Money Transfer Guide
Contributor: David Balsam,
CPO, Adesco
Making Aliyah? How to move your savings to Israel without losing money đŸ’¸
Q: "I'm making Aliyah soon. What's the smartest way to get my savings over here?"
Short answer: wire it, don't carry it, and watch the exchange rate more than the fee.
Here's what most new olim wish someone had told them.
1. Don't bring it in cash
Carrying large amounts of cash is a real safety risk.
Exchange counters rarely give a fair rate.
And depositing a pile of cash into a new Israeli account often leads to questions about where it came from.
A wire leaves a clean paper trail. That makes life easier later.
2. The fee isn't the real cost. The rate is.
Most people compare wire fees and miss the bigger number.
When your money is converted to shekels, the rate you get can be well below the live market rate.
The gap between a typical bank rate and a licensed broker's rate can be up to 4 agurot per dollar.
On $100,000, that's up to 4,000 NIS.
Before you convert, Google "USD ILS" and compare it to the rate you're actually offered.
3. You have more options than your bank
Israel has licensed currency services, regulated by the Capital Market, Insurance and Savings Authority.
Before using any provider, ask:
* Are you licensed in Israel?
* Where is my money held during the transfer?
* Do I get a real person I can call?
4. Give it a few days
An international wire from your home bank typically takes 3-7 business days.
Don't leave it to the week your rent or deposit is due.
5. Keep your paperwork
Save statements showing where the money came from: salary, savings, a home sale, an inheritance.
Banks and licensed providers in Israel are required to check this. Having it ready saves a lot of back and forth.
6. Don't rush to close your home account
Many olim keep an account abroad for pensions or income still paid in their home currency.
It also makes sending more money over later simple.
7. You don't have to convert it all at once
Rates move. Some olim convert in a few chunks instead of one big transfer.
If you have big shekel costs coming (an apartment, a car), plan conversions around those dates.
Quick checklist before you transfer ✅
* Compare the offered rate to the live market rate
* Confirm the provider is licensed in Israel
* Have source-of-funds documents ready
* Allow 3-7 business days
* Ask an accountant about tax on money and income from abroad
Questions? Feel free to reach out anytime.
David Balsam
CPO, Adesco
For additional information and helpful links along with contact information/whatsapp for Adesco, click here:
https://olimfavorites.com/listing/built-for-people-not-just-transactions/
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