Author Topic: Transfer Money from Israel to US  (Read 11474 times)

Offline ExGingi

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Re: Transfer Money from Israel to US
« Reply #40 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).
« Last Edit: May 18, 2020, 07:25:09 PM by ExGingi »
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Offline shnozolla

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Re: Transfer Money from Israel to US
« Reply #41 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.

Offline Yo ssi

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Re: Transfer Money from Israel to US
« Reply #42 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!
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Offline jose34

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Re: Transfer Money from Israel to US
« Reply #43 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.

Offline Yo ssi

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Re: Transfer Money from Israel to US
« Reply #44 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.
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Offline vaksler

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Re: Transfer Money from Israel to US
« Reply #45 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

Offline ExGingi

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Re: Transfer Money from Israel to US
« Reply #46 on: June 28, 2020, 04:49:08 PM »
try www.vfexgs.com

Are you affiliated?

Any information you can share about this?
I've been waiting over 5 years with bated breath for someone to say that!
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Offline YED

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Re: Transfer Money from Israel to US
« Reply #47 on: June 30, 2020, 01:11:20 PM »
For ILS in Israel to USD in the U.S. use 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 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.

Offline jose34

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Re: Transfer Money from Israel to US
« Reply #48 on: July 04, 2020, 06:44:35 PM »
For ILS in Israel to USD in the U.S. use 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 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?

Offline ExGingi

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Re: Transfer Money from Israel to US
« Reply #49 on: July 27, 2020, 07:37:52 PM »
For ILS in Israel to USD in the U.S. use 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.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ExGingi

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Re: Transfer Money from Israel to US
« Reply #50 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.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline jose34

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Re: Transfer Money from Israel to US
« Reply #51 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.

Offline ExGingi

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Re: Transfer Money from Israel to US
« Reply #52 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:


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.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ExGingi

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Re: Transfer Money from Israel to US
« Reply #53 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.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline ExGingi

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Re: Transfer Money from Israel to US
« Reply #54 on: December 09, 2021, 12:29:11 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.

Many things have changed since then. Revolut now allows US based accounts. I opened a personal account and just used it yesterday to convert from USD to AUD and send to Australia. I was totally blown away. Exchange rate seemed similar to what I saw on Interactive Brokers (i.e. live market rate), loaded USD using a debit card - instantaneous, converted, sent, money was received in Australia and withdrawn to recipient's Australian checking account and showed up in their account that same day. All with no fees!

I wonder how this would work with ILS to/from Israel.

I also created a Revolut business account in order to receive payments from Europe. Unfortunately that isn't going as smoothly. (yet?)
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online AsherO

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Re: Transfer Money from Israel to US
« Reply #55 on: December 09, 2021, 01:28:44 PM »
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.

Does Wise post to Israeli accounts as a wire or as a domestic transfer?
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Offline jewdkoff

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Re: Transfer Money from Israel to US
« Reply #56 on: July 11, 2022, 04:50:37 PM »
I'm a little late to the party. What's the downside to international transfers being treated as domestic?

Also, I tried Wise. It has been a week and the recipient (USd->ILS) still hasn't gotten their money. I set up ACH in the US.

Offline Galitzyaner

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Re: Transfer Money from Israel to US
« Reply #57 on: August 15, 2022, 11:41:36 PM »
Many things have changed since then. Revolut now allows US based accounts. I opened a personal account and just used it yesterday to convert from USD to AUD and send to Australia. I was totally blown away. Exchange rate seemed similar to what I saw on Interactive Brokers (i.e. live market rate), loaded USD using a debit card - instantaneous, converted, sent, money was received in Australia and withdrawn to recipient's Australian checking account and showed up in their account that same day. All with no fees!

I wonder how this would work with ILS to/from Israel.

I also created a Revolut business account in order to receive payments from Europe. Unfortunately that isn't going as smoothly. (yet?)
Can you please elaborate on how this Revolut works?
From a quick look at their website, it looks like they're promoting bank accounts(?). I'm trying to understand how you use this company to transfer money to/from US & international bank accounts.

I'm trying to figure out a method how folks in Australia (and other countries) who get their salary deposited and paid in local currency to their local bank accounts, can maintain US credit cards.
I.e. need a way they can quickly transfer back and forth between their Australian bank account and American one, without fees that make the whole affair not worth it.

TIA!

Offline ExGingi

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Re: Transfer Money from Israel to US
« Reply #58 on: August 15, 2022, 11:49:12 PM »
Can you please elaborate on how this Revolut works?
From a quick look at their website, it looks like they're promoting bank accounts(?). I'm trying to understand how you use this company to transfer money to/from US & international bank accounts.

I'm trying to figure out a method how folks in Australia (and other countries) who get their salary deposited and paid in local currency to their local bank accounts, can maintain US credit cards.
I.e. need a way they can quickly transfer back and forth between their Australian bank account and American one, without fees that make the whole affair not worth it.

TIA!

Not sure if this would work efficiently for one person needing money both in the US and Australia. Their free account allows free currency conversions up to a certain limit at spot rates (IINM Australian accounts have higher limits for free conversion per 30 day rolling period). Transfers between Revolut personal accounts (person to person) are free. And transfers from one's Revolut account to their own local bank account are also free.

If one individual has a bank account in the US and a bank account in Australia, using Interactive Brokers might be the most cost efficient way, but they won't let you use an account for that purpose only. If you keep an investment account and actually trade, making conversions and withdrawals shouldn't be a problem.
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Re: Transfer Money from Israel to US
« Reply #59 on: August 16, 2022, 12:12:03 AM »
 Would Revolut work to transfer Cad to US for same person's accounts?