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Home > Money Transfers > Transfer Money to Israel: Cheapest Ways to Transfer Money Online in 2022

Transfer Money to Israel: Cheapest Ways to Transfer Money Online in 2022

    by William Plotnick
Updated August 22, 2022

Are you looking for the best way to transfer money to Israel? Sending money to Israel is a breeze but there are a few things you should look out for. We’ve noticed that there are a lot of money transfer services that do a great job but charge very high fees.

In this guide, you’re going to find the fastest cheapest ways to transfer money to Israel. We research the web for hours and ended up with a guide of the best services to send money internationally. Whether you need to send money to a loved one in Israel or you’re just curious, here you’ll find the best money transfer services

Top Money Transfer Companies
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FinancePond Rating
4.6/5
  • Transfer Money Abroad in 3 Easy Steps
  • Bank Beating Exchange Rates
  • Same Day Money Transfer
Transfer Now →on XE's website
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FinancePond Rating
4.3/5
  • 3 Free Money Transfers
  • Quick & International Transfers
  • Easy to Use Interface
Transfer Now →on WorldRemit's website
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FinancePond Rating
4.2/5
  • 4.5 out of 5 stars on Trustpilot
  • Guaranteed delivery
  • 3-5 days Money Delivery
Transfer Now →on Remitly's website

Best Ways to Send Money to Israel

  1. Best Exchange Rate- XE
  2. Zero Flat Fee- OFX
  3. Best For Sending Large Amounts- TransferWise
  4. Trusted Brand-Xoom-PayPal Service

There are dozens of online money transfer specialists that can help you transfer money to Israel. Out of the many money transfer companies that we analyzed, these 4 specialists made the cut.

If you want to use a fast, affordable, safe money transfer service, you’ll love our results.

Let’s dive in!

#1|XE

XE is a Canadian foreign exchange company, one of the most trusted in the industry. XE doesn’t have a minimum amount nor do they don’t charge fixed fees. They are a great choice for any transaction.

How Much Does it Cost to Transfer Money to Israel?

Transfer Fee: They do not have transfer fees, but there are hidden fees.

Exchange Rate: XE determines their exchange rate by the amount of money you decide to transfer.

Minimum Amount: 1 USD.

How Long Does The Money Transfer Take?

Transfers usually take between 1-4 Business days. 

Is XE Safe?

Yes, XE is an authorized Electronic Money Institution regulated by the FinCEN and licensed as Money Transmitters by DFS.

How to Transfer Money With XE?

  1. Create a free account online or over the phone.
  2. Plugin amount and recipient’s details.
  3. Pay XE and they will transfer your money to Israel.

Standout Features

  • Business and individual support
  • Trusted and well-known brand
  • Great cell phone application
  • No fees or minimum amounts

#2|OFX

OFX has an outstanding track record being one of the older companies in the industry. OFX is a great option for online users who care about quality customer service.

How Much Does it Cost to Transfer Money to Israel?

Transfer Fee: OFX no longer charges flat international transfer fees.

Exchange Rate: OFX add a small margin to the market rate when transferring USD from the U.S for Israel for NIS.

Additional Fees: Occasionally third party banks deduct a fee from the transfer before paying the recipient. This is not connected to OFX, but rather the bank of the recipient.

Minimum Amount: 1,000 USD.

How Long Does The Money Transfer Take?

Transfers usually take between 1-2 Business days. 

Is TransferWire Safe?

Yes, OFX is an authorized Electronic Money Institution regulated by the FinCEN.

How to Transfer Money With OFX?

  1. Create a free account with OFX.
  2. Enter the recipient’s bank and personal details.
  3. Pay the amount to OFX and let them transfer your money to Israel.

Standout Features

  • Quick setup
  • Good exchange rates and easy to use platform
  • Cell phone application
  • Fast transactions

#3|TransferWise

TransferWise is a British exchange company. TransferWise is an easy to use online exchange company that offers great service. The company supports more than 750 currency routes across the globe!

How Much Does it Cost to Transfer Money to Israel?

Transfer Fee: TransferWise charges 2 fees: a fee according to the payment method you choose and a fee for the money transfer service.

  • Payment Method- 4.61 USD
  • Transfer Fee- 0.7% of the transfer amount

Exchange Rate: TransferWise use a live rate from Reuters. They do not take margins from the exchange rate.

Additional Fees: Depending on the payment method, fees fluctuate. Bank debit (ACH) is the least expensive, then a wire transfer followed by a credit card or debit card.

Minimum Amount: 1 USD.

How Long Does The Money Transfer Take?

Transfers usually take between 1-2 Business days. 

Is TransferWire Safe?

Yes, TransferWise is an authorized Electronic Money Institution regulated by the FinCEN.

How to Transfer Money With TransferWise?

  1. Create an account online and log in.
  2. Input amount you wish to transfer and enter the recipient’s information.
  3. Make payment to TransferWise and they take care of the rest!

Standout Features

  • Easy online setup
  • Transparent fees
  • Best exchange rate
  • Great 24/7 service

#4|Xoom-PayPal Service

Xoom is a money transfer service powered by PayPal.They offer fast easy and secure ways to send money internationally.

How Much Does it Cost to Transfer Money to Israel?

Transfer Fee: The transaction fees depend on the amount you wish you transfer. Paying Xoom via bank transfer is free while paying by credit card is percentage-based.

Exchange Rate: Xoom adds a small margin to the mid-market exchange rate.

Additional Fees: Occasionally there are hidden fees. If your unsure get a quote with Xoom.

Minimum Amount: 10 USD.

How Long Does The Money Transfer Take?

Transfers usually take between 1-2 Business days. 

Is Xoom Safe?

Yes, Xoom is a money transfer service power by PayPal. PayPal is a recognized online payment platform.

How to Transfer Money With Xoom?

  1. Create a free account with Xoom (or PayPal if you have an existing one).
  2. Choose the transfer amount and plugin the recipient’s details.
  3. Send Xoom the transfer and they will send the money to the recipient in Israel.

Standout Features

  • Easy to use mobile app
  • Trusted company
  • Great customer service
  • Send regular status updates

Banks vs Money Transfer Services

Sending money to the other side of the world isn’t as difficult as it may sound. Thanks to serious technological advancement, sending money internationally is easy and painless.

Most U.S banks can perform money transfers to Israel, but that doesn’t mean that it’s inexpensive. Generally speaking, banks charge high fees and are overall more expensive than money transfer services.

You can usually get a much better deal sending money internationally by using money transfer specialists. Banks offer countless financial services whereas money transfer specialists specialize in money transfers.

Money transfer specialists offer low fees, better exchange rates, and a quicker transfer compared to banks. Bottom line is that money transfer specialists are usually cheaper and faster than banks.

What is a Foreign Exchange Rate?

Are you wondering how many Shekels go into the dollar? Maybe how many Shekels go into the Euro.

The foreign exchange rate decides exactly that. The foreign exchange rate is the compared value between two currencies. In other words, the exchange rate is the “amount” you can exchange one currency for the next.

The exchange rate is important, especially when you need to change or transfer money. Simply put, the foreign exchange rate tells us how much foreign currency you can get with your currency (or vice-versa). For example, the exchange rate defines how many New Israeli Shekels you can get for one US dollar.

Bottom Line

There are plenty of ways to send money to Israel. The services we shared above are cheap, fast and secure. Any one of them will do the job right!

Make sure you compare exchange rates and fees. Looking into your options can save you time, money and a big headache in the future.

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