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Finances while in IsraelWhat 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)
There are a few money changing storefronts on Emek Refaim which are fine to use. Cheerfully Changed in the Wolfson Tower Building may cash a personal check with proper identification.Their phone # is 011-922-2-563-0577 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) There is an international debit card-payoneer-which is worth looking into and comparing the fees with those of your credit card company 4. Bank Accounts in Israel: The Israeli banks typically charge lots of fees including monthly account fees, deposit fees, withdrawal fees, teller fees, etc.
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