transfer money from Israel bank to US bank account

[Vad77]

Hi all,

 I would like to transfer a very large sum of money (over $100,000) from Israel to the USA.

My bank in Israel charging over $1,000 in commision (not including the exchange commission).

Additionally, Bank limits each transfer to $10,000 - requiring many transfers and increasing the fees and commissions up further.

 Does anyone have experience with transfering large amounts of money from Israel to the USA?

What is the cheapest and quickest way to do it?

 

 

[Isaac Agam]

Hi Vadim,

I am dealing with money transfers from Israel all the time.

Never heard about such commission or $10K restriction.

Which bank are you working with?

Usually you just go to their website and transfer the funds to your account here.

But both banks should be reputable and relatively large and well known.

Bank Leumi has a branch in Palo Alto. You may want to ask them. Tel: 650.289.2404

Otherwise Bank Hapoalim is easy too.

You will lose some money on the conversion from NIS to Dollars, if that’s what you call a “commission”.

BTW, $100K is not that large…

Be’Hatzlacha,

Itzik Agam

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[Ori Dekel]

אהלן איציק,

אם לא מדובר בסכום גדול אבקש שתעביר סכום כזה לחשבון שלי.

בתודה מראש :)

אורי

[Eli Savransky]

Hi,
I am looking into the same problem.
Bank Leumi charges me 0.225% for a wire transfer from a dollar account there to my dollar account here. They required me to do it through fax till now. I asked if they can let me do it on the web. Still waiting for an answer.
To converting shekels to dollars, they ask for 0.16% (on top of the transfer). Didn't try that yet.
All this is pretty high (for example, if we talk about $100K, then this is already $385). But the main problem (or doubt, as I don't really understand the topic well enough) is that their exchange rate looks really high compared to what Money brokers "seem" to offer. For example, yesterday Leumi was at 3.66, while other brokers in London where asking 3.601. For $100K, this is a difference in my pocket of ~$1600.
I say "seem" because I didn't try it yet, and I don't know what the reality is.

Do someone know what is the cheapest way?
Do someone use some forex broker? Other bank?
Tips? Recommendations?

I will really appreciate it.

Eli

[Arie Vayner]

I actually made a transfer recently (Mizrahi) in Shekels, and the conversion to USD happened here in the US - no commission on the conversion and the rate was closer to the "Dolar Yatzig" value.

Arie

[Eli Savransky]

Hi Arie,

Can you share which bank was the "receiving" one, the one that did the conversion?
Does this bank let you have a shekel account, or the conversion just happened when they received the money?
Was the transfer a SWIFT wire, or you used a different kind of transfer?
And finally, when you say "closer to the yatzig", how close was it?

I didn't think about doing a wire to Bank of America directly in Shekels. I didn't think they will allow it, but now I will ask.

Thanks a lot for the info. This is very useful.

Eli

[dinerg]

Hi Eli, Vadim, folks,
I used Banl Leumi for same purpose 2 weeks ago. Indeed you must fax them a signed request in Israel. Assuming you have a foreign currency account in USD, they charge per transaction, e.g .~$22. Therefore for any transaction you pay same amount. No way to do it online over website.
You need to provide the US destination IBAN/SWIFT, account details etc.
I transferred it from Leumi to BoA in CA.

HTH
Gershon