Save Money When Exchanging Currency

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There are a number of ways to exchange foreign currency into Israeli Shekels, each with it's own fees and commissions. You can save significantly depending on the avenue you choose.

Currently, your options are to exchange currency via an Israeli investment account, a bank, money changing facilities or the Israeli post office. One of the additional benefits of opening an investment account is it's a very inexpensive way to exchange currencies.

Advantages Of Exchanging Currency With A Brokerage Account

In addition to allowing you to invest internationally, an Israeli brokerage account enables you to:

  • Transfer funds to Israel for virtually nothing
  • Wire funds to and from your bank account
  • Skip high commissions and fees
  • Get a significantly better conversion rate

I’ve personally been using this method to exchange U.S. currency to Israeli Shekels, saving me hundreds of dollars.

Currency Exchange Without A Brokerage

Even if opening an Israeli investment account is not for you, there is still money to be saved. When you travel to Israel, keep in mind that exchanging money at the bank or hotel incurs high commissions and the exchange rates are not that competitive. We have found that exchanging currency through the Israeli Post Office is preferable to all others methods. There are no commissions, the exchange rates are decent, and when exchanging larger amounts ($800 or more), you receive a discount of close to 1% on the exchange rate. All this gets you more for your money. We have even found that post offices have better exchange rates than the various money-changing establishments. An added benefit is that you're dealing with a government office, meaning you know the bills are authentic.

Wise Money Israel was created to help investors around the world invest in the Israeli market through the Tel Aviv Stock Exchange. We also provide reliable, practical and free information so that we can help you achieve your financial diversification goals in Israel. If you’d like help in opening an investment account in Israel, please contact us.

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