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Top 3 Money Transfer Providers for Israel to USA

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp USD $3,008.75 No Fee 0.3009 1-3 days more...
TorFX TorFX USD $3,071.92 No Fee 0.3072 1-3 days more...
Smart Currency Exchange Smart Currency Exchange USD $3,043.49 ILS22.13 0.3043 1-3 days more...
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Daniel Webber

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Daniel is one of the world experts on the money transfer sector. He is widely quoted across the industry with over 20 years of experience in the international finance world focused on international payments, technology, and the property sectors. More about Daniel.

Send money from Israel to USA

How to Transfer Money from Israel to USA

Israel to USA Guide

Summary

Due to their historical links, Israel and the US have a long-standing trade and investment relations. Much of this centres on the US-Israel Free Trade Agreement, which since 1985 has worked to significantly lower the trade and investment barriers between the two nations. Additionally, there are hundreds of thousands of dual US-Israeli citizens, which means that cross-border currency transfers between the two countries see a high trading volume. Generally speaking, when it comes to making currency transfers between the US and Israel, there are not too many barriers in place. However, transfers may be subject to money laundering and tax controls.

ILS and USD

The official currency of Israel is the Israeli new shekel, or the ILS for short. The ILS was introduced in 1986 as a way of reforming the previous currency – the old shekel – which had been experiencing significant periods of inflation. As part of an economic stabilisation plan, the new shekel was launched, which helped to improve economic conditions and trading relations in Israel.

The USD is currently the most actively traded currency and is tied to the strongest economy in the world. In addition to providing a currency peg for a number of currencies across the world, the USD is also the de facto national currency in a number of jurisdictions.

Top 6 Money Transfer Providers

Latest prices for transferring money from Israel to USA
Exchange Rates as of 25 August 2021, 12:58

Moneycorp

Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

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Amount Received
USD $3,008.75
ILS ₪167.53
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TorFX

Est. 2004

Excellent exchange rates | No transfer fees | Thousands of 5 star reviews 

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FXcompared Rating
Amount Received
USD $3,071.92
ILS ₪371.53
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Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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Amount Received
USD $3,043.49
ILS ₪279.73
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RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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Amount Received
USD $3,044.84
ILS ₪284.09
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Global Reach (formerly FC Exchange)

Est. 2005

Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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Amount Received
USD $3,055.24
ILS ₪317.67
saved vs. banks

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Top 6 Money Transfer Providers continued...

Currency Solutions

Est. 2003

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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Amount Received
USD $3,052.16
ILS ₪307.71
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Economic, trading and political relations

Thanks to the US-Israel Free Trade Agreement, cross-border flows of goods and services between Israel and the US remain very healthy. In place since 1985, this agreement has fostered a continually improving economic relations between the two countries. The total value of goods traded between them is around $34bn, while the total value of services exchanged is around $13bn.

In addition to the economic relations between Israel and the US, they also have a strong political and social relations. Each year, thousands of duel US-Israeli citizens travel back and forth between the two countries for work purposes, with Israel becoming an increasingly popular tourist destination for US citizens. This has worked to significantly increase the cross-border flows of currency between the two nations.

Bank accounts and credit cards

Both US and Israeli banks maintain a retail presence in each other’s countries, which has improved the ease with which US and Israeli citizens can access banking services while abroad. While many US banks maintain correspondence relations with the major Israeli banks, it is quite common to see Israeli banks in the US. This is mainly limited to larger US cities such as New York, Miami, Chicago, Florida and California. As such, cross-border currency transfers should not pose too much of an issue for either US or Israeli citizens. Additionally, Israel and the US have entered into a bilateral tax treaty with each other, which also helps citizens of both countries to avoid double taxation.

Visas, work permits and residency

Israeli citizens who wish to live or work in the United States must apply for the appropriate visa and go through an in-person interview at an American consulate or embassy. Besides short-stay visas, there are also a variety of work visas of varying lengths of stay. The type of work visa applied for is typically dependent on the type of work to be performed.

For travel or short visits lasting less than 90 days, a visitor or business visa is currently required. This can be granted after filling out the appropriate online forms and attending an in-person interview at the local American consulate or embassy. For stays over 90 days, an immigrant or non-immigrant visa is required. Please refer to the US Embassy website for more detailed information on different visa types for stays in the US.

Buying property in the US

Very few restrictions are applied for Israeli citizens who wish to own or rent property in the US. However, the rules for real estate transactions vary from one state to another, so working with a licensed real estate agent or attorney is highly recommended. A licensed agent can advise on regional and federal real estate laws throughout the process. It is common to use a licensed real estate agent when buying or selling property within the United States.

All real estate transactions must also include the buyer’s Individual Taxpayer Identification Number (ITIN) in order to close the transaction. To obtain an ITIN, the buyer must apply with the Internal Revenue Service (IRS). The ITIN may take five weeks or longer to receive, so plan accordingly. Once the ITIN is received and the transaction is in process, it is easy to transfer money from Israel to USA for the property purchase.

Taxation

In 1975 the Israeli and American governments entered into a bilateral tax treaty to help citizens of both countries avoid double taxation if living and working in either country. Israeli citizens living and working in the US must file and pay taxes to the US government on earned income, but tax credits may be available with the Israeli government. When paying taxes, keep in mind that any large currency transfer from Israel to America must be reported to the Controller of Foreign Currency within Israel.

Studying in the United States

Before Israeli citizens can apply for a visa to study at an American institution, Israeli citizens must first apply for and be accepted to a US-based school or program. Once accepted, the student will receive the necessary documents from the school to apply for a student visa. When making an international funds transfer to pay for student fees, keep in mind that all transfers above a specific amount must be disclosed to the appropriate Israeli authorities.

Healthcare

Health insurance is the way most people pay for their healthcare in the US, and most American citizens who have health insurance receive it through their employer. It is advisable for Israeli citizens who do not receive health insurance through an American employer to purchase a travel insurance or short-term health insurance policy if they are planning on visiting or living in the US for any period of time. It is mandatory for everyone to have at least the minimum levels of health insurance, or risk paying a yearly tax.

Non-citizens may participate in the two publicly-funded health plans, Medicare and Medicaid, if their income is below the minimum threshold, have lived in the US for at least five years, and have contributed to Medicare/Social Security for at least ten years.

Importing from Israel to the United States

The United States-Israel Free Trade Agreement was established in 1985, representing the first FTA entered into by the US. Two-way trade of goods and services between the two countries amounted to US$47bn in 2019. Imports from Israel into the US totaled US$26.9bn in 2019, making Israel the United States’ 23rd largest imports supplier. The five largest import categories from Israel were precious metal and stones, pharmaceutical products, optical and medical instruments, electrical machinery, and machinery. Services imports from Israel accounted for over US$7.4bn in 2019, 0.4% less than 2018, but 69.9% more than 2009. Israeli foreign direct investment in the United States was US$14.6bn in 2019, an increase of 4.2% from the previous year.

Did you know?

The Israeli shekel takes its name from the ancient Biblical currency of the same name. The word ‘shekel’ originally referred to a unit of weight – roughly equivalent to an ounce in modern terms – which was used for trading purposes.

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Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from Israel to USA. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.
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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.