Why does the transfer method matter?
On a $50,000 transfer from USD to NIS, the difference between a bank wire and a specialist service like Wise can be $750-$1,500. On a $200,000 transfer - a common amount for olim buying an apartment - that difference can exceed $4,000. Choosing the right channel for each transfer is worth the 15 minutes it takes to compare.
Wise (Formerly TransferWise)
Wise is the most widely used transfer service among the olim community. It uses the mid-market exchange rate (the "real" rate you see on Google) and charges a transparent, low fee.
- Fee: Typically 0.4-0.7% of the transfer amount for USD/GBP to ILS. There is also a small fixed fee (around $3-7 for most transfers).
- Rate: Mid-market rate with no markup. This is the most important advantage - banks typically add a 1-3% spread on top of the mid-market rate.
- Speed: 1-2 business days for most USD-to-ILS transfers. Some are instant.
- Limits: Higher limits are available after identity verification. Transfers up to $1,000,000+ are possible with business accounts.
- Best for: Regular transfers of $1,000-$100,000. The cost advantage over banks is clearest in this range.
Revolut
Revolut is a digital bank / fintech that also supports currency exchange. Its model differs from Wise:
- Fee: Free currency exchange up to a monthly limit (£1,000/$1,000 equivalent on the free plan), then a 0.5% fee. Premium plans have higher free limits.
- Rate: Mid-market rate within the free limit. On weekends, a 1% markup applies (because FX markets are closed and Revolut hedges its exposure).
- Speed: Transfers to external bank accounts take 1-3 business days. Internal Revolut-to-Revolut transfers are instant.
- Best for: Regular smaller transfers up to the monthly free limit. Revolut is also excellent for day-to-day spending in multiple currencies - many olim use it for travel and cross-border purchases.
- Watch out: Do not convert on weekends if you can avoid it. The 1% weekend markup is real.
IsraTransfer and Specialist Providers
Several services specialize in USD/GBP/EUR-to-ILS transfers for the Israeli diaspora. These include IsraTransfer, Rewire, and a handful of Israeli-licensed money transfer businesses. They often offer rates competitive with Wise and have staff who speak Hebrew and understand the olim context.
- Rates: Variable - often competitive for large transfers (over $50,000) where negotiated rates are possible.
- Speed: Typically 1-3 business days.
- Best for: Very large transfers where a phone conversation with a specialist is worthwhile. Some will negotiate a fixed rate for a scheduled series of transfers.
Should you use a bank wire to send money to Israel?
A traditional international wire transfer from your home-country bank directly to your Israeli חשבון עובר ושב (Cheshbon Over VeShav) is the slowest and most expensive option in most cases:
- Fee: Typically $25-$50 for the outgoing wire at your US bank, plus the receiving bank's incoming wire fee in Israel (usually 30-80 NIS). The biggest cost is the exchange rate spread - banks typically apply a 1-3% markup on top of the mid-market rate.
- Speed: 3-5 business days, sometimes longer.
- Best for: One-time large transfers where you need a full paper trail for a mortgage or attorney. Some Israeli lawyers and real estate transactions require a direct bank wire for compliance purposes. In these cases, use the bank wire and accept the cost as part of the transaction.
The Total עמלה (Amlah) on a $50,000 Transfer: Quick Comparison
At approximate current rates for a $50,000 USD-to-ILS transfer:
- Wise: ~$200-$350 total cost (fee + spread)
- Revolut (within free limit): ~$0-$50 (within monthly limit)
- IsraTransfer / specialist: ~$150-$400 (rate-dependent)
- Bank wire: ~$600-$1,600 (fee + spread)
These are approximate figures and vary with exchange rates and specific fee structures. Always check the current rate on each platform for your specific amount before transferring.
Setting Up Before You Leave
Create and verify your Wise and Revolut accounts before aliyah, using your home-country address and ID. KYC (Know Your Customer) verification is easier when you are still a resident of the country where the account is based. Once you have an Israeli address, some platforms may require re-verification with updated documents.
Link your home-country bank account as the funding source. Send a small test transfer to your Israeli bank account before you move, so you know the full flow works before you need to send a large amount under pressure.
Also set up your Israeli bank's incoming wire details (IBAN or SWIFT code, account number, branch code) in a document you can easily access. You will need these every time you send a transfer, and looking them up from the Israeli banking app when your Hebrew is limited adds unnecessary friction.
