Money Matters : Isreal

Currency and Exchange The primary unit of currency in Israel is the new Israeli shekel (NIS). Notes come in denominations of NIS200, NIS100, NIS50, NIS20, and NIS10; coins come in NIS5, NISI, NIS.50, 10 agorot, and 5 agorot. Inflation in Israel is currently around 10%.

Money can be exchanged at any bank or authorized hotel; always bring your passport. Hotel rates of exchange are usually slightly worse than those in banks. Bank Leumi will exchange foreign currency for shekels with no commission for a minimum US$100 conversion. Shekels can be freely reconverted to a maximum of US$100. To change more than US$100 show a receipt which verifies your original conversion into shekels. (Banks usually open Sun., Tues., and Thurs. 8:30am-12:30pm and 4-5:3Opm, Mon. and Wed. 8:30am-12:30pm, Fri. and holidays 8:30am-noon. The First International Bank and many hotels have additional hours.)

American Express offices in Israel do not cash Travelers Cheques; be forewarned. ATMs are abundant in Israel; MasterCard and Visa clients can deposit money with their home bank prior to departure and draw on it with having to pay interest rates. Lost Visa cards can be replaced within two days via CAL Co., 38 Nahlat Yitzhak St., Tel Aviv (tel. (03) 542 9542). Bank HaPoalim ATMs take bank cards affiliated with the Cirrus and Plus networks for no fee, though your home bank may charge you. Inquire before you go. In general, credit cards are widely ‘accepted (but not necessarily by your hostel owner or favorite falafel vendor).