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DansDeals Forum => General Discussion => Topic started by: TAVI on June 19, 2017, 05:01:47 AM

Title: Transfer Money from Israel to US
Post by: TAVI on June 19, 2017, 05:01:47 AM
Was wondering if people have experience transferring large funds (over $10K) from Isreal to the US, and what the best way of doing so?
Title: Re: Transfer Money from Israel to US
Post by: rollingstone on June 19, 2017, 05:29:14 AM
Send with a few people flying.
Title: Re: Transfer Money from Israel to US
Post by: bitbythedog on June 19, 2017, 06:20:49 AM
Pm me
Title: Re: Transfer Money from Israel to US
Post by: Z56 on June 19, 2017, 06:54:06 AM
Ask around if anyone wants cash here in Israel, and they should transfer money into your account
Title: Re: Transfer Money from Israel to US
Post by: emjee on June 19, 2017, 12:36:50 PM
+1 many people will do it .
Title: Re: Transfer Money from Israel to US
Post by: TAVI on June 19, 2017, 01:07:46 PM
Thanks for the comments. it was late when i posted, and didnt realize i dropped a zero, it was supposed to read over $100K. so bringing in cash is not an option.

looking for the best way to legally transfer funds. i.e. which bank converts to USD at a favorable rate and charges least fees for conversion / transfer.
also, which bank is the least headache to deal with logistically, especially with the recent FATCA requirements.

Thanks in advance, and sorry i wasnt very detailed in my original post.
Title: Re: Transfer Money from Israel to US
Post by: Alexsei on June 19, 2017, 01:12:23 PM
WorldFirst?
Title: Re: Transfer Money from Israel to US
Post by: TAVI on June 19, 2017, 01:21:05 PM
WorldFirst?

Do they have presence in Israel?
Title: Re: Transfer Money from Israel to US
Post by: Makariz on June 20, 2017, 08:44:32 AM
Just use Bank wire transfer (SWIFT). Some banks charge for such transfer no more than $20 (up to 3 business days).
Title: Re: Transfer Money from Israel to US
Post by: TAVI on June 20, 2017, 11:11:59 AM
Thanks, but the issue i'm encountering is not the wire transfer fee, but rather the fees charged to convert to USD. it seems they charge a %fee on top of the spread.

also, lots of red tape logistically to do the wire transfer, and they won't allow a transfer to someone else's account, which seems odd.
Title: Re: Transfer Money from Israel to US
Post by: hachover on June 20, 2017, 12:25:19 PM
If you're dealing with that much money wouldn't a forex trading account be worthwhile? Simply buy USD and then withdraw to a US bank.
Title: Re: Transfer Money from Israel to US
Post by: satturn on June 22, 2017, 10:48:45 PM
forexisrael, all these can be used for significant discounts- and you can bargain
Title: Re: Transfer Money from Israel to US
Post by: User6669 on June 23, 2017, 12:00:09 AM
Pm me

What's going on with your signature?  ;)
Title: Re: Transfer Money from Israel to US
Post by: Alexsei on June 28, 2017, 10:47:57 AM
This is only for the other way around for now but can be useful for many
(https://i.imgur.com/eEmSeGi.png)
Title: Re: Transfer Money from Israel to US
Post by: ADG on June 28, 2017, 11:58:19 AM
If you have USD-why do the funds need to be exchanged at all. Deposit USD withdraw USD.

Title: Re: Transfer Money from Israel to US
Post by: avrohomgelb on December 31, 2019, 11:51:02 AM
Looking to give someone 2,000-3,000 shekel in exchange for a paypal, chasepay, or zelle transfer. Any ideas?
Title: Re: Transfer Money from Israel to US
Post by: jmz on December 31, 2019, 11:53:43 AM
Looking to give someone 2,000-3,000 shekel in exchange for a paypal, chasepay, or zelle transfer. Any ideas?
What area are you in?
I have someone in Jerusalem if you want. Pm for details.
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 17, 2020, 12:26:17 AM
Does anyone have updated or recent information about this? Looking at a rather large transfer and would like to do it in the most cost efficient way.
Title: Re: Transfer Money from Israel to US
Post by: a good yeshiva bachur on May 17, 2020, 01:36:38 AM
If your looking to send money from Israel to US you can PM me I know someone in Jerusalem...
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 17, 2020, 08:39:28 AM
Just to clarify, not looking to send cash (as in physical currency). Will need a significant amount legally converted and sent.
Title: Re: Transfer Money from Israel to US
Post by: Ergel on May 17, 2020, 04:07:42 PM
Just to clarify, not looking to send cash (as in physical currency). Will need a significant amount legally converted and sent.
Transferwise...spoke to local money changers on the ground here, and when I mention Transferwise, they say they can't compete
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 17, 2020, 04:25:14 PM
Transferwise...spoke to local money changers on the ground here, and when I mention Transferwise, they say they can't compete

