Mortgage Israel Forex Service is provided by our sister company, ForexIsrael
- Purchase and exchange of foreign currency
- On time payment of funds through wire transfer or other secured means
- Hedging of risk from currency fluctuations
Below you will find comprehensive information on how to manage your foreign exchange transactions when paying for your property in Israel.
Most properties in Israel are quoted, negotiated and purchased in US dollars. However, usually, the purchaser is then required to make payment, in shekels based on the Bank of Israel representative rate called the Shar Hayatzig. If the purchaser is holding his money in dollars he requires a purchase of shekels in order to pay for the property.
If you buy a house in Israel in dollars and the seller wants to be paid in Shekels, then the rate that will be used to calculate exactly how much shekels the seller will get on the date of payment is the Shar Hayatzig. This rate set by the bank of Israel, daily at 3:30pm, and is potentially 1% – 2% higher than the rate the banks will be converting money in their local branches the same day. That means that in order to pay the seller, you will have to add 1%-2% of the total purchase price of the property in order to pay the correct amount in dollars.