Currency in Israel 2025 A Full Guide

The most recent series, or series C, of banknotes, was introduced in stages. The ₪50 note was the first to begin circulation on September 16, 2014. From its inception, the old shekel was a weak currency as a result of the country’s what is liquidity mining definition and meaning failing state-based economy of the period. A full-blown financial crisis in the 1980s led to massive inflation. Eventually, the government stabilized the economy and introduced free-market reforms, along with the new shekel in 1986. Since then, the ILS has been one of the more stable currencies in the world.

Xe’s proprietary rates are sourced directly from financial data providers and reputable banks. 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. Still, check with the driver before you enter the cab if you don’t have enough shekels. You’ll always get the lowest available fee and there are no extra foreign transaction charges. You should especially compare your own bank’s exchange rates to those available from Money Transfer specialists to see how much you can save – we make that calculation easy in the below table.

Is USD accepted in Israel?

But if you are not on an organized tour, having shekels on hand will be needed. Thee only places where you will charged and can pay in US Dollars are at major hotels ‎and car rentals. Shops, restaurants and most other places all charge in local Israeli currency.

This guide will walk through all you need to know, including US dollar/Israeli New Shekel rates and where best to get your travel money from. The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News. 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. Credit cards, and especially VISA and Mastercard are accepted just about everywhere in Israel.

Shaul Tchernichovsky graces the 50 new shekels note, honoring his legacy as a prolific poet and doctor. His poetry reflects a deep appreciation for the natural world, and his verses often touch on themes of love, humanism, and the Jewish experience. The 20 new shekels note features Rachel Bluwstein, an iconic Israeli poetess celebrated for her lyrical poetry that captures the beauty of the land of Israel. Her verses resonate with themes of nature, love, and the connection between the Jewish people and their homeland.

Exchange Rate Value of the Israeli New Shekel

Like in the US, Israel has only partially moved over to ‘smart’ chip credit cards (EMV). You can read more about the banks of Israel where you can exchange your foreign currency. The terms “NIS” (New Israeli Shekel) and “ILS” (Israeli Shekel) are essentially interchangeable and refer to the same currency used in Israel. The official ISO currency code for the Israeli Shekel is ILS, while NIS is the common abbreviation used in Israel.The confusion arises because, historically, the Israeli currency underwent a transition. Before the introduction of the New Israeli Shekel (NIS) in 1985, the currency was known simply as the Israeli Shekel (ILS).

• Consider the processing time when planning your payment to ensure timely delivery.
• Use this guide to learn all you need to know about the options, rates and fees for exchanging USD to ILS, and make your money go further while you’re away.
• As a unit of measure, the term dates back as far as 3000 B.C.
• In stores and restaurants, Israeli New Shekel prices are likely to use the currency symbol ₪.
• The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
• Hyperinflation in the early 1980s prompted the introduction of the new shekel.
• In addition, tours to all major sights can be found in our portfolio.

Israel CurrencyBank Notes and Coins

• It is sometimes sold as a collectible for currency collectors around the world, but it is no longer legal tender.
• The Bank of Israel targets an annual inflation rate of between 1% and 3%.
• This is aimed at supporting economic growth, employment, and reducing social gaps, while also upholding the stability of the financial system.
• The value of shekel has been stable for many years, and this doesn’t seem to change.
• The original currency after the country was founded in 1948 was the Palestine Pound, which became the Israel Pound in 1952.
• MasterCard and Visa are the most commonly accepted in Israel.

Economic and geopolitical events in the Middle East can cause the value of the Shekel to be volatile at times. The main objective of Israel’s monetary policy, as determined by the Bank of Israel, is to maintain price stability. This is aimed at supporting economic growth, employment, and reducing social gaps, while also upholding the stability of the financial system.

Conclusion – Currency in Israel

The shekel is currently one of only twenty or so currencies for which exchange traded derivatives are available. The largest and the most important banks in Israel – Leumi, Hapoalim, Discount, and Mizrahi-Tefahot – have many branches what are major minor and exotic currency pairs in Jerusalem. Tourists staying for a while may find it useful to know that Bank Leumi has a foreign resident and tourist center in their branch on King George Street in town. Hapoalim, Israel’s largest bank, is also well-geared to tourists. Discount, the third largest bank in Israel, is known for offering some great deals to customers. Bank Mizrachi offers a range of international, commercial, domestic, and personal banking services.

Israeli Currency – New Israeli Shekel

Card payments can be helpful in shops, restaurants and hotels but there will be places where cash is also important. 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. When you’re in Israel you’re going to need ILS in cash for some of your spending – particularly when tipping or making smaller value purchases. Buying your ILS travel money in advance can get you better USD/ILS exchange rates, and saves you wasting precious time shopping around for a good deal once you arrive in Israel. Using Wise for Israeli new sheqel travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.

Many Israelis pushed for a currency with a Hebrew name, but it took until 1980 for the country to drop its pound note and introduce the first shekel (now known as the old shekel). The word “shekel” dates to biblical times and may once have been a measure of grain. The buy nike shoes and deadstock sneakers addition of ‘new’ in the official name of Israel’s currency creates a distinction between the current shekel and the original (or ‘old’) shekel used between 1980 and 1985.