I'm on Transferwise.com website now, and don't really see an option to convert ILS to USD sending from Israel to the US. Maybe because I'm using a US based account? Would I need to set up an account with Transferwise in Israel?
Title: Re: Transfer Money from Israel to US
Post by: Ergel on May 17, 2020, 04:27:01 PM
I'm on Transferwise.com website now, and don't really see an option to convert ILS to USD sending from Israel to the US. Maybe because I'm using a US based account? Would I need to set up an account with Transferwise in Israel?
Hmm....seems like you are correct. Never noticed that before

Quote
We can't send money between these currencies
We're working on it. Sign up to get notified, and we’ll let you know as soon as we can.
Title: Re: Transfer Money from Israel to US
Post by: Ergel on May 17, 2020, 04:27:24 PM
Then try Xoom, though they may be a pain to get your account verified
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 17, 2020, 04:31:27 PM
Then try Xoom, though they may be a pain to get your account verified

Would that be more cost effective than Israeli banks?

ETA: using a VPN with an Israeli server, just in case that was the issue, but I still can't see an option to send ILS to USD on xoom.com
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 17, 2020, 04:39:56 PM
Does anyone have any experience with https://www.covercy.com/transfer-funds ?
Title: Re: Transfer Money from Israel to US
Post by: Ergel on May 17, 2020, 04:42:34 PM
Would that be more cost effective than Israeli banks?

ETA: using a VPN with an Israeli server, just in case that was the issue, but I still can't see an option to send ILS to USD on xoom.com
Yuck. Seems like all these services don't offer ILS to USD. Sorry :(
Try World First, there website allows to enter ILS to USD after logging in. The rate the website quotes is 1 ILS = 0.280222 USD
I'm pretty sure that will beat any bank
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 17, 2020, 04:44:23 PM
I'm reading somewhere a suggestion to open up an Israeli IB account than do the conversion there.

Does anyone have experience with this? Would it work if I opened up a US IB account and had ILS transferred into it? Or would the person transferring to me from Israel need to open an IB account?
Title: Re: Transfer Money from Israel to US
Post by: m65 on May 17, 2020, 05:50:52 PM
I'm reading somewhere a suggestion to open up an Israeli IB account than do the conversion there.

Does anyone have experience with this? Would it work if I opened up a US IB account and had ILS transferred into it? Or would the person transferring to me from Israel need to open an IB account?
dont know any specific info about this option, but i do know that the israeli banks eat u alive on the conversion rates, no difference which direction u r sending. from more than 1 experience.
Title: Re: Transfer Money from Israel to US
Post by: israshot on May 18, 2020, 05:56:01 PM
I'm on Transferwise.com website now, and don't really see an option to convert ILS to USD sending from Israel to the US. Maybe because I'm using a US based account? Would I need to set up an account with Transferwise in Israel?

If you look on their website (https://transferwise.com/us/currency-converter/ils-to-usd-rate), that's what they write for ILS-USD:
Quote
We can't send money between these currencies
We're working on it. Sign up to get notified, and we’ll let you know as soon as we can.

I personally use Revolut (https://www.revolut.com/en-US) to send money to EUR,ILS,CAD,USD and the fees are ridiculously low.
Title: Re: Transfer Money from Israel to US
Post by: Ergel on May 18, 2020, 06:00:50 PM
If you look on their website (https://transferwise.com/us/currency-converter/ils-to-usd-rate), that's what they write for ILS-USD:
I personally use Revolut (https://www.revolut.com/en-US) to send money to EUR,ILS,CAD,USD and the fees are ridiculously low.
Can you see what it would cost to transfer 15K CAD to ILS? Want to compare to what I'm currently paying
Title: Re: Transfer Money from Israel to US
Post by: israshot on May 18, 2020, 06:03:01 PM
Can you see what it would cost to transfer 15K CAD to ILS? Want to compare to what I'm currently paying
.
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 18, 2020, 06:07:23 PM
I personally use Revolut (https://www.revolut.com/en-US) to send money to EUR,ILS,CAD,USD and the fees are ridiculously low.

