How best to convert funds and transfer them to the US?
a question:
How best to convert funds and transfer them to the US?
Answer:
1.
Regarding conversion and transfer of funds from Israel to the US and vice versa.
- The bank is an expensive option and you can save thousands of shekels if you convert and transfer money to purchase a property through the services of dedicated companies or a commercial platform or other creative ways.
- A US bank account can help make transfers easier and save money
- You can open a US bank account from the country for a fee and I think it is worthwhile
- Use of rental funds is recommended by credit card. I personally checked and a Bank of America travel rewards card is having the lowest fees
2.
The way I know is simply to meet with Commericial Lenders.
Each bank has such a department and of course there are private lenders.
Introduce them to the general lines of the transaction / business plan that includes profit expectations, cash flow that the asset will generate, current expenses, etc.
If the lender believes in your plan and repayment ability - you will probably get a loan.
I work with horizons (fairly regular) they are just excellent.
I work a lot with Cobrasi and they have amazing service, also sending money and also receiving here in Israel. They have really made a quantum leap lately. Highly recommend
If there is a US bank account on your behalf and a bank account in Israel on your behalf, the cheapest way to make a transfer and conversion is to open an investment account in ib then transfer shekels there. Converters to dollars at zero rate, then in dollars to the American bank, the same on the contrary
It's likely that a lot of things have changed since then
Due diligence on all the comments in this post - this is a post more than a year and a half old and I copied materials from the WhatsApp group that was active at the time so they would not get lost. None of the comments here are my personal comments but information said by the group member at the time.
I'm sure Cobrasi have improved and their abilities are different now
https://insideflyer.com/forums/wiki/special/pages
Following Yaakov's recommendation, I converted shekels to dollars with Ofakim today. Highly recommended to work with them. Today I transferred shekels and dollars to them in my account.
With covercy it took tax days.
In my opinion, it is a mistake to convert money into account and wait for an unknown time. It is preferable to transfer money in shekels to a mutual fund that invests in a barrage to receive interest or increase in value until a real deal is executed.
Yogev: If you are an investor with local partners you can already they will receive funding. And even better
Moshe: I also made a comparison between access Credit which is a company I work with. I received transfer fees + conversion for $20 but considering that if the bank gives me a much higher rate than the exchange it comes out the same even though the bank's fee was about 10 times. So in the end it was six of one and half a dozen of the others.
Ami: I did tests with Coversi, and after bargaining with the bank, I have a financial priority to convert at the bank (I believe because they saw that I transfer several tens of dollars every few months). Unless it is a sum of a few thousands, then Coversi is better. The main component is the difference in the conversion rate that covers take. I didn't check horizons but I understood that they are not far from Coversi