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Exchanging money at the airport - do not use Global Exchange

israel
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Exchanging money at the airport - do not use Global Exchange

The daily newspaper Haaretz today describes the excahnge rates available at the airport from banks, the post office and a firm called Global Exchange. The last company exchanged 100US$ to 305 shekels (comission 21 shekels, excahne rate 326). The banks gave 352-362 and the post office 385. Eueros were not better. Use the ATM machines or the post office. In town you'll get 387. Global Exchange gave for 100 Euros 371 shelkels, the post office 481, in town 485.

Israel
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1. Re: Exchanging money at the airport - do not use Global Exchange

Today's paper (Yediot) had an announcement stating that the airport authority has cancelled Global Exchange's license to operate at the airport, due to this very problem.

There will be a new tender for a new currency exchange. In the interim Global Exchange will continue to provide its services however they have committed to charging fees no higher than those customary in the banks.

Israel
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2. Re: Exchanging money at the airport - do not use Global Exchange

I was at the airport arrivals hall today and inquired of the dollar rate -3.26 before commission where the representative rate was 3.94 shekels to the USD at that time. Changes may be made , but haven't yet.

Chana

Israel

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Israel
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3. Re: Exchanging money at the airport - do not use Global Exchange

Glad to know that the Israeli Govt is doing something about the Ben Gurion Airport Foreign Exchanges. My first post during our travel to Israel, I mentioned that I got a horrendous rate for AUD which was 3.0 when the official rate was 3.85. They initially offered me 2.90 NIS for one AUD and when they saw that I was unhappy they said if you change AUD $300 we can give a rate of 3.0

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Israel
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Cincinnati, Ohio
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4. Re: Exchanging money at the airport - do not use Global Exchange

Again, folks, I cannot imagine why ANYONE would fool with this under any circumstances when you can simply use an ATM card to make withdrawals.

Douglas Duckett

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5. Re: Exchanging money at the airport - do not use Global Exchange

Douglas-there are people who use cash because of the very high fees charged by their banks and because of various banking regulations in their countries. Not everyone is coming from the US where it is easy to get a card with no fees and no red tape attachd to it.

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6. Re: Exchanging money at the airport - do not use Global Exchange

No, that's true, but the vast majority of the folks who have posed these questions come from the US, Canada, Australia, or the EU, all of which have advanced banking systems and technology. Yes, I don't know the fees at their specific banks. But given these kind of abysmal exchange rates and exorbitant commissions, the bank would have to charge unbelievable fees to make this a sound option over using an ATM.

Douglas Duckett

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7. Re: Exchanging money at the airport - do not use Global Exchange

Never denied advanced technologies and systems. BUT, that has nothing to do with rules and fee structure.

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8. Re: Exchanging money at the airport - do not use Global Exchange

there are 100's of authorized money exchange offices scattered all over the cities WITHOUT commission charges-the difference between daily bank of Israel official exchange rates and what you can get is minimal-fee free

through the banks..they do charge comm-and through ATM's also fees

buying and selling forex in Israel is hassle free and painless

just be aware that if you are in a restaurant for example,and offering to pay in forex,you'll get a disasterous exchange rate( in hotels,forex conversion is expensive,but paying your bill in forex is fine-close to the official rate)

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Israel
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9. Re: Exchanging money at the airport - do not use Global Exchange

When you use a foreign ATM the Israeli banks do not charge fees. Any fee charged seems to be charged by whomever issued the card.

the money change offices are without commission BUT the commission is built into the exchange rate. ( they aren't doing this out of the goodness of their hearts) Generally I have found that the rate paid is anywhere from .4 to .8 below the official rate.

Exeter, United...
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10. Re: Exchanging money at the airport - do not use Global Exchange

The reason why we use money changers and take their exchange rate is that with British banks we get charged a % as well as a transaction fee on top of the fact that the exchange rate us also calculated on the basis of the sterling equivalent to our own banks exchange rate. Thus a triple whammy! ATM 's do not always allow the use of a foreign card ( in particular leumi at the Opera tower whereas hapoalim 200 yards away does).The exchange places are the best overall deal now that the formerly ubiquitous ' men in hats' in the cafes on dizengoff are no more.

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Opera Tower
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