Israel Currency Conversion
The Israeli currency is the "shekel hadash," or new shekel. Travelers in Israel should be aware that, while most Israelis are cognizant of the shekel exchange rates to various currencies, and will occasionally calculate prices in dollars or pounds, only the shekel is legal tender for transactions in Israel.
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The New Israeli Shekel
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The new Israeli shekel is the currency of Israel. It was adopted in 1985, as part of an economic reform package to combat the hyperinflationary devaluation of the first shekel. These days, the "new" is usually dropped, and the currency is referred to simply as the shekel.
At the time of adoption, the shekel was traded at a rate of 1.5 to the U.S. dollar. As of July 2009, the shekel trades at approximately four to the US dollar.
Changing Money in Israel
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While traveling in Israel, it's very easy to exchange foreign currencies for Israeli shekels. There are several currency exchange booths at Ben Gurion Airport, Israel's major international airport, and in the big cities, as well as most smaller towns, currency exchanges are easy to find. You can also change money at most bank or post office branches.
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Converting Money at the Bank
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All postal banks, as well as most other bank branches, will exchange foreign currency for Israeli shekels. However, the customer does need to have an account. Tourists can get around this by enlisting the aid of a friend or relative who is an Israeli resident and has an account at the bank in question.Banks usually offer the best exchange rate when converting foreign currency to shekels, and can convert most major currencies. However, they will charge commissions for the transaction.
Converting Money at a Currency Exchange
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Currency exchanges are easy to find in Israel; just look for a sign, usually in English, reading "currency exchange." These offices are usually small businesses, and they can exchange major currencies such as U.S. dollars, Euros and British pounds. In areas with large Anglo (native English speaker) concentrations, you can frequently exchange Canadian dollars and South African rand, while offices in heavily Russian areas will deal in rubles. Currency exchanges usually don't offer as favorable a rate as the banks, but their service is commission free, and they are usually less crowded.
Converting Money at the Airport
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The international airport is probably the most convenient place for tourists to change their money; the change booths are located in the main passenger terminal, and travelers typically have currency ready in their pockets. However, there are some drawbacks to converting cash at the airport: The airport currency exchange booths generally offer lower exchange rates, but they also charge a commission for the service. It's a good idea to change over some money upon arrival, but savvy travelers will look for other places to convert foreign currency to shekels.
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