For moving money from your home country to Israel, the channel you choose matters: on a $50,000 USD-to-ILS transfer the gap between a bank wire and a specialist service like Wise can be $750-$1,500, and on a $200,000 apartment-purchase transfer it can exceed $4,000. Wise is the most widely used option among olim, using the mid-market exchange rate with a fee of about 0.4-0.7% plus a small fixed fee, and settles in 1-2 business days. Revolut offers free currency exchange up to a monthly limit (£1,000/$1,000 on the free plan) then 0.5%, but adds a 1% markup on weekends, so it suits regular smaller transfers. Specialist providers like IsraTransfer and Rewire can match or beat Wise on very large transfers (over $50,000) where rates are negotiable and Hebrew-speaking staff help. Bank wires are the slowest (3-5 business days) and most expensive (a 1-3% exchange-rate spread plus fixed fees), so reserve them for one-time large transfers where a mortgage, attorney, or real estate compliance requires a direct bank wire. Set up and verify your Wise and Revolut accounts before aliyah while you are still a home-country resident, and send a small test transfer before you need to move a large amount.
There is no single best service for every situation; the right choice depends on the amount and frequency. Wise is the most widely used transfer service among the olim community because it uses the mid-market exchange rate with a transparent fee of about 0.4-0.7% (plus a small fixed fee of around $3-7), and it is clearest in value for regular transfers of $1,000-$100,000. Revolut suits regular smaller transfers within its monthly free limit. Specialist providers like IsraTransfer and Rewire can be competitive on very large transfers over $50,000 where rates are negotiable. Bank wires are best reserved for one-time large transfers that require a direct bank wire for a mortgage, attorney, or real estate compliance.
On a $50,000 USD-to-ILS transfer, the difference between a bank wire and a specialist service like Wise can be $750-$1,500. On a $200,000 transfer, a common amount for olim buying an apartment, that difference can exceed $4,000. The main reason is the exchange rate: Wise uses the mid-market rate with no markup, while banks typically add a 1-3% spread on top of the mid-market rate. As an approximate comparison on a $50,000 transfer, Wise costs around $200-$350 total (fee plus spread), while a bank wire costs around $600-$1,600.
Revolut offers free currency exchange up to a monthly limit (£1,000/$1,000 equivalent on the free plan), then a 0.5% fee, at the mid-market rate within that limit. On weekends, a 1% markup applies because the FX markets are closed and Revolut hedges its exposure. The article's guidance is to avoid converting on weekends if you can, because the 1% weekend markup is real. Internal Revolut-to-Revolut transfers are instant, while transfers to external bank accounts take 1-3 business days.
A traditional international wire from your home-country bank directly to your Israeli checking account (Cheshbon Over VeShav) is the slowest and most expensive option in most cases. It typically costs $25-$50 for the outgoing wire at your US bank plus the receiving bank's incoming wire fee in Israel (usually 30-80 NIS), and the biggest cost is the 1-3% exchange-rate markup. It takes 3-5 business days, sometimes longer. Reserve bank wires for one-time large transfers where you need a full paper trail, since some Israeli lawyers and real estate transactions require a direct bank wire for compliance purposes. In those cases, use the bank wire and accept the cost as part of the transaction.
Some services offer forward contracts that lock in today's exchange rate for delivery up to 12 months out, which can be useful when you are buying an apartment and want certainty about the rate. More broadly, specialist providers such as IsraTransfer and Rewire focus on USD/GBP/EUR-to-ILS transfers for the Israeli diaspora and often have Hebrew-speaking staff who understand the olim context. Some will negotiate a fixed rate for a scheduled series of transfers, which is why a phone conversation with a specialist can be worthwhile for very large transfers.
Yes. The article advises creating and verifying your Wise and Revolut accounts before aliyah, using your home-country address and ID, because KYC (Know Your Customer) verification is easier while you are still a resident of the country where the account is based. Once you have an Israeli address, some platforms may require re-verification with updated documents. Link your home-country bank account as the funding source and send a small test transfer to your Israeli bank account before you move, so you know the full flow works before you need to send a large amount under pressure. Also keep your Israeli bank's incoming wire details (IBAN or SWIFT code, account number, branch code) in a document you can access easily.
Wise and Revolut are available in most Western countries and support most major currencies. Both are licensed in the US and fully functional for USD-to-ILS transfers, and both are UK-licensed, with Wise's GBP-to-ILS corridor particularly well-optimized. For very large GBP transfers such as mortgage proceeds or property sales, a dedicated currency broker like Moneycorp or TorFX sometimes offers better GBP/ILS rates for amounts over £100,000. For less common source currencies such as CAD, AUD, or ZAR, check that Wise supports direct conversion to ILS; if not, you may need USD or EUR as an intermediate currency.
