Author Topic: Best way to transfer money to a kid in Israel without sending cash? Ideas?  (Read 12031 times)

Offline crunch

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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.

Online whacked1

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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

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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

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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  There is some good advice on the thread you posted, but some of it is out of date.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

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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

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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

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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

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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

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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

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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)

Online ExGingi

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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).
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Offline gubevo18

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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

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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..
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Offline mmgfarb

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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 don’t reimburse ATM fees but they don’t charge foreign transaction fees and don’t charge for international withdrawals. You can use any capitol one branch to do transactions like a regular Cap 1 account.
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Offline davidrotts63

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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.
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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #15 on: September 17, 2018, 11:50:21 PM »
If eligible USAA can be a great option.
They reimburse $30 a month IIRC in FX fees/ATM fees.
-1
USAA only reimburses ATM fees, and IINM actually charge FX fees. It’s a great bank for domestic use, but for international go with Schwab (Schwab actually are aware that many, if not most, people that open a checking account with them do it for the foreign ATM access).
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Offline davidrotts63

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #16 on: September 17, 2018, 11:51:38 PM »
-1
USAA only reimburses ATM fees, and IINM actually charge FX fees. It’s a great bank for domestic use, but for international go with Schwab (Schwab actually are aware that many, if not most, people that open a checking account with them do it for the foreign ATM access).
I stand corrected.
I withdrew USD in a foreign country and was reimbursed the ATM fee which confused me...
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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #17 on: September 18, 2018, 12:57:32 AM »
Like mentioned up-thread go for a Charles Schwab Bank account. Now should you go with TD you would need to have a premier checking account with them, which requires 2500 in the account, meaning a daily balance of 2.5k,being that your send 2k monthly doesn't seem like a problem for 2500 to be in the account on a daily basis, now regarding the atm, there’s a fee for a few shekel, and its false info if anyone tells you that they will reimburse you as that is 100% false.
 How td and most banks work is they see how much you took out from the atm and refund you the difference, to explain what I mean; let’s say I take out $100 from and ATM which charges $2.50 fee for using their ATM so now my total withdrawal would be $102.50 so automatically at the end of the month td would reimburse you the 2.50 as an ATM doesn’t dispense single dollar’s bills and coins so it has to be a fee. Now with shekels for some odd reason they chose not to show the conversion rate to the second you made the purchase just like a credit card does for an fx transaction, so the only way one would get back the fees for fx atm fees would be to show the receipts for each withdrawal and let the banker in the branch make themselves crazy.

  If they have a chase branch near you can open one and transfer funds via send money or chase Quick-pay or the feature called Zelle, to your TD bank account.
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Offline JACKBLUE

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #18 on: September 18, 2018, 07:43:50 AM »
Investors bank is also an option

Offline gubevo18

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Re: Best way to transfer money to a kid in Israel without sending cash? Ideas?
« Reply #19 on: September 18, 2018, 07:48:51 AM »
Do you have CPC?
Just got an email from chase saying they reimburse all ATM fees worldwide.