Author Topic: Best way to transfer money to a kid in Israel without sending cash? Ideas?  (Read 8153 times)

Offline davidd75

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schwab refunds other atm fees

so do some TD accounts

Offline Sam 77

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schwab refunds other atm fees
I think sofi also does.

Offline davidd75

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #62 on: December 01, 2022, 03:15:57 PM »
So I guess Schwabb account is the best option still for accessing money in Israel from a us account as there are no atm fees etc... however thats if you are in Israel with your atm card

what about if you are tranferring money from us account  to Israeli account  online any free options?

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #63 on: December 01, 2022, 06:54:47 PM »
So I guess Schwabb account is the best option still for accessing money in Israel from a us account as there are no atm fees etc... however thats if you are in Israel with your atm card

what about if you are tranferring money from us account  to Israeli account  online any free options?

If you have an Interactive Brokers account they allow one free withdrawal per month, and you can set it up with your US account and with your Israeli account (they are restrictive in allowing transfers to others, they will allow immediate family members, but it will require approval). Don't try to use the account only for currency conversion and transfers, or the account will be restricted or closed. If you actually make trades with them, you should be OK.
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Offline davidd75

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #64 on: December 04, 2022, 01:46:25 PM »
If you have an Interactive Brokers account they allow one free withdrawal per month, and you can set it up with your US account and with your Israeli account (they are restrictive in allowing transfers to others, they will allow immediate family members, but it will require approval). Don't try to use the account only for currency conversion and transfers, or the account will be restricted or closed. If you actually make trades with them, you should be OK.

hmm interesting option thanks but we dont dabble with trades so much!
but wanted to know the best way to transfer online money from US account to Israel online without the need of trade activity/trade account etc...

Offline davidd75

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #65 on: December 05, 2022, 09:40:51 AM »
hmm interesting option thanks but we dont dabble with trades so much!
but wanted to know the best way to transfer online money from US account to Israel online without the need of trade activity/trade account etc...

do people just search for best currency converter online companies that transfer to Israel?

Offline mevinyavin

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #66 on: December 05, 2022, 11:05:57 AM »
do people just search for best currency converter online companies that transfer to Israel?
I hope not...
The people I know use one of the banks that allow free ATM withdrawal even from foreign banks. They then find a bank that allows withdrawal in dollars (I know there is one off Kikar Shabbos but don't remember - so everyone feel free to chime in), and simply do that with no net cost. This does require the person in EY to have a card.
I had one Rabbi who had people Quikpaying him and then borrowing his card. Eventually they shut down his account (natch) for money laundering. But for one person's use it should be fine.
Anyone can be more helpful with this? I don't have any details.
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Offline davidd75

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #67 on: December 05, 2022, 12:52:40 PM »
I hope not...
The people I know use one of the banks that allow free ATM withdrawal even from foreign banks. They then find a bank that allows withdrawal in dollars (I know there is one off Kikar Shabbos but don't remember - so everyone feel free to chime in), and simply do that with no net cost. This does require the person in EY to have a card.
I had one Rabbi who had people Quikpaying him and then borrowing his card. Eventually they shut down his account (natch) for money laundering. But for one person's use it should be fine.
Anyone can be more helpful with this? I don't have any details.

Please read up thread the options for ATM w/d from US bank account have been discussed extensively; however I am inquiring about transferring funds electronically from US account to Israel account?

By the way I thought most people w/d in shekels when using free atm w/d option?  Even if you w/d us dollars you have to eventually convert into shekels no?

Offline yshad

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #68 on: December 05, 2022, 01:32:03 PM »
I hope not...
The people I know use one of the banks that allow free ATM withdrawal even from foreign banks. They then find a bank that allows withdrawal in dollars (I know there is one off Kikar Shabbos but don't remember - so everyone feel free to chime in), and simply do that with no net cost. This does require the person in EY to have a card.
I had one Rabbi who had people Quikpaying him and then borrowing his card. Eventually they shut down his account (natch) for money laundering. But for one person's use it should be fine.
Anyone can be more helpful with this? I don't have any details.
IINM, you mean Leumi, but they have not had that option for at least a couple of years now.

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #69 on: December 05, 2022, 01:32:38 PM »
Please read up thread the options for ATM w/d from US bank account have been discussed extensively; however I am inquiring about transferring funds electronically from US account to Israel account?

By the way I thought most people w/d in shekels when using free atm w/d option?  Even if you w/d us dollars you have to eventually convert into shekels no?

Have you tried Revolut? I'm not sure if they allow accounts in Israel, but in places that they do, it can be used for a very low or no cost. Currency conversion is at live market rates, transfers between Revolut members is free, withdrawals up to a certain amount per 30 day rolling period (or per month) are free (with the free version).
I've been waiting over 5 years with bated breath for someone to say that!
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Offline davidd75

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #70 on: December 05, 2022, 02:19:43 PM »
Have you tried Revolut? I'm not sure if they allow accounts in Israel, but in places that they do, it can be used for a very low or no cost. Currency conversion is at live market rates, transfers between Revolut members is free, withdrawals up to a certain amount per 30 day rolling period (or per month) are free (with the free version).

Thanks!

I see Israel on the list!
Have you used them is it truly free with free version that would be amazing?
I imagine you can transfer between your own accounts? or is it only to another recipient(which I guess does not matter so much if you have a relative in Israel with Israel account...

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #71 on: December 05, 2022, 02:23:06 PM »
Thanks!

I see Israel on the list!
Have you used them is it truly free with free version that would be amazing?
I imagine you can transfer between your own accounts? or is it only to another recipient(which I guess does not matter so much if you have a relative in Israel with Israel account...

I've used the free account to transfer to a relative in Australia. I don't know that one can set up their own US and Israeli account tied to a single Revolut account.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline davidd75

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #72 on: December 05, 2022, 04:49:28 PM »
I've used the free account to transfer to a relative in Australia. I don't know that one can set up their own US and Israeli account tied to a single Revolut account.

cool thanks looks like a truly free way to transfer funds with no conversion or other fees!

is this the only app/company you know of like this that is truly no costs?