RIS reserves the right to change fees at any time.
Here are some tips for managing your finances while in Israel. For details about finances, see the 2023-2024 Financial Guide.
We strongly suggest you submit all the necessary payments and paperwork before you arrive.
Completing your financial responsibilities ahead of time will make the arrival process a more streamlined, stress-free experience. If you arrive on campus with outstanding payments or paperwork, you have to wait in long lines to complete the necessary forms before you can get settled into your housing.
Payments submitted after your program’s financial registration deadline may also be charged a US$ 150 late payment. Click here to learn more about financial registration.
Israel’s official currency is the New Israeli Shekel (NIS). You may have time to change dollars into Israeli shekels as you wait for your luggage in Ben Gurion Airport, but to be prepared for any emergency, we recommend that you bring a small amount of Israeli cash with you – about US$ 50 to $100. You may be able to obtain this from your local bank. You can also purchase foreign currency at currency exchange windows or vending machines in many international airports.
We also suggest you bring enough cash or traveler’s checks to cover any initial fees and living expenses (about US$ 300).
Use an ATM or Debit Card
Using an ATM (called a ‘KaspoMat’ in Hebrew) is generally the most economical and convenient way to access your money in Israel. We recommend that you open a checking account that operates on an ATM network available in Israel.
The ATM card should be linked to a checking account. Savings accounts are not accessible from Israel.
- Cirrus and Plus are two major networks that are accessible by money machines in Israel. Are you on one of these networks? Check with your bank. If so, you can withdraw money in Israeli currency at any cash machine in Israel.
- There are several ATMs located in the Forum on the Mount Scopus Campus. There is also an ATM in the Frank Sinatra Student Center near the Boyar Building, where RIS is located.
- Be sure to get a 4-digit PIN, since longer PINs are not always accepted at Israeli ATMs.
Use a Credit Card
Open an Israeli Bank Account
You may wish to open an account with a local bank for both dollars and shekels. When you open an account, you should apply for a bank card that will allow you to withdraw money from an ATM. Some banks in Israel do not open accounts for visiting students due to the temporary nature of the account and the lack of regular income deposited into the account.
RIS students have been successful in opening accounts at the following banks:*
Clal Center, Jaffa Rd. 97
Rehavia, Keren Hayesod St. 5; Contact – Nadav – +972 76 8052951
Beit HaKerem branch, 106 Herzl street
Bring the following items with you to open your bank account:
- An additional ID from your Country of Origin (driver’s license, birth certificate, etc.)
- Student ID
- Certificate of enrollment to HebrewU which mentions your degree
- Social Security Number or taxpaying information from home (TIN \ SSN)
**Be aware that most banks charge a monthly service fee. Students should make sure to close the account before you leave the country since the charges will continue to accrue even while you are back in your home country. Make sure to get a printed confirmation that the account has been closed. **
Receive Money from Abroad
There are several ways you can receive funds from overseas.
- Have checks or money orders sent by registered mail. Be prepared that a check mailed to you in Israel may take at least three weeks to clear in your bank account.
- Receive a bank transfer by having your US bank wire money into your Israeli account. This is one of the fastest ways to receive money. Most commercial banks will wire money to Israel; check with your bank for fees and instructions.
- Wire money to Israel through Western Union and the Israel Postal Authority. Money may be transferred from Western Union agents in the US to a number of postal branches in Jerusalem. The receiver, upon proof of identity, collects the money in cash (Israeli currency). The sender pays the transfer fee. For more information, call +1 (800) 325 6000 in the US or call toll-free (177) 022 2131 in Israel, or visit Western Union’s website.
Do not send cash through the mail.
Review the Financial Guide
The Student Welfare office helps students dealing with financial difficulties.
Student Welfare (for Israeli Citizens & Permanent Jerusalem Residents)
Phone: +972 2 588 2881
Address: Frank Sinatra Building (first floor)
Office Hours: Sunday-Thursday, 11:00 a.m.-1:00 p.m.