Send money to Israel

Wise offers the most competitive ILS exchange rates for most source currencies, with transparent fees and mid-market-rate-based pricing. From the US, OFX and Xe also provide competitive rates for larger transfers. Israel has a well-developed banking system, so bank deposit via IBAN or local account details is the standard method.

SWIFT bank deposits to Israeli banks typically settle within 1–2 business days. Some providers using correspondent banking relationships with Israeli banks can offer same-day delivery for transfers initiated before cut-off. Cash pickup at Western Union agents is available within an hour at locations in Tel Aviv, Jerusalem, and Haifa.

Israeli IBANs are 23 characters: 'IL' followed by 2 check digits, a 3-digit bank code, a 3-digit branch code, and a 13-digit account number. Example: IL62 0108 0000 0009 9999 999. Not all Israeli banks have fully adopted IBAN for incoming transfers, so having both the IBAN and the legacy bank/branch/account numbers is advisable.

You need the recipient's full name, bank name (Hapoalim, Leumi, Discount, Mizrachi-Tefahot, or International Bank), branch number, account number, and ideally their IBAN. The SWIFT/BIC code is also useful (e.g., POALILIT for Hapoalim, LUMIILIT for Leumi). For US senders, some providers route through correspondent banks in New York.

Bit (Bank Leumi) and PayBox (Bank Hapoalim) are extremely popular domestic payment apps in Israel, but they do not accept direct international remittances. Your best approach is to send to the recipient's Israeli bank account, from which they can instantly move funds to Bit or PayBox for local payments.

Israel does not tax incoming personal remittances for family support. However, Israel has complex tax residency rules — new immigrants (olim) benefit from a 10-year tax exemption on foreign income and assets. For non-immigrants, large recurring transfers may prompt the Israel Tax Authority to verify they are not disguised income.

The ILS is a fully floating currency, freely traded on international markets. The Bank of Israel occasionally intervenes to moderate extreme moves but does not target a specific rate. The shekel strengthened markedly in 2020–2021 driven by tech sector foreign investment, but geopolitical events since late 2023 have introduced higher volatility.

Western Union and MoneyGram have agent locations in Tel Aviv, Jerusalem, Haifa, Beer Sheva, and other cities, often inside post offices (Doar Israel) or change shops. However, Israel has near-universal banking access, and bank deposit is the overwhelmingly preferred delivery method.

Wise, OFX, Xe, Western Union, and MoneyGram all serve the USD-to-ILS corridor. For larger transfers (over $5,000), OFX and Xe sometimes offer better rates than Wise due to their focus on bigger transactions. ACH funding from a US bank account keeps costs lowest across all providers.