| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Moneycorp | GBP £2,157.83 | No Fee | 0.2158 | 1-3 days | more... |
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TorFX | GBP £2,203.14 | No Fee | 0.2203 | 1-3 days | more... |
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Smart Currency Exchange | GBP £2,182.67 | ILS22.51 | 0.2183 | 1-3 days | more... |
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Israel’s currency, the new shekel (ILS), is fully convertible, which makes it simple to transfer money from Israel to the UK. Previous restrictions on currency and capital transactions have all been removed, making it much easier to transfer money between these two countries. However, any money transfer to UK must be done by a forex broker who has authorization from the Central Bank of Israel. Despite the removal of restrictions, money transfer agencies must report forex transactions in large amounts in order that the government can monitor external assets and combat money laundering.
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Israeli nationals will require a visa in order to visit, work or remain permanently in the UK. A general visitors’ visa to the UK is valid for six months. In order to obtain this type of visa, applicants must present a valid return ticket, a letter from an employer in Israel and proof that you have sufficient funds or means to sustain your visit without having to work.
Several different types of work visas are available to foreign nationals. Tier 2 work visas are intended for non-UK nationals who have a specialized skill and have a job offer from a British sponsor, along with a certificate of sponsorship. The UK immigration website will provide more detailed information on the procedures for visa application. A Tier 5 visa is the particular visa for Israeli nationals who want to work temporarily in the UK. Several other types of visas are available for Israelis who want to work in the UK. These include visas for domestic workers and representatives of businesses abroad. Israeli natives may also be able to apply for permanent resident status in the UK based on certain criteria.
Israeli nationals are subject to international tuition fees at any one of the many tertiary institutions in the UK. The average cost of tuition per year for international students is £18,759, while postgraduate studies can cost as much as £38,532 for each year of a degree programme. Working with a specialised foreign exchange broker can help you to select the most efficient terms for regular international money transfers.
A Tier 4 visa is required for foreigners who wish to study in the UK. Once you have been accepted into an accredited institution, the application process is relatively simple. You must be able to prove that you have enough funds to cover the cost of the course, as well as to meet the cost of living. The cost of living in the UK is relatively high, and can typically amount to as much as £6,825 per year.
Opening a local bank account will make it easier to transfer money from Israel to UK. The UK has a variety of banks to choose from, and several institutions maintain branches in both countries, such as Israel Discount Bank, Bank Leumi and BHI UK. In order to open a UK bank account you will have to present several documents, including proof of a local address, income or employer, and valid personal identification. In many cases, it may be simpler to establish a bank account before leaving Israel in order to facilitate money transfer methods.
The tax year in the UK runs from April 6th to April 5th of the following year. On the other hand, the Israeli tax year runs from January 1st to December 31st. It is important to factor this in when calculating your tax obligations if you plan to spend a significant portion of the year in the UK.
If an Israeli national is resident in the UK for more than 183 days during the tax year, then taxes must be paid on any income earned both within the UK and overseas. Tax rates range from 20% to 45% on income levels ranging from up to £31,865 to over £100,000. Below £10,000 individuals working in the UK will pay no taxes. For more information about your correct tax status visit the revenue and customs section of the UK government website.
If you intend on taking your dog, cat or other small animal with you to the UK from Israel, there are some guidelines that must be followed. You are limited to travelling with a maximum of five animals per person. Each animal must have a microchip inserted, have had a rabies vaccination and have undergone a blood test prior to travelling. You should ensure that you have all the appropriate documentation. Dogs must be treated to prevent tapeworm.
In 2013, annual bilateral trade between Israel and the UK rose to exceed £3 billion in goods and more than £2 billion in services. With the exception of the US, the UK is Israel’s largest export market. The goods most traded include pharmaceuticals, machinery and agricultural products. More than 300 Israeli companies have branches in the UK, which is a major driver of international money transfers between the two countries.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
