Sending foreign currency to other accounts may be a major headache, especially if the transfer involves multiple bank accounts at different bank branches - in Israel or overseas. If you have foreign currency at Bank of Jerusalem, you can make the transfer easily and conveniently.
How can you transfer foreign currency to banks in Israel or overseas?
- First name and surname of the beneficiary
- Name and address of bank branch to which funds would be transferred
- SWIFT or ABA code
- Beneficiary account number
- Relevant forms: Request to transfer foreign currency to bank in Israel or overseas
- Transfer of foreign currency is subject to branch approval
- Some transfers involve income tax withholding and/or payment of VAT
- In case of funds transferred by an Israeli resident to a foreign resident, and in case of overseas transfer to self – a form SM/114 is to be filled
- When sending foreign currency to EU countries or to banks in Israel, an account number would be required in IBAN format – this is a number composed of 23 characters, including multiple identifiers.
- The transfer is subject to bank fees as per the bank pricelist.
How to receive foreign currency from banks overseas or in Israel?
- Before receiving funds from banks overseas or in Israel, you should provide the following information to the sender:
- Your account name at Bank of Jerusalem, as listed on bank records
- Bank of Jerusalem's SWIFT code – JERSILIT
- Your branch and account number at Bank of Jerusalem (in IBAN format)
- The transfer purpose or any other information you wish to add
- The name and SWIFT Code of the correspondent bank based on the transfer currency -List of correspondent bank - updated 06/01/2022
What is a correspondent bank?
A correspondent bank is a bank that the Bank of Jerusalem maintains a direct business relationship with and which provides banking services to another bank.
Overseas banks / correspondents may also charge fees by reducing the fee amount from the payment / transfer amount, or by charging our account with them - for which the client would be charged. This depends on the instructions given by the client who initiated the transfer.
IBAN details requirement regarding incoming payments outside of Israel
The Bank of Israel updated its Supervisor's directive No. 411.
In light of this update, as of March 31st, 2020, it is required that any incoming payment from abroad to the client's account with the Bank will include the IBAN details of the client's account. In the period between the above mentioned date and April 30th, 2020, the Bank will accept all incoming payments and the client's account will be credited, subject to the Bank's procedures.
As of May 1st, 2020, the Bank will not enable incoming payments from abroad without an IBAN details (except in unique circumstances).