for debit card deposits, plus a small 0.26% markup on top of the ILS rate.

For urgent transfers use cash transfer

If you need money urgently, we recommend cash pickup services through providers like Western Union or MoneyGram.

Avoid the SWIFT network

Avoid using SWIFT transfers for ILS transfers. Due to intermediary banks on the way to Israel, SWIFT is slower and comes with higher fees.

There are a few different ways to move money to Israel:

Money transfer services

You can transfer money online using an FX broker (managed service) such as OFX or an online-only company (self-managed) such as Wise.

Based on our analysis, Wise stood out as the top money transfer company servicing Israel.

Mobile apps and e-wallets

Most money transfer services that accept Israel offer mobile transfer apps, which often have better deals on ILS exchange rates.

You can check our guide on the best money transfer apps to find one that suits your needs.

Cash transfers

Cash transfers to Israel are sent in person through services like Ria Money Transfers, MoneyGram, or Western Union.

Transferring New Israeli Sheqel as cash is almost always instant but requires the recipient to visit a nearby agent in Israel to collect the ILS.

Bank wire transfers

You can transfer New Israeli Sheqel via your bank.

We strongly recommend not using your bank to wire ILS directly to Israel due to high fees and slow transfer times.

Instead, use the bank transfer deposit option with Wise and send ILS from there.

There are multiple ways to receive money in Israel. Picking the right one can save you on fees and speed up the ILS transfer process. Here are your options:

Deposit to the bank account

To deposit money directly into a recipient’s bank account in Israel, we recommend Key Currency.

The card transfer will also land in the recipient’s bank account in Israel. Use Xe to deposit with a debit card at just $0 per transfer.

Cash pickup and delivery

If the recipient in Israel needs ILS urgently or doesn’t have access to a bank account in Israel, cash pickup or home delivery are good options.

Mobile and digital wallets

You can receive ILS directly into digital wallets like PayPal, though this often comes with more limitations and costs more compared to services like Key Currency.

When sending money to a bank account or e-wallet in Israel, New Israeli Sheqel will arrive without any involvement from the recipient.

However, if you're sending ILS as cash or transferring large amounts to Israel, the recipient may need the following:

• Government-issued ID: A national ID of Israel, a valid passport, or driver's license.

• Sender’s details: The sender's personal details such as full name and address.

• Transfer Details: The amount of ILS being received.

• Confirmation No.: This is usually given at the time of transfer.

• SWIFT Code / IBAN: Occasionally required for bank transfers.

The exact documents required may vary depending on the money transfer company and the transfer method used.

When sending bigger amounts to Israel, companies may request proof of funds such as bank statements and address verification with the utility bill in line with AML (Anti-Money Laundering) policies.

We recommend using Wise to send large amounts of New Israeli Sheqel.

There may be tax obligations and government-imposed limits or restrictions on ILS transfers/payments to IL.

Some ILS transfers could be subject to taxes such as gift tax or commercial tax.

Even if no limits or taxes apply, certain ILS transfers (especially large sums of New Israeli Sheqel) may need to be reported to the tax authorities in Israel or in your country.

When unsure, it’s best to consult with a tax professional in Israel or your home country to ensure compliance with the regulations.