While Australia and Israel are separated by vast geographic space, both countries have strong ties. According to the 2011 Census, more than 25,000 Australians classify themselves as Israeli by ancestry and almost 10,000 Australians are Israeli by birth.
As a result, there are many international money transfer methods available when you need to send funds from Australia to Israel. While international money transfers can be expensive, if you shop around for the right provider you can save yourself money and time.
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Compare transfer options for sending money to Israel
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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Banks versus money transfer companies/services
While the Israeli New Shekel is not one of the most commonly traded currencies, all major Australian banks will allow you to send New Shekels from Australia to Israel. However, banks generally charge high fees and offer low exchange rates when they send your money overseas.
Often, you can get a better deal if you use the services of a specialist money transfer company. Instead of offering a wide range of financial products and services as banks do, money transfer companies focus entirely on moving money internationally. They offer lower fees and better exchange rates than banks, and many allow the transactions to be quickly and conveniently lodged online.
Tom sends money to Israel
Tom is working and living in Australia, and wants to send $5,000 home to Israel to support his parents. Eager to ensure that as much of his money makes it to his parents as possible, Tom compares the fees and exchange rates of his bank and an online money transfer company. The results of his comparison are shown in the table below:
Bank
Money transfer company
Exchange rate
1 AUD = 2.65 ILS
1 AUD = 2.76 ILS
Transfer fee
$20
$10
Transfer method
Bank account deposit
Bank account deposit
Processing time
2-4 business days
2 business days
Amount received (in Israeli New Shekels)
13,250 ILS
13,800 ILS
As you can see, not only can Tom save $10 in fees when he sends his funds with a money transfer company, he can also send an extra 550 Shekels to his parents.
How to compare transfer companies when transferring money to Israel
Exchange rates. The exchange rate that applies to your transaction will impact the amount of money that arrives to your recipient.
Fees. Most providers will charge you a fee for sending money overseas, although some will waive their fees when you transfer more than a minimum amount. Also remember that some providers that charge higher fees may also offer a better exchange rate.
Transfer methods. Check to see whether transfers can be lodged online, over the phone, by visiting a branch and/or by using a mobile app.
Transfer options. Flexible transfer options like forward contracts, limit orders, and setting up recurring payments can help you get better value for money.
Turnaround time. While some companies process transfers within minutes, others will take several business days for the transaction to be completed.
Minimum amount. Some companies impose a minimum limit on the amount you can send, which can be inconvenient if you only want to transfer a larger sum.
Pickup methods. Are the funds sent into your recipient’s bank account or can the cash be picked up in person?
Customer service. When you need help with a transaction, it’s reassuring to know whether phone, email and/or live chat support will be available.
Bank transfers. You can send funds from your bank account to the account of your recipient in Israel.
Online money transfer providers. Companies like CurrencyFair allow fast and affordable online transfers from Australia to Israel.
Money transfer companies with cash pickup options. Companies like Western Union and MoneyGram allow you to send funds overseas that can be picked up from thousands of agent locations across Israel.
Cheques. Another option is to get an international guaranteed cheque from your bank and send it overseas.
There are certain situations where you may find that you need to send money to Israel as quickly as possible; for example, to help out a friend or family member who needs cash urgently to continue their travel plans. When this happens, remember that you may be charged an extra fee and receive a lower exchange rate in return for a provider transferring your funds as soon as possible. Make sure you check the total cost of your transaction before you commit to it - this will ensure that you get a cost-effective money transfer deal.
Cash pickup locations in Israel/ Western Union / MoneyGram branches in Israel
The two largest international money transfer providers in the world, Western Union and MoneyGram, allow you to send funds from Australia that can then be picked up from an agent location in Israel. Your recipient will need to provide a transaction reference number and photo ID when they pick up the cash, while phoning ahead to check opening hours can also save time. Here are some popular cash pickup locations in Israel.
Western Union
Tel Aviv
Israel Postal Bank - New Central Bus Station
New Central Bus Station Level 4
Tel Aviv,
+972-2-6290447
Open Sunday to Thursday 8am to 6pm, Friday 8am to 12pm
Israel Postal Bank - Grinboim St
Grinboim 41
Tel Aviv,
+972-2-6290447
Open Sunday to Friday 8am to 6pm
Jerusalem
Israel Postal Bank - Ofek Park
Ofek Park 6/25 Hamalaha St.
Rosh Haayin, Jerusalem
+972-3-9026603
Open Sunday to Thursday 9am to 4pm, 9am to 12pm Friday
Israel Postal Bank - Jaffa St
Midreshet Rupin 217 Jaffa St.
Midreshet Rupin
Netania, Jerusalem
+972-9-8988046
Open 8am to 1pm Sunday to Thursday
MoneyGram
Tel Aviv
Avi At Asher Change - Byalik St
75 Byalik Street
Ramat Gan, 52461
3722800
Open 9am to 7pm Sunday to Thursday, 9am to 2pm Friday
Change Pinhas - Hertsel St
73 Hertsel St
Ramat Gan, 52443
3722800
Open 9am to 7pm Sunday to Thursday, 9am to 2pm Friday
Jerusalem
IG Financial Services - Azza St
29 Azza St
Jerusalem, 9238205
3722800
Open 9am to 7pm Sunday to Thursday, 9am to 2pm Friday
IG Financial Services - Rachel Imenu St
1 Rachel Imenu Street
Jerusalem, 9314501
3722800
Open 9am to 7pm Sunday to Thursday, 9am to 2pm Friday
The Australian Government’s Smartraveller website recommends that Australians visiting Israel "exercise a high degree of caution" this warning has more to do with the threat of terrorism and military confrontations than it does with theft or violence.
Keep your money hidden, avoid any questionable parts of town and deposit the cash you pick up into your bank account as soon as possible.
As you can see, there is no shortage of choice when it comes to finding the best way to send money to Israel. While the exact transfer method will differ depending on the provider you choose, most companies will require you to register for an account first. To do this you will usually need to provide:
Your full name
Your phone number and email address
Your date of birth
Proof of ID
Your credit card or bank account details (these will not be required by some companies that allow you to pay cash)
There are several options to choose from when you need to send money to Israel but it pays to shop around before you choose a money transfer provider. Doing some research and comparing your options can save you money in the long term.
Marc Terrano is the lead publisher of Points Finder and a co-host of the Pocket Money podcast. He was previously a writer and publisher for home loans at Finder. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help Australians get the best value for their money.
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