You may want to check the credit card exchange rate before you fly from home, but I wouldn’t worry too much about it. If you will be spending a few hundred dollars or Euros, you might save a few dollars by exchanging your money here in Israel versus the credit card exchange rate. But the convenience of paying with credit cards is worth it.

1. Since then, the ILS has been one of the more stable currencies in the world.
2. Order a travel card from a provider like Wise for cheap and fast transactions, including card payments and cash withdrawals as and when you need travel money in ILS.
3. You can read more about the banks of Israel where you can exchange your foreign currency.
4. Like in the US, Israel has only partially moved over to ‘smart’ chip credit cards (EMV).

You’ll only be able to spend in ILS while you’re in Israel. Carrying some money in cash and using a travel debit card from a service like Wise is usually the best way to spend while you’re away from home. You’ll always get the lowest available fee and there are no extra foreign transaction charges. They add hidden markups to their exchange rates – charging you more without your knowledge. The Israeli pound (לירה ישראלית, “lira yisraelit”) was the currency of the State of Israel from June 1952 until it was replaced with the shekel on 24 February 1980.

ILS – Israeli Shekel

The original shekel, now known as the old shekel, was the currency of the State of Israel between 24 February 1980 and 31 December 1985. Both it and its predecessor, the Israeli pound, experienced frequent devaluations against foreign currencies during the 1960s and 1970s. This trend culminated in the old shekel experiencing hyperinflation in the early 1980s. After inflation was contained as a result of the 1985 Economic Stabilization Plan, the new shekel was introduced, replacing the old shekel on 1 January 1986 at a rate of IS 1,000 to ₪1. But if you are not on an organized tour, having shekels on hand will be needed.

000 ILS = 0.2656 USD

However, the chances are that where this is offered, you won’t get a good exchange rate for your CAD. Planning smart and convenient ways to spend in ILS when you’re away is likely to mean you save on costs in the end. Sure, you can find hotels, restaurants, guides and even taxi drives who are willing to accept payment in foreign coinjar review currency, usually in dollars or Euro. Usually, having a few different ways to pay and get cash is the best option for travelers and tourists. That’s because you’ll have a back up plan in case one payment method isn’t accepted for any reason, and you can pick the method that’s best suited to the specific transaction.

But after Begin’s family rejected the plan, the series was changed to honor only poets. The original currency after the country was founded in 1948 was the Palestine Pound, which became the Israel Pound in 1952. Both were pegged to the British pound (GBP) initially, but the Israeli pound ended its relationship to British sterling in 1954. Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas’ experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning.

Use this guide to learn all you need to know about the options, rates and fees for exchanging CAD to ILS, and make your money go further while you’re away. Using a travel debit card in Israel is usually cheap, safe and convenient. A few providers activtrades review in the UK offer multi-currency cards which come with a linked payment account that lets you convert, hold and spend in ILS. That allows you to add a balance in CAD and switch over to ILS to lock in the exchange rate and set your travel budget.

What Is the ILS?

You can find israel currency exchange stores all over the main cities of Israel, and they usually are open much later than banks and post offices. The banks usually charge the highest commission but give a fair rate. The licensed exchange stores often advertise ‘no commission’ but the exchange rate will be less good. Post Offices also charge no commission, but the rates are not always the best. Today the currency in Israel is the Israeli New Shekel. You’ll be able to use a travel debit card from a provider like Wise to make convenient payments and cash withdrawals and to convert funds online.

Use a travel card on your next trip to Israel

It became freely convertible in 2003 and began trading via derivatives in 2006 on the Chicago Mercantile Exchange (CME). Some people on organized tours with no independent time don’t buy shekels at all, using US dollars or Euros for small amounts and a credit card for larger amounts. Like in the US, Israel has only partially moved over to ‘smart’ chip credit cards (EMV).

† Population and Inflation rate as based on data from the World Bank. (This is an “affiliate link”, which means that if you click and buy something, we earn a small beaxy exchange review commission at no extra cost to you). As mentioned, the best way to exchange is using a good ‘ol ATM. The shekel is a very strong currency by any worldwide standard.