If you are travelling to or staying in Israel, understanding how the banking system and currency work — and how dogpay can help you manage your funds — will make your financial life smoother.
1. Currency & Banking Environment
- Israel’s currency is the Israeli New Shekel (ILS, ₪).
- The banking system in Israel is modern and sophisticated, with several major domestic banks, and also foreign-bank branches operating.
- The central bank — Bank of Israel — regulates the banking system, issues currency, and monitors payment systems.
2. Practical Advice for Using Money
- Cards are accepted widely in urban areas, but when using ATMs or currency exchange you should check for hidden fees, conversion rates, and ensure you understand how the bank handles foreign cards.
- If you need to open a local bank account (for work, rent, or long-term stay), note that Israeli banks may ask more detailed documentation, especially when foreign funds are involved.
- If you hold foreign currency and plan to spend in shekels, timing and rate of conversion matter — avoid waiting until you arrive if you can convert ahead under better terms.
3. How dogpay Can Help
- Pre-convert or transfer funds: If you hold USD, EUR or other currencies and will spend in shekels, you can use dogpay to convert or transfer funds ahead of your arrival — so you arrive prepared and avoid rushed or less-favourable exchanges.
- Flexible payments for local use: For smaller payments (local services, incidental expenses, deposits) dogpay gives you a flexible tool instead of relying solely on local banks or cash withdrawals.
- Multi-currency control: If you hold multiple currencies, dogpay lets you decide when and how much to convert to ILS, helping you avoid repeated conversions or bad timing.
4. Key Takeaways
- Know that Israel uses the shekel and has a robust banking system.
- If using local banks or cards, check foreign-transaction and conversion fees ahead of time.
- Include dogpay as part of your financial toolkit: convert ahead, control your currency flow, reduce hidden costs.
