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« Last edited by BBPAPA on October 24, 2014, 10:06:21 AM »

Author Topic: ATM & Forex fees in Israel  (Read 32246 times)

Offline gozalim

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Re: ATM & Forex fees in Israel
« Reply #90 on: May 22, 2012, 04:48:20 PM »
I need to bring a lot of money to Israel .
i do not want to pay all the extra expenses to bring it here, and the possible tax issues.
I'll second AsherO's warning that anything done through the bank is ultimately recorded and visible to the tax authorities. not to advocate breaking the law but having it carried through in cash is probably safer. (you can also have friends carry up to the legal limit)

Offline AsherO

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Re: ATM & Forex fees in Israel
« Reply #91 on: May 22, 2012, 04:53:50 PM »
I'll second AsherO's warning that anything done through the bank is ultimately recorded and visible to the tax authorities. not to advocate breaking the law but having it carried through in cash is probably safer. (you can also have friends carry up to the legal limit)

I wasn't just saying they record it. They have regulations requiring them to file Suspicious Activity Reports, I'm not sure what qualified as suspicious, but this sure sounds like it might.
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Offline satturn

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Re: ATM & Forex fees in Israel
« Reply #92 on: May 23, 2012, 02:08:08 AM »
it might be suspicions, but its not illegal. Or is it?

Offline AJK

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Re: ATM & Forex fees in Israel
« Reply #93 on: May 23, 2012, 02:10:22 AM »
it might be suspicions, but its not illegal. Or is it?

If someone asked you the same question, what would your "spidey-sense" tell you?

I need to bring a lot of money to Israel .
i do not want to pay all the extra expenses to bring it here, and the possible tax issues.

2015: 116K bkd | 1.6M brnd | F: OZ,NH,AA,EK | J: UA,CA,TK,DL,TN,AF,VA | LIH,NRT,ROR,PEK,CNS,BOB,MEL,TLV & Pacific Hopper

Offline AsherO

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Re: ATM & Forex fees in Israel
« Reply #94 on: May 23, 2012, 02:10:28 AM »
it might be suspicions, but its not illegal. Or is it?

When you say possible tax issues, are you referring to US taxes or Israeli taxes? These withdrawals from your US account could result in a SAR (Suspicious Activity Report) filed with a government agency that shares info with the IRS.
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Offline gozalim

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Re: ATM & Forex fees in Israel
« Reply #95 on: May 23, 2012, 02:15:19 AM »
When you say possible tax issues, are you referring to US taxes or Israeli taxes? These withdrawals from your US account could result in a SAR (Suspicious Activity Report) filed with a government agency that shares info with the IRS.
and the ATM owner would have no way of knowing that the withdrawals are from 1 person?
because that's where my 'spidey-sense' tells me the brunt of the taxes would be. IF that's true and the US banks don't have to notify ATM owners/Israeli authorities total withdrawals, then this Idea might be safer than carrying cash through customs.
« Last Edit: May 23, 2012, 02:20:03 AM by gozalim »

Offline AsherO

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Re: ATM & Forex fees in Israel
« Reply #96 on: May 23, 2012, 02:24:41 AM »
and the ATM owner would have no way of knowing that the withdrawals are from 1 person?
because that's where my 'spidey-sense' tells me the brunt of the taxes would be. IF that's true and the US banks don't have to notify ATM owners/Israeli authorities total withdrawals, then this Idea might be safer than carrying cash through customs.

If it's about Israeli taxes, I don't think he has anything to worry about, but don't come crying to me if I'm wrong about that.
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Offline AJK

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Re: ATM & Forex fees in Israel
« Reply #97 on: May 23, 2012, 02:26:35 AM »
I'm confused, are we talking about whether it's illegal or if he'll get caught?

Two very different inquiries, but it seems OP was asking about the former.
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Offline AsherO

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Re: ATM & Forex fees in Israel
« Reply #98 on: May 23, 2012, 02:29:55 AM »
I'm confused, are we talking about whether it's illegal or if he'll get caught?

Two very different inquiries, but it seems OP was asking about the former.

He kinda switched his question in the middle, if you're asking me.
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Offline AJK

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Re: ATM & Forex fees in Israel
« Reply #99 on: May 23, 2012, 02:32:38 AM »
He kinda switched his question in the middle, if you're asking me.

Then perhaps he will clarify, because one can do a lotta things without getting caught, despite their illegality.
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Offline satturn

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Re: ATM & Forex fees in Israel
« Reply #100 on: May 29, 2012, 02:56:08 PM »
i am not doing anything illegal, so i really don't care if they look, all this money is reported and taxed. I was more worried about israel taxes, i heard they scrutinize large incoming transfers, and i am not interested in getting them involved. i had many bad issues with Israeli institutions taking money from me.
Also to bring this amount in a lump sum would entail sub par exchange rates plus fees.

Offline smiley face

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Re: ATM & Forex fees in Israel
« Reply #101 on: May 29, 2012, 05:01:48 PM »
What cc can I use in Israel without paying any fees?

Offline shmuelb

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Re: ATM & Forex fees in Israel
« Reply #102 on: May 29, 2012, 05:23:39 PM »
What cc can I use in Israel without paying any fees?

If you mean foreign transaction/exchange fees, you can use Amex Plat or Barclay's Harvard Alumni.
siyag lachachma :-)

Offline Saver2000

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Re: ATM & Forex fees in Israel
« Reply #103 on: May 29, 2012, 05:53:23 PM »
What cc can I use in Israel without paying any fees?
If you mean foreign transaction/exchange fees, you can use Amex Plat or Barclay's Harvard Alumni.

Also
Chase sp
New IB

Offline Jkhein

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Re: ATM & Forex fees in Israel
« Reply #104 on: May 29, 2012, 06:05:08 PM »

Also Chase BA, hyatt, marriot premiere. Actually, best results would probably by doing a search in the forums.