Sending Money to Your Kids in Israel

If your children are learning in Yeshiva or Seminary or living in Israel, what arrangements have you made to send them money when they (inevitably) need it? Outside Israel one instinctively relies on banks and ATMs, but in Israel this is a costly option for international currency transactions.

If your kids have a credit card or bank card to use during their year in Israel, what can they expect to pay? Withdrawing shekels cash from ATMs usually involves a $4 conversion fee, and some banks charge more. Not all cards work in all ATM machines, so they may find it hard to use their plastic to access cash.

A recent survey by Globes, Israel’s financial newspaper, found that the Postal Bank offers the lowest fees of all the banks, where the minimum commission fees range from $6-$10. The Post Office does not charge commission, but hides its fees in its lower exchange rate. They and the banks make their profit by choosing the most favorable exchange rate – click here for a full explanation of the cost of wiring money through Israeli banks – you may be shocked!

It is easier and cheaper to transfer money to Israel through a money changer like Montrose Change. Today money changers run sophisticated hi-tech offices and are regulated by the Israeli Ministry of Finance and compliant with all anti-money-laundering regulations. We operate on an equal footing with other financial institutions in Israel.

Arrange a transfer and we will give the money to your daughter or son in shekels cash, or pay it into theirs or a friend’s bank account. We have an office in Ramat Beit Shemesh and agents in Jerusalem. Click here to read some of our testimonials.

As American and Australian Olim to Israel with teenage children of our own, we understand the needs of families whose children are living thousands of miles away and trying to manage with foreign currency. We guarantee a personal service, especially in an emergency situation (G-d forbid!).

If you have an urgent need to send money to Israel, you can email or call us directly at info@montrosechange.com or at +972-765-406-563, from Australia on: 03-9013-6563, or from the U.S. at: 347-868- 6563.

About Sruli Benporath

Sruli manages Montrose’s Foreign exchange business, arranging personalized currency exchange, transfer services and payment solutions for corporate and individual clients. The company regularly does business in Australia, the U.S., the UK and Israel and can assist international businesses with operations in multiple countries, expatriates, people who are planning to relocate overseas and families supporting children overseas. Montrose Change is based in Ramat Beit Shemesh and also services clients in Jerusalem and the surrounding areas.
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