Currency Transfers for UK Olim

Making aliyah to Israel? Buying property?

Did you know that if you are transferring money overseas for your aliyah or to purchase property, you could save money on your transfers by using a foreign exchange specialist?

What is a foreign exchange specialist?

A foreign exchange company, or currency broker, specialises in making overseas payments for private individuals.  One of the key benefits of using a currency broker, rather than your bank to transfer your money overseas, is that you will save money.

A foreign exchange specialist will give you a commercial rate of exchange, rather than the tourist rate that you may receive at your bank.  The transfer fees charged by a specialist will also be lower than your bank and you won’t have to pay commission.  Whatsmore, a reputable currency broker will also guarantee that you will not pay any bank receipt charges.  All these savings add up; allowing you will start your life in Israel with more.

Whether you are buying US Dollars or Shekels a foreign exchange specialist should make it cost-effective, quick and easy for you to send your money overseas.

What are the other benefits?

Using a foreign exchange specialist isn’t just about getting a better exchange rate; you will also receive a more proactive and personal service. 

A friendly, expert dealer will guide you through the process, giving you information on the currency markets and guidance on how to book an exchange rate and transfer your funds.

There’s also the added advantage of being able to contact your currency specialist outside of normal banking hours.  Some foreign exchange specialists operate extended opening hours (from 7:30am to 10:30pm weekdays) so you can contact them at your convenience.

What about making regular payments?

A currency broker will also provide a simple and convenient way for you to make regular currency transfers to Israel.  For example, if you wanted to transfer £600 per month into US Dollars and send the funds to Israel, a specialist like Moneycorp offers three ways to enable you to do this.

1. You can choose to fix the Sterling amount that you transfer each month (i.e. £600), so the Dollar amount that you receive in your account in Israel will vary each month, according to the exchange rate.
2. You can choose to fix the Dollar amount that you receive into your account in Israel each month.  This means that the Sterling amount debited from your UK account would vary according to the exchange rate at the time of each transfer. 
3. You can choose to fix the exchange rate for all of your transfers, so that you will know how much Sterling you will pay each month and how many Dollars you will receive into your account.

With the Regular Payment Plan, you will always receive an excellent rate of exchange and will pay much lower transfer fees.

What is more, your regular payments will be made by Direct Debit, meaning that you will not suffer the inconvenience of having to arrange payments each month with your bank.

What is the minimum amount that I can transfer?
Generally you will find that the minimum amount for a one-off transfer is £5,000 (or currency equivalent).  For transactions under a Regular Payment Plan, the minimum amount should be around £250.

What if the exchange rate is good now, but I don't need to (or can’t make payment) for a few months?
You can fix an exchange rate for up to two years to make it easier to plan the cost of your currency payments. This is particularly useful if you are buying property. Forward buying your currency is very straightforward. Simply book an exchange rate and send your dealer a deposit, usually 10% of the contract value. The 90% balance of your currency contract is payable when you wish to have funds transferred to Israel.

Who do I contact for more information?
For more details contact Moneycorp, the UK’s leading foreign exchange provider on +44(0) 207 589 3000, email: enquiries@moneycorp.com or visit www.moneycorp.com

Remember to quote Nefesh B Nefesh when contacting Moneycorp.