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Top 3 Money Transfer Providers for UK to Israel

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 43,491.39 £0.00 4.3491 1-3 days more...
Moneycorp Moneycorp 43,403.70 £0.00 4.3404 1-3 days more...
OFX (UK) OFX (UK) 43,140.65 No Fee 4.3141 1-4 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
ISRAEL
The Israeli new shekel (ILS) is a fully convertible currency, making it simple to send money to Israel or transfer money from Israel Read More
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Israel Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Israel’s money transfer regulations
  • Israel's monetary authority
  • Economic background
  • Currency
  • Israel to Individual Country Guides
  • Summary

    The Israeli new shekel (ILS) is a fully convertible currency, making it simple to send money to Israel or transfer money from Israel. All transfers must be executed by dealers authorised by the central bank, the Bank of Israel. Previous Israeli foreign currency restrictions have largely been removed.

    Israel’s money transfer regulations

    Dealers are required to report large-scale foreign currency transfers to the Controller of Foreign Currency to monitor the level of foreign assets and combat money laundering. Corporate profits, capital gains and other passive income may be transferred abroad freely.

    In the past, the government maintained some restrictions on foreign exchange operations, primarily for resident individuals or firms looking to send money outside of Israel. However, these restrictions had largely been dismantled by the early 2000’s, when the government removed constraints for institutional investors to acquire foreign assets. The currency most frequently traded with the shekel is the US dollar, followed by the euro.

    Israel's monetary authority

    The country’s central bank, the Bank of Israel, determines monetary policy, oversees the financial system, ensures the proper function of foreign exchange processes and other payment systems, and works to preserve price stability. The shekel floats freely, its exchange rate determined by supply and demand on the global market. The Bank of Israel retains the ability to intervene in monetary markets to preserve the shekel’s stability, but its policy is to refrain from foreign currency trading except in cases of rapid, disruptive shifts in the exchange rate.

    The government and monetary authorities have worked to encourage foreign direct investment (FDI), and in most cases, foreigners are subject to the same restrictions as residents. Foreign investment, such as domestic investment, is only required to be pre-approved by the government in regulated sectors such as banking and insurance.

    Economic background

    Israel’s economy is driven by its close political and commercial links to developed markets and its booming science and technology sectors, which draw in significant foreign investment inflows. The GDP of Israel has grown every year from 1980 to 2017. A large part of the current growth in Israel is down to the low unemployment rate, which as of 2017 is the lowest rate that it has been since records began.

    Currency

    Israel’s monetary unit, the Israeli new shekel (ILS) (plural sheqalim), is made up of 100 agorot (singular agora). Banknotes are issued in values of 20, 50, 100 and 200 sheqalim. Coins are minted in denominations of 1, 5, 10 and 50 agorot, as well as 1, 2, 5 and 10 sheqalim.

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    Top 5 Money Transfer Providers

    Exchange Rates as of 20 September 2019, 21:00
    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

    More InfoLess Info

    Transparency and security | Great customer feedback rating from Feefo

    Moneycorp

    ?
    Est. 1979

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

    More InfoLess Info

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

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    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.