Currency in Israel - A Full Guide 2024
Planning a trip to Israel? Whether you’re heading there for work or pleasure, you’ll need to know how to pay your way as you travel.
This guide covers all you’ll need to know about the official currency in Israel, where to get it and how to keep your costs down during your trip.
What is the currency in Israel?
The official currency in Israel is the Israeli New Shekel, which is issued and overseen by the Bank of Israel. If you’re buying your travel money online you may also see the official code being shown - ILS. In stores and restaurants, Israeli New Shekel prices are likely to use the currency symbol ₪.
Once you’re in Israel you’ll see costs of items shown in ILS and you’ll need to start paying for things in local coins and notes which are often found in the following denominations:
banknotes - 20, 50, 100, 200 ILS and coins - 10.
Can you officially pay in MYR when you are in Israel?
You’re unlikely to be able to officially transact in MYR in Israel, which is why it’s time to start getting used to ILS and learning more about the currency exchange rates so you’ll know what you’re spending on your trip.
This guide will walk through all you need to know, including Malaysian ringgit/Israeli New Shekel rates and where best to get your travel money from.
| Israeli New Shekel | |
|---|---|
| Currency name | Israeli New Shekel |
| ISO code | ILS |
| Symbol | ₪ |
| Subunit | Agora |
| Central Bank | Bank of Israel |
| Best travel cards to take to Israel | Wise |
ILS coins and banknotes
Here’s a full rundown of the ILS coins and banknotes you’ll need to be familiar with when you’re in Israel.
| ILS banknotes | ILS coins |
|---|---|
| banknotes - 20, 50, 100, 200 ILS | coins - 10 |
History of Israeli New Shekel currency
The Israeli New Shekel (ILS) was introduced in 1986, replacing the old shekel at a ratio of 1000 to 1. It has undergone a series of economic programs to reduce inflation and has become fully convertible.
Is MYR accepted in Israel?
As we’ve seen, the official currency in Israel is ILS. If you carry MYR with you on your trip, you’ll probably need to exchange it before you can spend.
Sometimes when you’re away on a trip abroad you’ll find that merchants will take payments in a selection of major foreign currencies. However, the chances are that where this is offered, you won’t get a good exchange rate for your MYR. Planning smart and convenient ways to spend in ILS when you’re away is likely to mean you save on costs in the end.
Usually, having a few different ways to pay and get cash is the best option for travelers and tourists. That’s because you’ll have a back up plan in case one payment method isn’t accepted for any reason, and you can pick the method that’s best suited to the specific transaction. Having a multi-currency card from a provider like Wise, plus your normal bank debit card, and some local cash in ILS should mean you’ve always got options. You can use your cash for small purchases and tipping, and make low cost payments and cash withdrawals with your multi-currency card, while keeping your bank card in reserve for emergencies.
Use a travel card on your next trip to Israel
Using a travel debit card in Israel is usually cheap, safe and convenient. A few providers in New Zealand offer multi-currency cards which come with a linked payment account that lets you convert, hold and spend in ILS. That allows you to add a balance in MYR and switch over to ILS to lock in the exchange rate and set your travel budget.
Once you have ILS in your account there are no extra fees to make payments, and you’ll not have foreign transaction charges to worry about, either.
Here’s a quick overview of a couple of handy travel debit cards you may want to order and use in Israel.
Wise travel card
Order a Wise travel card online or in the Wise app, to hold and exchange 40+ currencies and manage your money from your phone. You’ll be able to spend conveniently in ILS - and all currency exchange uses the mid-market rate with no markup.
Card holders get some free ATM withdrawals available every month, and there’s no annual or monthly fees to pay, and no minimum balance requirement.
| Wise pros | Wise cons |
|---|---|
✅ Currency exchange uses the mid-market rate ✅ No foreign transaction fees apply ✅ Free to hold and spend 40+ currencies ✅ Receive payments to your Wise account in a selection of global currencies ✅ No minimum balance or ongoing fees | ❌ Card order fee applies ❌ ATM fees apply once you’ve exhausted your free monthly withdrawals |
What is the currency exchange rate for MYR 1 MYR/ILS?
It’s helpful to get to know the live MYR/ILS rate so you can easily calculate how much things are costing you while you’re on your trip abroad. The rate you need to focus on is the mid market rate, which is the one banks and major currency services get when buying and selling currencies. This rate isn’t always passed on to customers. Instead you may find that the MYR/ILS rate you get when exchanging travel cash includes a markup - an extra fee.
