Currency in Israel
A practical currency and money guide to travel, living and doing business in Israel and the Israeli new sheqel (ILS).
What's in this Israel currency guide:
What currency is used in Israel?
The official currency of Israel (country code: IL) is the Israeli new sheqel, with symbol ₪ and currency code ILS.
Things to know about the Israeli new sheqel
The addition of ‘new’ in the official name of Israel’s currency creates a distinction between the current shekel and the original (or ‘old’) shekel used between 1980 and 1985. The original shekel had been ravaged by hyperinflation and was replaced in 1986 by the ‘new’ shekel at a rate of 1000-to-1.
A single shekel is subdivided into 100 agora.
Historically, the shekel’s valuation has been at the mercy of Middle East politics. The shekel has been labelled by some a “conflict currency.”
Fortunately, hedging shekel FX risk has been made easier over the past decade by the introduction of exchange traded shekel derivatives. USD/ILS futures trade on both the ICE and CME exchanges. Exchange traded options are available with the CME. The shekel is currently one of only twenty or so currencies for which exchange traded derivatives are available.
Since 2000, the shekel’s lowest valuation against the US dollar occurred in June 2002 when the USD/ILS exchange rate reached 5.005. The currency’s post-2000 high came in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when USD/ILS fell to just 3.206.
In 2016, the shekel was the twenty-ninth most traded currency in the world and since 2008 it has been fully convertible.
Travel Ideas and Money Tips for Israel
Israel is a country in the Middle East with a population of about 9 million people. The capital city is Jerusalem, and other major cities include Tel Aviv, Haifa, and Nazareth. The official languages are Hebrew and Arabic, and the currency is the Israeli shekel.
Israel is a popular tourist destination for its religious and historical significance. Visitors can explore ancient sites like the Western Wall and the Temple Mount, or hike through the scenic Judean Desert. The country is also home to a thriving modern culture, with lively nightlife and world-class restaurants.
Expats moving to Israel will find a warm and welcoming community. The country is known for its tolerant attitude towards different cultures and religions, and expats from all backgrounds can feel at home here. The cost of living in Israel is relatively high, but salaries are also high, making it an attractive option for many professionals.
Best things to do and see in Israel
1. Tour the Old City of Jerusalem
2. Visit the Western Wall and the Temple Mount
3. See the Church of the Holy Sepulchre
4. Explore the archaeological site of Masada
5. Take a dip in the Dead Sea
6. Visit the ancient city of Petra in Jordan
7.Float in the Dead Sea
8. Hike in the Sinai Desert
9. Climb Mount Sinai
10. Visit the Bahai Gardens in Haifa
Top Travel tips for Israel
1. You need a passport to enter Israel, which you can get at your local post office. Citizens of the United States, Canada, and most European countries do not need a visa.
2. Israel is a very safe country to travel to. However, it is always a good idea to be aware of your surroundings and take precautions when traveling in unfamiliar areas.
3. Israel is a relatively small country, so it is easy to get around using public transportation. The best way to get around is by using the bus system, which is efficient and inexpensive.
4. English is widely spoken in Israel, so you will not have any trouble communicating with locals.
5. Israel is a religious country, so it is important to be respectful of religious sites and customs.
6. Israel is home to some of the best food in the world. Make sure to try some of the local specialties, such as falafel, hummus, and shakshuka.
7. Israel is a great place to shop for souvenirs. You can find everything from hand-crafted items to Israeli-made products.
8. Israel is known for its nightlife. There are many bars and clubs to choose from, so you can find the perfect place to spend your evening.
9. Israel has a Mediterranean climate, so the best time to visit is during the spring or fall. The summer months can be quite hot and humid.
10. Israel is an amazing country with a lot to offer. Whether you are interested in its history, culture, food, or nightlife, you will not be disappointed.
What currency should I take to Israel?
