Looking for a way to send money to family, friends or a business in Israel (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better ILS exchange rates and lower fees on international transfers.
Based on the providers we've compared, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Israel within minutes.
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Israel. Revolut and Xe Money Transfers have some of the lowest bank transfer fees of the brands we've compared.Remember, it's more important to look at the overall cost of your transfer to Israel and this has a couple of elements:
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many New Israeli sheqels your recipient will end up with.
Actual transfer times from Australia to Israel can depend on several factors including transfer amount, payment method and currency.Here are some of the fastest average transfer speeds to Israel:
The safest way to get your money to Israel is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Israel.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Israel, consider using a provider such as TorFX or Xe Large Transfers to secure a better ILS exchange rate and benefit from its expertise handling larger transactions.Using a large transfer specialist can have the following advantages:
To send money to Israel, you'll need the necessary documentation, your recipient's details and a way to pay.
Noa is working in Australia as a doctor and she stays in regular contact with her elderly parents back home in Israel. Her parents need some funds to help pay off a mortgage, so Noa plans to send them $2,000 from Australia.
She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.
|Bank||Money transfer company|
|Exchange rate||1 AUD = 2.42 ILS||1 AUD = 2.45 ILS|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||4,810.02 ILS||4,892.06 ILS|
The money transfer company enables Noa to send an extra \u20aa82.04, which is transferred straight to her parents' Bank Leumi account.
When selecting a provider to transfer money to Israel, here are the main factors to consider:
Compared to a month ago, the Australian dollar is weaker against the New Israeli sheqel. Currently, $5,000 is worth \u20aa12,307.00, whereas a month ago, $5,000 was equivalent to \u20aa12,746.50. That's a decrease of 3.45% over the past month.
But compared to a year ago, the Australian dollar is stronger against the New Israeli sheqel. A year ago, $5,000 was equivalent to \u20aa11,600.50. That's an increase of 6.09% over 12 months.
What's more important, however, is the strength of the Australian dollar against the New Israeli sheqel and where it goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more New Israeli sheqels for your Australian dollars and can help you get the best out of any market conditions.
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