Finances while in Israel

What is the best way for your child to have cash is always a big question:

1. Cash: Best exchange rates, but can be risky
2. Personal or Travelers Checks: Safer, but costly to exchange into shekels (typically 1% or more)
3. Credit cards: With the exception of Capital One, there is typically a 3% transaction fee for all foreign purchases (Capital One is a great credit card option for purchases, but still costly to get actual shekels from an ATM machine)
4. Bank Accounts in Israel: The Israeli banks typically charge lots of fees including monthly account fees, deposit fees, withdrawal fees, teller fees, etc.
 
After much research, we are happy to share a solution with you.  We are excited to introduce a new partnership with a dynamic company – Payoneer.
Payoneer offers the Payoneer Prepaid MasterCard®
Parents can load money onto a students card and they won’t need to carry around cash. 
There are many benefits to using this card:
  1. The Payoneer card is accepted in stores and online wherever Debit MasterCard® is accepted, and can be used at any ATM to withdraw cash in the local currency (only a $2 flat charge - So please don't just withdraw $5 at a time).
  2. It is safe (if the card is lost, Payoneer can replace it within 24 hours with your money transferred to the new card).
  3. It is not linked to any of your accounts at home so you don’t have to worry about contacting your bank or credit card company back home in the event that you lose the card.
  4. You, or other family members or friends, can load additional funds onto the card via the Internet at any time using your checking account or a credit card (the credit card method should be used sparingly b/c it's costly)
We feel that the Payoneer Prepaid MasterCard® card offers a great combination of safety, convenience and relatively low costs (Please be sure to check all of their fees so you know how to limit them).
To learn more about the Payoneer Prepaid MasterCard® and to order your card, please go on-line to: https://programs.payoneer.com/programs/General/index.aspx

If your child's program is not listed please contact them and let them know that you want them to be a part of this.