Looks like Revolut won't work for my purposes:

(https://i.imgur.com/KiY6tfx.png)
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 18, 2020, 06:08:42 PM
Can you see what it would cost to transfer 15K CAD to ILS? Want to compare to what I'm currently paying

Their free plan allows for transfers up to US$6,500/month. I would guess that you either pay a fee for larger transfers or have to enroll in their premiums service (assuming it's available).
Title: Re: Transfer Money from Israel to US
Post by: israshot on May 18, 2020, 06:10:19 PM
Looks like Revolut won't work for my purposes:

(https://i.imgur.com/KiY6tfx.png)
My bad. I thought they are allowing already US accounts.
I personally opened it while in Europe and now I can use it across all my accounts in different countries.
Title: Re: Transfer Money from Israel to US
Post by: israshot on May 18, 2020, 06:11:52 PM
Their free plan allows for transfers up to US$6,500/month. I would guess that you either pay a fee for larger transfers or have to enroll in their premiums service (assuming it's available).
Yes, they have a premium service about $10/m.
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 18, 2020, 06:30:50 PM
My bad. I thought they are allowing already US accounts.
I personally opened it while in Europe and now I can use it across all my accounts in different countries.

They are allowing US accounts. But my need right now is for an Israeli account, to transfer funds from there to the US.
Title: Re: Transfer Money from Israel to US
Post by: Ergel on May 18, 2020, 06:31:26 PM
.
They beat Transferwise by a few hundred shekels.
Too bad I can't sign up
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 18, 2020, 06:38:36 PM
They beat Transferwise by a few hundred shekels.
Too bad I can't sign up

Is sender and receiver one and the same person in your case? If so, will Covercy or InteractiveBrokers work for you?
Title: Re: Transfer Money from Israel to US
Post by: Ergel on May 18, 2020, 07:08:51 PM
Is sender and receiver one and the same person in your case? If so, will Covercy or InteractiveBrokers work for you?
Yes
Don't know what those are
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on May 18, 2020, 07:13:39 PM
Yes
Don't know what those are

https://www.covercy.com/pricing

Interactive Brokers lets you buy and sell currencies at the live market. You might need to open an account in Israel using Inter-il.com in order to transfer funds into Israeli bank accounts (I'm not sure of that part).
Title: Re: Transfer Money from Israel to US
Post by: shnozolla on June 23, 2020, 02:23:08 PM
I want to send a transfer from a bank in Europe to the US (from EUR to USD) what is the best way?

My two options:
1) Using the banks directly, Bank in Europe -> Bank of America (using wire xfer)
2) Using TransferWise.

I have a feeling I will be ripped off using method 1 since bofa doesn't publish their exchange rates and i'll only find out how much i'll receive once it's done.
With TransferWise i'll get an upfront cost and it happens to be one of the lowest in the industry, it's just a bit indirect.

Anyone have experience with Foreign currency incoming wire transfers?

Thanks.
Title: Re: Transfer Money from Israel to US
Post by: Yo ssi on June 23, 2020, 02:24:07 PM
I want to send a transfer from a bank in Europe to the US (from EUR to USD) what is the best way?

My two options:
1) Using the banks directly, Bank in Europe -> Bank of America (using wire xfer)
2) Using TransferWise.

I have a feeling I will be ripped off using method 1 since bofa doesn't publish their exchange rates and i'll only find out how much i'll receive once it's done.
With TransferWise i'll get an upfront cost and it happens to be one of the lowest in the industry, it's just a bit indirect.

Anyone have experience with Foreign currency incoming wire transfers?

Thanks.
TransferWise is the way to go!
Title: Re: Transfer Money from Israel to US
Post by: jose34 on June 23, 2020, 02:26:27 PM
You can transfer money from Israel to the US with Transferwise. Website is only showing US to Israel.
Title: Re: Transfer Money from Israel to US
Post by: Yo ssi on June 23, 2020, 02:51:24 PM
You can transfer money from Israel to the US with Transferwise. Website is only showing US to Israel.
Correct, they don't do from Israel only to Israel.
Title: Re: Transfer Money from Israel to US
Post by: vaksler on June 28, 2020, 04:43:15 PM
I want to send a transfer from a bank in Europe to the US (from EUR to USD) what is the best way?

My two options:
1) Using the banks directly, Bank in Europe -> Bank of America (using wire xfer)
2) Using TransferWise.

I have a feeling I will be ripped off using method 1 since bofa doesn't publish their exchange rates and i'll only find out how much i'll receive once it's done.
With TransferWise i'll get an upfront cost and it happens to be one of the lowest in the industry, it's just a bit indirect.

Anyone have experience with Foreign currency incoming wire transfers?

Thanks.
try www.vfexgs.com
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on June 28, 2020, 04:49:08 PM
try www.vfexgs.com

Are you affiliated?