Find the MYR/ILS mid-market rate from a currency conversion site or a website like this, so you can keep an eye on the market and compare the rates you’re offered as you travel against the mid-market rate easily. Right now, the mid-market rate for 1 Malaysian Ringgit to ILS is 0.21482.
Should I exchange MYR to ILS before traveling to Israel?
It’s a good idea to exchange MYR to ILS before you head off to Israel, as you can often find a better exchange rate and lower overall costs before you travel.
When you’re in Israel you’re going to need ILS in cash for some of your spending - particularly when tipping or making smaller value purchases. Buying your ILS travel money in advance can get you better MYR/ILS exchange rates, and saves you wasting precious time shopping around for a good deal once you arrive in Israel.
Tips for exchanging money in Israel
Cards are widely accepted in Israel, but you’ll still need to watch the exchange rate given when making a transaction from MYR to ILS. Some merchants offer to let you pay in MYR instead of ILS, but this will usually mean paying more because of dynamic currency conversion costs.
Best place to exchange currency in Israel
You can get your ILS in Israel in a couple of ways.
You’ll be able to use a travel debit card from a provider like Wise to make convenient payments and cash withdrawals and to convert funds online.
Or if you prefer an offline solution you can carry some cash in MYR to exchange when you arrive. Currency exchange providers are often in airports and hotels, although the exchange shops in a city center are likely to be cheaper overall.
How to pay in Israel?
You’ll need to have ILS to spend in Israel. However, generally having a few different payment methods is a good plan. That means that if a merchant won't accept one, you’ve got a back up. It’s also reassuring to know you have a different way to pay if you were unlucky enough to have a card or some travel cash stolen. Here are your key payment options in Israel.
1. Debit or credit card
Card payments can be helpful in shops, restaurants and hotels but there will be places where cash is also important. Order a travel card from a provider like Wise for cheap and fast transactions, including card payments and cash withdrawals as and when you need travel money in ILS.
2. ILS cash
Cash is widely used in Israel, so it’s worth having some with you at all times. You may want to exchange money to ILS before you leave, but it’s also usually convenient to make ATM withdrawals locally once you arrive in Israel.
You’ll usually find you can use a card to make payments in Israel, but carrying some cash in ILS is also reassuring. It’s often easier for tipping and making smaller purchases, plus you’ve got a nice backup if your card is ever out of action for some reason.
It’s a smart idea to have both a card and some cash in ILS when you’re in Israel. Some merchants will prefer cash, but having a card for higher value payments and in busier more tourist places is also convenient. Consider using a travel card from a provider like Wise or Revolut alongside your cash for flexibility.
Paying for the trip in MYR
If you’re paying for things in Israel with a MYR bank card you might find a foreign transaction fee is added. This pushes up your costs when you spend in a foreign currency, and can be tricky to calculate.
Travel debit cards don’t always work this way. When you make purchases in Israel using the Wise card you can either choose to convert your account balance to ILS in advance in the Wise app, or just leave your balance in MYR and let the card handle the transaction when you pay. You’ll always get the lowest available fee and there are no extra foreign transaction charges.
Conclusion - Currency in Israel
You won’t be able to pay in MYR when you visit Israel - so learning about the currency you need is essential. Whether you decide to use a travel debit card from a service like Wise , or stock up on ILS in cash in advance, knowing the mid-market exchange rate can help you get the best available deal. Use this guide to learn all you need to know about the options, rates and fees for exchanging MYR to ILS, and make your money go further while you’re away.
The official currency in Israel is ILS. You can’t usually pay in MYR in Israel, so you’ll need to plan in advance to get your travel money sorted. Consider ordering a travel debit card from a service like Wise, for low cost conversions to ILS and convenient spending and withdrawals - and remember that knowing the MYR to ILS mid-market exchange rate is essential to check you’re getting a fair deal on currency exchange.
FAQ - Currency in Israel
What is the currency in Israel called?
The official currency in Israel is the Israeli New Shekel. You may also see the code ILS and the currency symbol ₪.
What's the currency in Jerusalem?
The official currency in Jerusalem is the Israeli New Shekel. You’ll only be able to spend in ILS while you’re there.
What is the old Israel currency?
Today the currency in Israel is the Israeli New Shekel. If you’re worried about currencies changing, why not get a travel debit card from a service like Wise which will automatically pick the currency needed in your destination when making a payment - with no penalties or inflated fees.
What is the best currency to take to Israel?
You’ll only be able to spend in ILS while you’re in Israel. Carrying some money in cash and using a travel debit card from a service like Wise is usually the best way to spend while you’re away from home.