Author Topic: Best way to transfer money to a kid in Israel without sending cash? Ideas?  (Read 2314 times)

Offline crunch

  • Dansdeals Silver Elite
  • **
  • Join Date: Jun 2017
  • Posts: 63
  • Total likes: 8
  • DansDeals.com Hat Tips 0
    • View Profile
What's the best way to send money to a child in Israel? I don't want her to worry about large amounts of cash and sending with family and friends puts a burden on them.  Cash advances on credit cards are pricey.  Ditto with wire transfers.  We are looking at amounts totalling about $2000 a month.  Your advice would be appreciated.

Offline whacked1

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2012
  • Posts: 1709
  • Total likes: 19
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #1 on: September 17, 2018, 09:25:39 PM »
TD bank used to have very small fee to withdraw money in israel

not sure on current info though (i think its the same)

Offline TimT

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Dec 2013
  • Posts: 18369
  • Total likes: 1108
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #2 on: September 17, 2018, 09:27:05 PM »
What's the best way to send money to a child in Israel? I don't want her to worry about large amounts of cash and sending with family and friends puts a burden on them.  Cash advances on credit cards are pricey.  Ditto with wire transfers.  We are looking at amounts totalling about $2000 a month.  Your advice would be appreciated.
https://forums.dansdeals.com/index.php?topic=19042.0

Offline crunch

  • Dansdeals Silver Elite
  • **
  • Join Date: Jun 2017
  • Posts: 63
  • Total likes: 8
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #3 on: September 17, 2018, 10:12:36 PM »
Thanks Tim.  There is some good advice on the thread you posted, but some of it is out of date.  Banking laws in Israel have changed (due to folks who were kashering money)  and interbank transfers have apparently gotten fairly complicated, not to mention fee heavy. I'm also dealing with a child who is, thank G-d, financially responsible. We tried transfers and ended up with huge costs. Cash advances via credit card cost between 3-5% of the advance amount, plus a 25%+ variable APR that starts as soon as the money leaves the ATM. The main issue is getting cash to cover rent and other bills that cannot be paid via credit card.  So far the best bet seems to be a debit card with ATM withdrawals in Israel.   Unfortunately, I have no local TD here in Baltimore which seems to be the choice on that thread.  So, if anyone knows of a good resource for an account of that type, or a better/cheaper  means of transfer, I would be grateful.
Thanks again for the ideas

Offline sguitarist18

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jul 2011
  • Posts: 1257
  • Total likes: 72
  • DansDeals.com Hat Tips 6
    • View Profile
  • Location: NY
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #4 on: September 17, 2018, 10:22:30 PM »
Charles schwab has a checking account that I believe not only has no fees, but also reimburses ATM fees. Online bank.

Oh, and I think they'll even mail the debit card to israel, if necessary.

Offline blerbz

  • Dansdeals Silver Elite
  • **
  • Join Date: Jun 2012
  • Posts: 93
  • Total likes: 5
  • DansDeals.com Hat Tips 3
    • View Profile
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #5 on: September 17, 2018, 10:24:06 PM »
It's been awhile but I think you can also do checks where you can deposit money in US and she can write checks there. Most money changers charge a fee though like 3% if I remember correctly and may need someone to vouch for her before they take the first one

Offline Abey

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Sep 2017
  • Posts: 433
  • Total likes: 18
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #6 on: September 17, 2018, 10:26:24 PM »
Metropolitan bank has no forex fee debit card
All the boys use it for israel

Offline crunch

  • Dansdeals Silver Elite
  • **
  • Join Date: Jun 2017
  • Posts: 63
  • Total likes: 8
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #7 on: September 17, 2018, 10:28:40 PM »
Alas Abey, I live in Golus (ie outside of the NY metro area).  No metropolitan banks here.  But thank you for the suggestion just the same.

Offline greatluck

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jul 2018
  • Posts: 137
  • Total likes: 8
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: new york
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #8 on: September 17, 2018, 10:31:01 PM »
Charles schwab checking account

Offline Abey

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Sep 2017
  • Posts: 433
  • Total likes: 18
  • DansDeals.com Hat Tips 1
    • View Profile
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #9 on: September 17, 2018, 10:31:14 PM »
TD is also free with the fancy checking account (forgot the name)

Offline ExGingi

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2015
  • Posts: 6918
  • Total likes: 1303
  • DansDeals.com Hat Tips 9
    • View Profile
  • Location: 770
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #10 on: September 17, 2018, 10:37:26 PM »
Charles schwab has a checking account that I believe not only has no fees, but also reimburses ATM fees. Online bank.

Oh, and I think they'll even mail the debit card to israel, if necessary.
+1

My daughter has a debit card to a Scwhab bank account, which I fund as needed. ATM fees are reimbursed. No account minimums. She loves the arrangement. (Though she's not in Israel, but it should work the same way).
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline gubevo18

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Apr 2014
  • Posts: 679
  • Total likes: 22
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
  • Location: here
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #11 on: September 17, 2018, 11:23:39 PM »
I always did checks.  Parents would Deposit the money here and the money changer charged 1.5-2% and I would write out the checks as needed.

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 7080
  • Total likes: 780
  • DansDeals.com Hat Tips 26
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #12 on: September 17, 2018, 11:23:58 PM »


(due to folks who were kashering money)
LOL. Don't know if this is an old one, but I never heard it..
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch

Offline mmgfarb

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2015
  • Posts: 8127
  • Total likes: 827
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #13 on: September 17, 2018, 11:32:26 PM »
Capitol one 360 is a great option as well, they donít reimburse ATM fees but they donít charge foreign transaction fees and donít charge for international withdrawals. You can use any capitol one branch to do transactions like a regular Cap 1 account.
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline davidrotts63

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2017
  • Posts: 7080
  • Total likes: 780
  • DansDeals.com Hat Tips 26
  • Gender: Male
    • View Profile
  • Programs: Hertz Gold, Hyatt Member, BA Blue, Ebay banned, Amazon Prime
Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #14 on: September 17, 2018, 11:33:56 PM »
If eligible USAA can be a great option.
They reimburse $30 a month IIRC in FX fees/ATM fees.
(Quit) pulling out the flowers, and watering the weeds. -Peter Lynch