Save Money! Instructions How To Wire Money Abroad From/To Israel

Date: 07.10.2008

By Dov Abrams

This information is being made available to the public for the purposes of helping people save money by using the lesser known wiring service that Bank HaDoar offers its clients. These instructions are primarily for people who have bank accounts with the Bank HaDoar. People without Bank HaDoar accounts are encouraged to contact them directly and learn how to take advantage of their Western Union service. The information herein recorded was written after successfully wiring money to the U.S.

Bank HaDoar Wiring Offices: 02-629-0447 Office

02-500-5315 Fax

Costs to Wire Money from/to a Bank HaDoar Bank Account:

To wire money from Israel to abroad: $50.00. There are no additional costs.

To wire money from abroad to a Bank HaDoar bank account: No costs.

Rate of Exchange:

To wire money abroad: The Bank HaDoar charges you the Sell rate but subtracts for you approximately an agora as an incentive to use them (see the table below). This is to your advantage since the net rate ends up being very close to the Representative rate (sha’ar ha’yetzig).

To receive money wired from abroad: The Bank HaDoar charges you the Buy rate. There are no additional costs.

Steps to Wire Money:

1. Obtain a form from the Tax Department using the form “תופס ניכוי מס במקור”. Click here for the link. The form number is 2513/1. This form may not be necessary for amounts less than $10,000.
2. Fill out the form accordingly and fax it to the מס הכנסה department. Information for the tax department in Ramla is listed below:
   1. Contact person: Shaul Nissim – Phone: 08-978-8270 (another number: 08-978-8222, ext. 6) Fax: 08-922-1260.
   2. Follow up with him to make sure he received it.
   3. He will mail the פטור to you in the mail. He may be friendly enough to fax it to you upon request.
3. Fax to the Bank HaDoar the following:
   1. A letter stating:
      1. The amount of shekels that you wish to transfer from your Bank HaDoar account.
      2. Agreement to pay the bank’s המחאה “OUR”.
      3. The Bank HaDoar account details of the account that you are transferring the money from.
      4. The details of the bank account that you are wiring the money to. This includes the following information:
         1. Receiver’s name
         2. Bank name
         3. Bank address
         4. Bank account number
         5. SWIFT/ABA number (you can sometimes find the bank’s SWIFT/ABA number on the internet. The ABA number is one of the long numbers printed at the bottom of checks)
   2. The פטור from the מס הכנסה.
   3. A photocopy of your teudat zehut.
   4. For amounts greater than 50,000 shekels, the bank will ask you to sign a separate form. This does not obligate you to pay anything. Ask them to fax to you the form.
   5. Call them to make sure they received all of the documentation.

The money is usually wired the same day.

The bank will fax to you written confirmation of the wire transfer.