How to send money to Israel from South Africa with the best ZAR-ILS rate

Comparing providers offering services between South Africa and Israel based on your specific transfer amount, is the easiest way to get the best price on your transfer.

We cover the entire ZAR-ILS market and have compared 8 providers offering services between South Africa and Israel.

This ensures you will get the most comprehensive options for sending Rand to Israel.

Whilst we rate TorFx as the best overall for transfers between the two countries, comparing gives you the best idea for your specific South Africa to Israel transfer needs.

The exchange rate determines the price you will pay when buying New Israeli Sheqel in South Africa. A better exchange rate means more Rands being sent to Israel.

The current rate between the Rand and New Israeli Sheqel is 0.1808.

The ZAR-ILS exchange rate is always changing. Understanding the average, and then waiting a day or two can help you get more ILS for the same amount of Rands - but you might end up worse off.

A safer option if you want to get a particular rate is to use a forward contract. This allows you to lock in an agreed exchange rate between South Africa and Israel.

Sending via a bank transfer is the payment method that will get you the best price on a transfer from South Africa to Israel.

Key Currency is the company offering the best price currently on this.

Using Key Currency for a bank transfer to Israel from South Africa is 0.01% cheaper than the next-best option in the market.

South Africa and Israel have different financial regulations to be aware of. Ensuring you fully understand these regulations will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for money transfers between South Africa and Israel.

Companies offering money transfers between South Africa and Israel will have minimum or maximum thresholds on how much you can send or receive across set timeframes.

Exchange rates and fees for different transfer amounts could change and sending regularly could mean losing out.

That’s why it’s best to compare ZAR-ILS rates for your specific transfer amount.

For regular transfers to Israel to South Africa, shopping around each time can make a huge difference.

For sending large amounts of ZAR to Israel without hitting a threshold, we’d recommended TorFx. They offer a combination of rates and fees when sending from South Africa to Israel that is the most competitive, even at larger amounts.

Be sure to check with the recipient and understand any declarations needed on large amounts of money entering Israel from South Africa.

Options for receiving New Israeli Sheqel in Israel include direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all of the 8 providers offering transfers from South Africa to Israel will support every method for incoming New Israeli Sheqel, so it’s best to check ahead of time.

The most common option is to send directly from South Africa to a bank account in Israel. For most part, this is convenient but does have receiving fees to potentially be aware of.

TorFx is the best company for bank transfers between South Africa and Israel.

Cash pickup is popular in some parts of Israel, but not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like Currencyflow.

When sending New Israeli Sheqels to Israel, through a money transfer company, you will need to verify your ID when signing up.

The documents you need can vary and in some cases you might need a couple of options.

Generally, government issued ID such as a passport or driver's license are accepted in South Africa. If the recipient needs an ID to collect money in Israel, the same applies there. You may also be able use other ID formats, where these aren’t available.

Large transactions between South Africa and Israel can be subject to additional checks such as proof of funds for anti-money laundering purposes. This may also require additional ID checks.

One of the reasons TorFx as scored so highly for transfers to Israel is their easy sign up process in South Africa.

As well as proof of funds, when sending large amounts of money between South Africa and Israel there will be tax declarations to consider. This is also potentially due to regular transactions.

Some transfers into New Israeli Sheqel may need to be reported to tax authorities in Israel and South Africa, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances do change in Israel based on age, income and a few other elements. Everyone’s tax obligations are unique - when in doubt, please contact a tax professional in South Africa or Israel.