Foreign Currency Transfers

Foreign Currency Transfers

Discount Bank has correspondent relations with various banks around the world, enabling you to do the following:

• Transfer money from your account to overseas banks, in NIS or in foreign currency
• Transfer money from your account to Israeli banks in foreign currency
• Receive wire transfers from Israeli and overseas banks

Foreign currency transfers from Israel to overseas

Foreign currency transfers from your account in Israel to overseas banks

There are two ways to make such transfers:

• Cashier's check drawn in foreign currency
• Through SWIFT - "SWIFT" - Society for Worldwide Interbank Financial Telecommunication

Below is a list of foreign currency codes according to SWIFT standards

Transfers through SWIFT are carried out on the same day, subject to bank business hours.
Documents/information required for transfer:

• Remitter information - account number, full name and address
• Beneficiary’s bank information - SWIFT code, bank name, branch name and address
• Beneficiary information - client name, account number, address, city and country
• Purpose of the transfer

Transfers to US banks must indicate the bank code in the Federal clearing house (FW).
This code is known as the ABA number or routing number and is composed of 9 digits.

Transfers to IBAN compliant countries must indicate the client account number according to the IBAN standard.
(IBAN - International Bank Account Number)

• For IBAN verification (SWIFT-recommended website)
• Prior to contacting your branch to make a foreign currency transfer, we recommend you verify the validity of the IBAN code you have. Discount Bank is not responsible for the reliability of information on this website.

Commissions

• Transfer commission
• SWIFT expenses (for corporations only)
• Exchange commission or exchange rate differentials - based on payment method (in foreign currency or in NIS)

Overseas payment using a cashier's check drawn in foreign currency

To make payment overseas using a cashier's check, you will have to go to your branch and provide the following information: currency type and amount requested, name of beneficiary.

Charge to your account

Your account will be charged on the business day on which the cashier's check was purchased.

Information required to produce a cashier's check

• Name of beneficiary - to whom the check will be made
• Amount requested
• Payment purpose

Commissions

• Cashier's check commission
• Exchange commission or exchange rate differentials - based on payment method (in foreign currency or in NIS)

The cost for each type of payment is as listed in the "Bank services commission schedule" as of the transfer date.

Foreign currency transfer from overseas to Israel

Discount Bank allows you to transfer foreign currency from overseas to Israel. Discount Bank also offers tools for handling transfer payments of foreign currency to Israel on a regular basis and on an irregular basis.

Foreign currency is transferred from overseas to Israel using SWIFT - Society for Worldwide Interbank Financial Telecommunication.
Every bank belonging to the SWIFT network is identified by a unique code consisting of 8 or 11 characters.
The identification code for Discount Bank (for all bank branches) on this network is IDBLILITXXX.
To improve service when receiving payments from overseas and to have the funds quickly credited to your account, please provide the remitter with your account number in IBAN format and ask them to fully note this number on the transfer.
The IBAN number for various currencies may be obtained from bank branches or from the bank website.

Account information for receiving funds from a bank in Israel or overseas

Commissions

• Transfer commission
• Exchange commission or exchange rate differentials - based on payment method (in foreign currency or in NIS)

The cost for each type of transfer is as listed in the "Bank services commission schedule" as of the transfer date.

Payment means for transfers on a regular basis

You may receive transfers on a regular basis for reparation or pension payments from overseas banks.

Reparation payments on a regular basis
Foreign currency reparation transfers on regular basis are received monthly or quarterly. As beneficiaries of reparation payments received on a regular basis, you can benefit from an account that is tax-free and commission-free.
To transfer the payments to your account, we would be happy to contact the appropriate institutions overseas, in your name and at your request.
After payment is received, your account will be credited for the payment, received in any currency negotiable at the bank . If you so wish, the funds may be converted into NIS.
Once a payment has been received, you will be sent notification of receipt of the payment.
In addition, the bank will issue a "living certificate" annually.

Pension payments

We handle pension payments (old age pension benefits, insurance) received from banks in France and pension payments received from banks in Russia.
Discount bank is party to a co-operation agreement with Bred Bank in France, whereby we directly handle transfers for clients of all Israeli banks.

Payment means for transfers on an irregular basis

Transfers on an irregular basis are received from overseas banks in favor of clients of Discount Bank and of other banks, for various purposes.
Transfers are sent within the same day to the branch or bank where the client has his/her account.

Travel agents and airlines

As bank clients, your accounts are directly and immediately credited when foreign currency transfers are received in your name from local or overseas banks.