You can use ATMs to get cash. You also need to tell your bank that you will be in Israel and the dates so they don't freeze your card due to unusual activity. You can always take some cash from the ATMs at the airport so you have shekels in your pocket when you leave the airport. Since it is a set rate regardless of the withdrawal, if you take a larger amount the percentage of the fee is less. There are ATMs everywhere in Israel. Whatever currency your account is in, the cash you withdraw will be in shekels. You should use shekels for purchases in Israel where possible as it is preferred by the locals. If you want to bring some US dollars or EU dollars, you can exchange these at 'exchange shops'. These 'hole in the wall' kind of places are absolutely legit and you get a good rate as they tend to be competitive. You do not want to change money at a bank. This is a long and rather painful process and completely unnecessary. You can also use your credit card in most places assigned from street stall vendors.
Expat Money & Business Guide to Israel
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Israel.
How is the cost of living in Israel?
The cost of living in Israel is relatively high. The average monthly salary is around 4,000 NIS (approximately $1,145). The price of basic necessities such as food, transportation, and housing are all relatively expensive.
How is the expat life in Israel?
There is no one answer to this question as the expat life in Israel can be quite different depending on a person's situation. Some expats may find the transition to life in Israel to be quite easy, while others may find it to be more challenging. There are a number of different factors that can influence a person's experience, such as their reason for moving to Israel, their personal and professional networks, and their ability to speak Hebrew.
Any laws in Israel that foreigners should be aware of?
There are a few things that foreigners should be aware of when travelling to Israel. Firstly, it is important to note that Israel is a kosher country, which means that all food served must comply with Jewish dietary laws. This means that pork and shellfish are not available, and beef and chicken must be prepared according to kosher guidelines. Secondly, alcohol is only served in licensed establishments, and it is illegal to drink in public. Finally, drugs are illegal in Israel, and possession of even small amounts can result in a prison sentence.
What is doing business like in Israel?
Doing business in Israel is mostly positive. The overall atmosphere is very supportive of businesses, and the government offers many incentives for businesses to start up and grow. The biggest challenge is the language barrier, as Hebrew is the predominant language spoken in Israel.
How is the economy in Israel?
The economy in Israel is growing at a healthy rate, with a strong focus on hi-tech and innovative industries.
Managing your finances in Israel
Here we list some key points for expats and businesses to consider when managing financial dealings in Israel:
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Understand Israeli new sheqel currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the ILS exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
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Use a local Israeli new sheqel bank account: A local ILS bank account can make it easier for you to manage your finances and pay bills while you are in Israel. It may also be more convenient to use a local ILS bank account to make purchases and withdraw cash.
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Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Israel. This can help you avoid legal issues and ensure that you are complying with local requirements.
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Consider the tax implications: It is important to understand the tax implications of living or doing business in Israel. This can help you plan your finances and ensure that you are paying the correct amount of tax.
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Seek financial advice: If you are unsure of how to manage your finances in Israel, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
ILS/USD – Market Data
The exchange rate of Israeli new sheqel (ILS), or the amount of ILS that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest ILS/USD rate plus recent trend, chart, forecasts and historic rates.
The Israeli Shekel is expected to gain strength against the US dollar in 2023, with an average exchange rate of between NIS 3.4 and 3.6 per dollar. Towards the end of the year, the rate is expected to be even lower. This is because the US dollar is predicted to decrease in value globally, and there are expectations that the economic conditions in Israel will also contribute to the strengthening of the Shekel.
Overall, it is predicted that the Israeli Shekel will moderately strengthen against the US dollar throughout the year.
| Date | ILS/USD | Period |
|---|---|---|
06 Mar 2023 | 0.2793 | 2 Week |
20 Dec 2022 | 0.2887 | 3 Month |
20 Mar 2022 | 0.3081 | 1 Year |
21 Mar 2018 | 0.2881 | 5 Year |
22 Mar 2013 | 0.2733 | 10 Year |
25 Mar 2003 | 0.2092 | 20 Year |
Compare Israeli new sheqel Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Israel or planning a trip or maybe living there, so will need to exchange and spend Israeli new sheqel.
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It is important to note that the exchange rate of the Israeli new sheqel can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect ILS exchange rates before making any financial decisions.
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