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All you need to know about Money in Israel
The basic unit of currency is the New Israel Shekel (NIS). The
shekel-dollar exchange rate is approximately 4 NIS to $1 (60p), or 1 NIS equals
25ยข (17p).
The shekel is divided into 100 agorot, and the smallest denomination you will
encounter is a copper-colored 5-agorot coin, but these are hardly in circulation
anymore. There are 10-agorot copper-colored coins, and larger, copper 50-agorot
(half-shekel) coins, all useful for bus fare. The 1-shekel coin is a tiny silver
button-like object that is extremely easy to lose. Hang onto a few 1-shekel
coins: Pay phones in restaurants and hotels often only take 1-shekel coins
instead of the cheaper per-call telephone cards. There are also 2-, 5- and
10-shekel coins, as well as 20-, 50-, and 100-shekel notes.
Exchange counters at Ben-Gurion Airport generally offer poor rates
of exchange. ATMs give better rates. After such a long flight, you might prefer
to avoid possible lines at the airport by exchanging at least some money -- just
enough to cover airport incidentals and transportation to your hotel - before
you leave home (though don't expect the exchange rate to be ideal). You can
exchange money at your local American Express or Thomas Cook office or at your
bank.
To avoid being conned out of your money, only exchange money at legal financial
institutions and avoid the black market scene.
ATMs
International ATM debit cards will only work at Israeli ATMs specifically marked
to accept them. These machines usually have decals for PLUS, Cirrus, Visa,
MasterCard, or international flags on them. In Jerusalem and Tel Aviv, these
ATMs are easy to find in the touristy areas, but in other cities they are more
scarce. You can use your credit card to receive cash advances at ATMs. Keep in
mind that credit card companies protect themselves from theft by limiting
maximum withdrawals outside their home country, so call your credit card company
before you leave home. And keep in mind that you'll pay interest from the moment
of your withdrawal, even if you pay your monthly bills on time.
Many five- or six-digit PINs will work at Israeli ATMs that accept foreign ATM
cards, but some longer PINs do not. Check with your bank as to whether your card
will function in Israel. The easiest and best way to get cash away from home is
from an ATM (automated teller machine). Be sure you know your personal
identification number (PIN) and daily withdrawal limit before you depart.
Have more than one ATM card with you -- recently one of the largest banks in
America placed a sudden block on all its ATM transactions in Israel and a dozen
other countries because of high ATM fraud levels - and their customers in Israel
were left stranded. Check with your bank to see if any of the countries you plan
to visit are under an ATM block, and inform your bank security service of your
travel plans so that ATM card charges overseas will not be refused as
suspicious.
Small Change - When you change money, ask for some small bills or loose change.
Petty cash will come in handy for tipping and public transportation and taxis
(Israeli taxi drivers never seem to have change when a foreigner tries to pay).
Consider keeping the change separate from your larger bills so that it's readily
accessible and you'll be less of a target for theft.
Traveler's Checks
Traveler's checks are accepted at fewer and fewer shops, hotels, and restaurants
in Israel - credit cards are becoming the more popular payment option. If you
carry traveler's checks, be prepared to cash them mainly in banks or with
money-changers, and not at the greatest exchange rate. Still, traveler's checks
offer extra protection against theft or loss. You can buy traveler's checks at
most banks. They are offered in denominations of $20, $50, $100, $500, and
sometimes $1,000. Generally, you'll pay a service charge ranging from 1% to 4%.
If you carry traveler's checks, keep a record of their serial numbers separate
from your checks in the event that they are stolen or lost. You'll get a refund
faster if you know the numbers.
Credit Cards
Credit cards are another safe way to carry money. They also provide a convenient
record of all your expenses, and they generally offer relatively good exchange
rates. You can withdraw cash advances using your credit cards at banks or ATMs,
provided you know your PIN. Keep in mind that you'll pay interest from the
moment of your withdrawal, even if you pay your monthly bills on time.
Note: Visa currently offers a "Support Israel" Advantage card that
gives you points toward travel to Israel for each dollar you spend. For
information, go to www.hasadvantage.com. That said, a MasterCard world card (not
the gold or platinum card) automatically covers collision damage waiver fees and
offers better insurance coverage on car rentals in Israel than does a gold or
platinum Visa card.
The most commonly accepted credit cards in Israel are Visa, MasterCard, and
American Express. Diners Club is somewhat less universally accepted.
* The information is provided by the good people at Frommers
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