In this article, you'll discover whether Revolut operates in Israel, explore some potential drawbacks if it does, and consider the possibilities for users. Stay tuned for detailed insights.
Does Revolut Work In Israel?
Revolut does not operate as a financial institution in Israel. However, it offers services that can be used in the country. One of the primary services available is the Israeli Shekel currency card, which allows users to spend and withdraw money in Israeli New Shekels (ILS). This card can be ordered from over 30 countries via the Revolut app.
Users can manage their Israeli Shekel card through the Revolut app, enabling features like setting spending limits and freezing the card if lost. The card supports contactless payments and chip and PIN transactions, making it convenient for both everyday spending and travel purposes. Additionally, users can benefit from fee-free ATM withdrawals up to certain limits, depending on their subscription plan.
Fees and Charges for Using Revolut in Israel
Here are some general costs that users might encounter:
- Currency exchange fees: Subject to fair-usage limits and weekend markups.
- Fee-free ATM withdrawals: Up to certain limits based on the user's plan (Standard, Plus, Premium, Metal).
- ATM withdrawal fees: After hitting the fee-free limit, a small fee is charged.
- Additional ATM fees: May apply if withdrawing from an ATM in a currency not held in the wallet.
- Monthly ATM withdrawal limits: A maximum of 5 ATM withdrawals a month and up to £200 per rolling month are free. Anything over these limits is charged at 2% of the value of the ATM withdrawal or a minimum fee of £1 (whichever is greater).
- Potential ATM access fees: Charged by the ATM owner.
Is Revolut the Best Option in Israel?
Even though Revolut is available in Israel, it might not be the best option for users due to certain limitations and restrictions that could affect the overall user experience.
- Limited fee-free ATM withdrawals: Only up to £200 per month for Standard and Plus plans.
- Additional fees after limits: Exceeding monthly ATM withdrawal limits incurs a 2% fee.
- Potential ATM access fees: Some ATM providers may charge extra fees that Revolut cannot prevent.
- Currency exchange markups: Weekend markups and fair-usage limits apply to currency exchanges.
- Regulatory limitations: Revolut does not operate as a financial institution in Israel.
Alternatives to Revolut in Israel
1) OneSafe
OneSafe stands out as a leading alternative payment solution in Israel, offering a seamless and user-friendly experience. With lower fees, efficient currency conversion, and robust customer support, OneSafe provides a superior option for managing global payments and financial operations, making it ideal for businesses and individuals alike.
OneSafe Reviews
OneSafe has received positive feedback from users who appreciate its comprehensive services, including ACH, Crypto, Wire deposits, and Virtual cards. Users have praised the platform for its efficiency and support for most businesses, making it a preferred choice for many. The company is recognized as a "VERIFIED COMPANY" on Trustpilot, reflecting its commitment to providing reliable financial solutions.
2) Wise
Wise offers a robust alternative payment solution in Israel, supporting the Israeli Shekel (ILS) and providing competitive exchange rates. Key features include a multi-currency account, international money transfers, and a Wise debit card. Users benefit from cost savings, high security, and the ability to manage money in over 40 currencies.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with government restrictions, money transfers being returned without notification, and challenges with document approval by the support team. Check out more Wise reviews here.
3) Paypal
PayPal offers a reliable alternative payment solution in Israel, featuring secure transactions, global reach, and fast payment processing. Users can shop at numerous online stores, link multiple cards, and benefit from 24/7 fraud monitoring and Buyer Protection. These features make PayPal a convenient and secure option for managing payments.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars. Users generally mention high transaction fees and occasional issues with dispute resolution and fund holding times. Check out more PayPal reviews here.
Frequently Asked Questions about Revolut in Israel
Can I use Revolut to withdraw cash in Israel?
Yes, you can withdraw cash using Revolut at ATMs in Israel, subject to fees.
Are there any fees for using Revolut in Israel?
Yes, fees include currency exchange markups, ATM withdrawal fees, and potential ATM access fees.
Does Revolut support the Israeli Shekel (ILS)?
Yes, Revolut supports the Israeli Shekel, allowing you to spend and withdraw in ILS.
Can I use Revolut for online purchases in Israel?
Yes, you can use Revolut for online purchases in Israel, just like any other card.
Is Revolut a licensed financial institution in Israel?
No, Revolut does not operate as a licensed financial institution in Israel.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Israel is crucial for managing your finances effectively. While Revolut offers some services, alternatives like OneSafe provide more comprehensive options with lower fees and better support. Explore OneSafe for a seamless financial experience. Sign up today!
