However, sending money across countries can also be difficult, especially when you need to consider speed, the level of security, and the cost of transfer. This is important if you’re doing any financial support for the family, paying your business transaction, or some other financial commitment. Thankfully, various options make it easier than ever to transfer money to Israel securely and efficiently. In this guide, we look into some of the best ways to make sure your funds arrive at the destination in time and without unnecessary fees.
Best Methods to Transfer Money to Israel
When choosing the transfer method, one should take into account the exchange rate, processing time, fees, and the recipient’s availability to use funds. Below are the most reliable options.
1. Bank Wire Transfers
There are numerous methods available for sending money internationally, one being Traditional bank wire transfers, which are one of the most secure ways of transferring funds. You can usually transfer funds directly from your account to an Israeli bank account with a number of the major banks.
Pros:
- Secure and widely accepted
- Ideal for large transactions
- It can be done online or offline.
Cons:
- Both sending and receiving high fees (banks may charge)
- Slower processing times (3-5 business days)
- Less competitive exchange rates
2. Online Money Transfer Services
Instead, Wise (formerly known as TransferWise), PayPal, and Revolut provide online transfer services that are faster and more cost-effective. The benefits that these platforms provide are low fees and competitive exchange rates compared to traditional banks.
- Wise – Uses real exchange rates with transparent fees, making it one of the most affordable ways to transfer funds.
- PayPal – Convenient for PayPal users, though fees can be high depending on the currency conversion.
- Revolut – Offers fast transfers and competitive rates for users within its network.
Pros:
- Shifting faster than bank wires (typically within hours)
- Lower fees and better exchange rates
- Easy online access
Cons:
- It may require both sender and recipient to have accounts.
- Transfer amounts in some services are limited.
3. Money Transfer Companies
Many locations that have instant cash pickup services in Israel use services such as Western Union and MoneyGram. These are perfect for transfers in an emergency where immediate access to money is urgent.
Pros:
- Funds available within minutes
- No bank account is needed for the recipient
- Many physical pickup locations
Cons:
- Higher fees compared to online services
- Exchange rates may not be the best
4. Cryptocurrency Transfers
If you’re used to digital currency (e.g. Bitcoin, Ethereum, stablecoins), cryptocurrencies can be a fast and inexpensive way to send money. With the recipient in Israel, the crypto could then be converted over to shekels using a local exchange.
Pros:
- Instant transactions
- Fees are lower compared with traditional banking
- Secure and decentralized
Cons:
- Both the sender and the recipient must by default have crypto wallets
- The final amount received can be affected due to Exchange rate volatility.
5. International Bank Drafts and Checks
Letter of credit, however, is not the fastest way but it is still used for payment of large transactions or formal payment. They take a long time to clear but is a secure transfer method.
Pros:
- Secure for high-value transactions
- No need for an online account
Cons:
- It is very slow (can take weeks to process)
- Higher fee compared to digital options
How to Choose the Best Transfer Method
There are many factors which depend on what is the best option.
- Speed: If urgency is a priority, use money transfer services like Western Union or online platforms like Wise.
- Cost: For the lowest fees and best exchange rates, online transfer services are the best choice.
- Security: Bank transfers and cryptocurrency transactions offer high levels of security.
- Convenience: Online platforms allow for hassle-free transfers from anywhere in the world.
Conclusion
The choice of money transfer method when sending money to Israel will minimize the time, amount of money you send, and the associated fees. Both Wise and Revolut provide a speedy and inexpensive route, while Western Union has a fast cash pickup service in an emergency. Always do a comparison of fees, rates, and transfer time before making the decision. When you choose the perfect method for you, you can save cash and smooth transactions.