Currency

The old restrictions on currency conversion have been lifted and it is now possible to pay or receive payment for property in any currency.

Prices of property in Israel are generally quoted in US dollars however most sellers expect to be paid in new Israeli Sheqels. When calculating the amount of Sheqels to be paid, it is accepted practice to use the Bank of Israel Exchange Rate (Shar Hyetsig) which is an average rate and is published on a daily basis whenever there is trading in the international currency markets. This rate is published in the daily papers and announced in the major news broadcasts and is available (in Hebrew) from the Bank of Israel on 02-6552999. Take into account currency exchange costs, bank commission (about 0.125%) and the difference between the rate received when selling foreign currency and the Shar Hayesig (approximately 0.5%). Please note that bank commission rates may be reduced or cancelled when changing very large sums, this being subject to negotiation with your bank manager. Often your lawyer can advise you or can represent you in these negotiations (probably having negotiated rates for previous clients).

The information contained on this page is a general guide. Please obtain specific legal and professional advice from qualified Israeli legal counsel or tax advisors.