There are a huge number of reasons why you might need to send money to Israel; to help a family or friend, to make mortgage payments on a property or to transfer your pension are just a handful.
But whatever your reasons, it will pay off to research the easiest and cheapest way of moving money to Israel.
Calling in at your local bank is a good way to start this research. Banks can allow you send shekel to Israel quickly and safely, with usually just one phone call or visit required to set things up.
However, this service comes at a cost and you could find yourself losing money due to a poor shekel exchange rate.
The per-transfer fees usually imposed by banks will also eat into your finances if you are moving money to Israel on a regular basis.
If your recipient does not have access to a bank account, which could be the case seeing as only Israeli citizens can open an account with an Israeli bank, then banks are not going to be a lot of use to you.
Instead, you might want to try a Money Sending Bureau to send shekel to Israel this way.
These small establishments are found on high streets around the world and enable you to wire money internationally for somebody to pick up at the other end.
Unfortunately, they tend to come with particularly high per-transfer fees – often between ten and 15 per cent.
If you want to avoid these charges then perhaps the third option is for you: using a foreign exchange broker to send money to Israel.
Xendpay can promise you a fee-free service when you send money to Israel with us. On top of this, you can be assured of a competitive shekel exchange rate on your native currency.
But don’t take our word for it! You can open an online account with us today for free and check out the exchange rates that we have on offer at the moment.