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Often people ask me about ways to lower fees when transferring money from the US to Israel. This is sometimes a one-time thing, like when one is making a large purchase, and sometimes, it's a regular (perhaps monthly) occurrence.
Either way, the goal is to keep more of our hard-earned money in our own pockets instead of paying it to the bank.
I'm happy to let you know about OlehPay - see the infographic to the right for a quick rundown about this service.
It's definitely a game-changer, and a money-saving service!
When you use OlehPay, you'll keep more of your dollars in your own account, even when you transfer money from the US!
Check them out and compare with whatever offer your bank made - I am certain you'll save money if you use OlehPay!
Good news!
Banks have to stop charging certain fees!
I know you all hate bank fees as much as I do, so I'm sure this will make you happy.
First change: from now on, banks are no longer allowed to charge a transaction fee for purchases you make with your debit card (my bank doesn't do that, but I'm guessing some of you use banks that do).
Second change: If you need an "ishur" that you have an account at the bank, one will be provided free of charge (but if you need more than one in a calendar year, your bank can charge for the second, third, etc).
Third change: Money transfer fees will be capped at the rate of a teller-assisted banking transaction.
Fourth change: The 2 shekel/monthly fee for housing loans is cancelled.
Fifth change: the fee for paying in "tashlumim" (installments) - 50 agurot per installment - will not be charged for any new charges made in tashlumim.
These new regulations should save us all a little bit of pocket change.