Any information you can share about this?
Title: Re: Transfer Money from Israel to US
Post by: YED on June 30, 2020, 01:11:20 PM
For ILS in Israel to USD in the U.S. use http://www.clearshiftinc.com/ (http://www.clearshiftinc.com/) you'll surprise me if anyone can beat them!
For USD in Israel to uSD in the U.S. use euroGiro via Bank Hadoar https://www.israelpost.co.il/postshirut.nsf/MisparIDE/119?OpenDocument&L=EN (https://www.israelpost.co.il/postshirut.nsf/MisparIDE/119?OpenDocument&L=EN) if you can open a USD account with them, you'll save even more with them.

I am writing this conclusion after doing  quite a bit research, although it was a few years ago.
Title: Re: Transfer Money from Israel to US
Post by: jose34 on July 04, 2020, 06:44:35 PM
For ILS in Israel to USD in the U.S. use http://www.clearshiftinc.com/ (http://www.clearshiftinc.com/) you'll surprise me if anyone can beat them!
For USD in Israel to uSD in the U.S. use euroGiro via Bank Hadoar https://www.israelpost.co.il/postshirut.nsf/MisparIDE/119?OpenDocument&L=EN (https://www.israelpost.co.il/postshirut.nsf/MisparIDE/119?OpenDocument&L=EN) if you can open a USD account with them, you'll save even more with them.

I am writing this conclusion after doing  quite a bit research, although it was a few years ago.
Seems like an old website. Can anyone confirm the business is still around?
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on July 27, 2020, 07:37:52 PM
For ILS in Israel to USD in the U.S. use http://www.clearshiftinc.com/ (http://www.clearshiftinc.com/) you'll surprise me if anyone can beat them!

I am writing this conclusion after doing  quite a bit research, although it was a few years ago.

Have you (or anyone else here) used Clearshift? I don't see an option online to open an account.
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on July 29, 2020, 01:12:40 PM
I am actually currently trying out a few of the options mentioned (Clearshift, vgefxgs, IB) and will bez"h report back on experiences.
Title: Re: Transfer Money from Israel to US
Post by: jose34 on July 30, 2020, 06:07:35 PM
I am actually currently trying out a few of the options mentioned (Clearshift, vgefxgs, IB) and will bez"h report back on experiences.
Looking forward to a review.
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on August 06, 2020, 02:03:05 PM
Looking forward to a review.

Of obvious concern with any financial institution is FATCA, and proper documentation will need to be provided regarding tax residency. For larger transfers they might also ask for proof of source of funds.

I can't provide a full review yet, as my situation is a little complex, and I have only been able to open up an account with VFEX so far.

The other options (clearshift, interactive brokers) some hurdles I need to jump over due to the situation not being a straightforward individual account with a single signer on either end.

Clearshift doesn't have any option to enroll online. Though once you make contact with them online they respond pretty fast with documents to submit. Their stated conversion markup is 0.50% with a minimum of ILS180. Quite straightforward. On the phone they speak Hebrew and English (didn't try Yiddish).

VFEXGS is a huge advantage of working with a Heimishe middleman that you can talk to. Needed to provide documentation, but it was a pleasure working with a Heimishe middleman to get things done rather fast, and to understand the details. Phone conversations were primarily in Yiddish, though English is also an option. IDK about Hebrew.

The financial institution used by VFEX is located in London, so funds need to be wired there (in almost any currency) and are sent from there. They use a tiered rate structure as follows:
(https://i.imgur.com/X5bcGew.png)

While that is the general rate structure per transfer set by the bank, VFEX will allow you to get a fixed rate based on the amount you transfer into the account, so that future transfers are at the fixed rate, even if smaller transfers.

The one drawback I have with VFEX (I don't know if the others present the same problem or not) is that transfers from/to Israeli banks go via SWIFT, and the Israeli banks tend to charge quite high rates on outgoing and incoming SWIFT transfers. On a 50,000 ILS transfer I was charged a minimum charge of 81 ILS IINM, and on a transfer ten times that size I was charged the maximum of around 460 ILS. If any of the other options allow a domestic Israeli bank transfer, that would be a point in their favor, as the bank charge for those is under 1 ILS.
Title: Re: Transfer Money from Israel to US
Post by: ExGingi on August 25, 2020, 05:22:06 PM
Just want to add another thumbs up for VFEXGS.com. Excellent, attentive, and prompt service.

If only we could work out Israeli wires being treated as domestic transfers rather than international SWIFT transfers, there would be absolutely no reason to try anything else.