As the world becomes more connected, it’s important to understand the value of currency in different countries. If you’re planning a trip to Israel or doing business with Israeli companies, you may need to convert shekels to dollars. In this article, we’ll explore the current exchange rate and provide tips for converting your currency.
What is a shekel?
The shekel is the official currency of Israel. It’s been in use since 1985 and is named after an ancient Jewish coin. Shekels come in both coin and paper form, with the paper currency ranging from 20 to 200 shekels.
Current Exchange Rate
As of January 2023, the exchange rate for 200 shekels to dollars is approximately $58.50 USD. However, keep in mind that exchange rates are constantly fluctuating, so it’s important to check the current rate before making any transactions.
Converting Shekels to Dollars
Option 1: Exchange Bureau
If you’re in Israel, you can easily convert your shekels to dollars at an exchange bureau. These are located in most major cities and airports. However, be aware that exchange bureaus often charge high fees and offer poor exchange rates.
Option 2: Bank
If you have an Israeli bank account, you can transfer your shekels to a foreign currency account and convert them to dollars. This is often a better option than using an exchange bureau, as banks typically offer better rates and lower fees.
Option 3: Online Exchange
Another option is to use an online currency exchange service, such as TransferWise or CurrencyFair. These services allow you to transfer money between accounts in different currencies at a lower cost than traditional banks or exchange bureaus.
Tips for Converting Currency
When converting currency, it’s important to keep the following tips in mind:
- Check the current exchange rate before making any transactions
- Compare rates and fees at different exchange bureaus and banks
- Consider using an online exchange service for lower costs
- Avoid exchanging large amounts of money at once
- Be aware of potential scams or fraud when exchanging money
Converting shekels to dollars can be a simple process if you know where to look and what to expect. Whether you’re traveling to Israel or doing business with Israeli companies, understanding the value of currency is an essential part of financial planning. By following the tips outlined in this article, you can make the most of your currency exchanges and avoid unnecessary fees and hassle.