Moving money to Israel?
If you need to move money to or from Israel and want to get the best possible return on your currency transfers, Currencies Direct are here to help.
Getting more shekels for your pounds
Any international currency transfer means having to get to grips with exchange rates.
Exchange rates tell you the relative value of one currency compared to another, and they’re highly volatile things. As the currency market is always moving, exchange rates can shift by as much as 5% in a matter of weeks.
That might not sound like a lot but it can make a huge difference to how much your transfer is worth.
For example, the GBP/ILS exchange rate has experienced significant movement over the last few years, and the decline in the pairing since the UK voted to leave the EU would make any currency transfer to Israel worth less now than before the UK referendum.
Let’s put this in context…
In June 2016 the GBP/ILS exchange rate was trading in the region of 5.6988. If you had £200,000 to move to Israel at that time, your transfer would have been worth 1,139,760 ILS.
However, by March 2019 the pairing had fallen to 4.7224 – meaning that same £200,000 would be worth 944,480. That’s a difference of 195,280 ILS!
While some currency movements are dramatic and unexpected, staying on top of the latest news and seeking the guidance of industry experts can help you get a better rate for your transfer – and that’s where Currencies Direct come in.
Who are Currencies Direct?
Currencies Direct are a market-leading provider of international currency transfer services.
They’ve helped more than 250,000 people move money abroad since 1996 and are known for offering excellent exchange rates, fee-free transfers and five-star customer service.
The company processes over £6.2bn in international payments a year, has offices in four continents and employs more than 450 currency experts.
They’re also authorised by the FCA, hold the highest credit rating with Dun & Bradstreet and keep customer funds secure in segregated accounts.
How can they help?
If you’re making Aliyah, purchasing a foreign property or sending money to loved ones, Currencies Direct can help you get more shekels for your pounds.
They offer a range of services that can be tailored to your requirements.
Here’s some you might be interested in…
Currencies Direct employ hundreds of currency experts to ensure their customers have access to personal service and invaluable market insights.
If you need to move money to Israel the Currencies Direct team will take the time to talk through your requirements, understand your needs and help you pick the right transfer option for you.
They’ll also keep you up-to-date with the latest market movements so you’ll always know what exchange rates are up to.
With Currencies Direct you have the option to arrange your transfers over the phone (with the support of your personal account manager) online 24/7 or on-the-go through the Currencies Direct app.
As you may have guessed from the name, this service is for when you want to make a transfer on the spot. Simply agree the exchange rate, send Currencies Direct the funds and they’ll get your money where it needs to be.
If you’re not ready to make a transfer right now but you like the look of the current exchange rate, a forward contract gives you the option to fix the rate for up to a year – useful if you’re moving a large lump sum to Israel.
To secure the rate you just need to pay a small deposit. Once you’ve fixed the rate you can relax, knowing that the amount your transfer is worth won’t change no matter how much the market moves. While you would miss out if the exchange rate strengthened, you’d be protected if it fell.
Just tell Currencies Direct what rate you’d like to achieve and they’ll let you know by text or email if the market moves to that level.
This can be really useful if you want to wait for the exchange rate to improve before making a currency transfer, but you don’t want to commit to moving your money at a set level.
If your rate alert is triggered you can either make a transfer or set another rate alert and wait for the market to improve again.
Creating an account only takes a couple of minutes and once you’re registered you’ll be able to check live exchange rates, set rate alerts and talk through your options with the Currencies Direct team.