The currency in Israel is called New shekel. The symbol is ₪, which is actually two Hebrew alphabets. Both ILS and NIS refer to New Shekels.
This is the latest version of New Shekel notes in 2018! The previous notes are still in used in Israel.
The coins. From left to right, 10, 5,2,1,0.5, 0.1.
What does old shekel look like? This is it! It’s used only in 1980 to 1985.
New shekels are used in Palestinian Territory too.
The Exchange Rate
So 1 shekel is about 0.28USD. You can check the rate on XE.com. It might be a good idea to download it on APP.
ATM, Money Exchange and Credit Cards
Everyone has his or her own preference. I prefer credit card. Here are some advices:
1. ATM
Daily limit is ₪2000. There is ₪5.5 service fee per transaction, plus whatever charges applies from your bank. In my country, it is roughly $2.5 per transaction….. so that’s why I prefer credit card.. haha!
ATM machines: Mastercard, Visa, UnionPay! Most ATM cards in the world are accepted, I hope!
2. Credit Card
Simply I think it’s easier to use credit card. The exchange rate is not bad! Though there’s usually a 1.5% transaction fee with credit card, you can probably find a credit card that gives you 2% cash back when you shop abroad.
But there are places in Israel where ONLY cash is accepted. In those situations, cash is king!
3. Money Exchange
The exchange rate is 5% less than what you see on XE. Euro, dollars, British ponds, Jordanian dinars… all accepted and no service fee. You’ll easily find money exchange like this in Jerusalem’s Old city.
My Experience
So…. When I went to Israel, on XE.com the rate was ₪1= TWD 8.30~8.35. I used all these options, and this is the rate that I got
- ATM including service fee ₪1= TWD 8.52~8.84
- Credit card including service fee ₪1= TWD 8.37~8.50 (Winner)
- Money Exchange ₪1= TWD 8.51~8.56
This is without considering the cash back that I can get. And plus credit card is more suitable for small expenditures. I just don’t like decimal points and coins. I’d stick with credit card when I can!!! And stick to minimum cash on me!
