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Sending Money To Israel: A Little Guide For Managing Your Assets

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Moving to a new country can be an overwhelming experience, especially when it comes to finances. We know from experience ourselves, as almost every one of our employees from Olim Paveway is an Oleh.

One of the most important things to consider is how to send money to the new destination. For those who are planning to make Aliyah and move to Israel, it’s crucial to know how to transfer money from their home country to Israel.

Sending money to Israel can be confusing, with various options available, such as banks, online money transfer platforms, or money transfer agents. However, it’s essential to choose the right method that suits your needs and budget. For this reason, we help Olim move to Israel by providing guidance and support through our Melavim and service providers.

This article aims to guide Olim on how to send money to Israel from abroad, highlighting the different methods available, the advantages, and disadvantages of each method, and the factors to consider when choosing the right option. The article will also provide essential information about the legal and regulatory requirements involved in transferring money to Israel and the different fees and charges that may apply.

Whether you’re moving to Israel to start a new life or to fulfill a lifelong dream, sending money to Israel is a crucial step in the process. With the right information and guidance, you can make the process more manageable and avoid any unnecessary stress. This article will serve as a valuable resource for anyone planning to make Aliyah and move to Israel.

Advantages of sending money to Israel

Sending money to Israel from abroad has several advantages that make it an attractive option for many people. Here are some of the advantages:

  1. Low Commission: Compared to other countries, sending money to Israel is relatively inexpensive. Banks and money transfer agents charge lower commission fees, making it affordable to transfer money to Israel.
  2. Easy Regulation: The Israeli government has made it easy to transfer money to Israel. There are no restrictions on the amount of money that can be transferred, and there are no taxes on money transfers. Additionally, Israeli banks and money transfer agents are regulated by the Israeli government, ensuring that your money is safe and secure.
  3. Small Fees: Banks and money transfer agents charge small fees to transfer money to Israel. Online money transfer platforms like PayPal and TransferWise offer even lower fees, making it an affordable option for many people.
  4. Quick and Convenient: Sending money to Israel is quick and convenient. Most banks and money transfer agents offer same-day or next-day transfers, making it easy to send money to Israel in emergencies.
  5. Reliable: Israel has a stable and reliable banking system, making it a safe destination for your money. Israeli banks and money transfer agents are regulated by the Israeli government, ensuring that your money is safe and secure.

Methods for sending money to Israel

To determine the best method of sending money to Israel, several factors must be considered, such as the payment method, the desired method of receipt, and the urgency of the transfer.

  1. Online money transfer providers are a popular option as they typically offer better exchange rates and lower fees than local banks when buying US dollars or New Israeli shekels. Popular transfer platforms include PayPal, TransferWise, or WorldRemit. These platforms offer lower fees and better exchange rates compared to traditional banks. However, they may not be as secure as bank transfers, and there may be restrictions on the amount of money you can transfer. This makes them a cost-effective solution for transferring money to Israel.
  2. Bank transfers are also an option, but they often come with extra fees and can be slower than other methods. US banks typically add a 3% to 6% markup onto exchange rates, making them less desirable for those seeking a cost-effective solution. This method is relatively safe and secure, and most banks offer this service. However, it can be expensive, and there may be hidden fees involved.
  3. Money Transfer Agents: You can also use money transfer agents like Western Union or MoneyGram to send money to Israel. This method is quick and convenient, and you can send money to your loved ones in Israel even if they don’t have a bank account. However, it can be expensive, and the exchange rates may not be as favorable.
  4. If speed is a priority, cash pickup allows the recipient to access the transferred funds instantly upon collection from an agent location in Israel. Similarly, mobile wallets offer an electronic means of storing, sending, and receiving eligible currencies, although fees may apply.
  5. Prepaid phone credit is a quick and easy solution for topping up a recipient’s prepaid mobile phone plan, with funds added almost instantly.
  6. Finally, for recipients who may struggle to reach a cash pickup location, home delivery may be an option, allowing for door-to-door cash delivery. This is obviously the safest and cheapest method, though can be a bit of a hassle.

It’s important to compare the different methods and fees involved before choosing the right option for you. Additionally, make sure to check the legal and regulatory requirements involved in transferring money to Israel to avoid any legal issues.

We recommend using our trusted supplier Clear Currency, which has an excellent track record of quality service in the UK and the US. Click here to contact them!

Concluding Remarks

Moving to Israel and transferring your assets here can be an exciting and rewarding experience. Israel is a vibrant and diverse country that offers a high quality of life, a strong economy, and a rich cultural heritage. If you are considering making Aliyah and moving to Israel, it’s important to plan ahead and make arrangements for transferring your assets to Israel.

Sending money to Israel from abroad is a straightforward process that involves comparing the different options and fees involved. Whether you choose to use a bank transfer, online money transfer platform, money transfer agent, or cryptocurrency, it’s important to choose the most cost-effective and reliable option.

Olim Paveway encourages you to consider the many advantages of moving to Israel and transferring your assets here. Whether you are planning to start a new business, invest in real estate, or retire in Israel, moving your assets to Israel can help you achieve your goals and fulfill your dreams.

We understand that moving to a new country and transferring your assets can be a complex process. That’s why we offer comprehensive support and guidance to help you make a smooth transition to Israel. From financial planning to legal advice, we are here to help you every step of the way.

Picture of Chaim Apsan
Chaim Apsan

Chaim is the Interactive Media Coordinator of Olim Paveway. Having made Aliyah 8 years ago, he now works writing articles and taking care of the technical aspects of the website.

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