Aliyah: a smooth journey for your money
OVER THE past few months, there have been reports of a significant increase in people looking to make aliyah in the near future. According to Nefesh B’Nefesh, there was a 50 per cent rise in North American applications in April 2020 compared to the same month the previous year and the trend continued in May.
The uptick in global aliyah applications has been linked to the coronavirus crisis, with many Jewish communities in countries like America and France badly hit by the pandemic.
Rabbi Yehoshua Fass, co-founder and executive director of Nefesh B’Nefesh, was quoted as saying: “Over the last few weeks, we have witnessed an exceptional growth of aliyah interest from North America. While here in Israel, life is somewhat returning to ‘normal’, many services are not yet fully operational, which is undoubtedly creating certain challenges. However, during this time, our dedicated aliyah team members have been working tirelessly, to continue our mission of helping you achieve your aliyah dream.”
If your plans for making aliyah have changed as a result of the coronavirus crisis, it is worth remembering it pays to look into your currency options early on. You may need to make a currency transfer to move your savings to Israel or to fund a property purchase and the exchange rate you achieve for your transfer can make a big difference — particularly when moving larger sums.
However, picking the right time to move your money can be difficult, especially in times of heightened volatility. The coronavirus pandemic, Brexit concerns, American political unrest and US-China trade tensions have all contributed to driving significant movement in the currency market this year. So far in 2020 the GBP/ILS exchange rate has fluctuated between 4.1932 and 4.6356, while the USD/ILS exchange rate has hit highs of 3.8246 and lows of 3.4102.
While it is impossible to predict the future, economists are forecasting more currency volatility before the year is out, which is why it is important to keep track of the latest market movements and find out what transfer options are available.
That is where currency specialists such as Currencies Direct come in. They offer a range of services not available through most high-street banks and will be able to provide invaluable support and insights.
In a volatile market, it’s worth taking on board some expert advice
SERVICES OF POSSIBLE INTEREST INCLUDE:
Spot contracts
With a spot transfer you move your money on the spot. Simply agree your exchange rate, send your funds to your transfer provider and the money will be in your destination account as soon as possible.
Forward contracts
If you are not in a rush to make a transfer
but you like the look of the current exchange rate, you can use a forward contract to fix it. With Currencies Direct you simply pay a small deposit and it will hold the exchange rate for up to a year.
Limit orders
If you have an exchange rate in mind and time is on your side, a limit order can be really useful. Tell your currency specialist your target exchange rate and it will make the transfer automatically as soon as that rate is hit.
With more than 500 employees and a dedicated Israel team, Currencies Direct can keep you updated with the latest market movements and provide invaluable insights about potential future shifts.
If you need to move money abroad on a regular basis to cover things like mortgage payments, pension transfers or topping up your living funds, a currency specialist can help you automate these payments and avoid transfer fees.
Tell your currency specialist what rate you would like to achieve and it will send you a text or email as soon as the market moves to that level.
Every currency transfer is different, but by talking things through with the experts and exploring all your options, you will be in the best position to make your money go further and get your aliyah off to a great start.
Naomi Feltham is partnerships manager – Israel at Currencies Direct, a multiaward-winning currency transfer provider, currenciesdirect.com/jc, 07922 131152, naomi.feltham@ currenciesdirect.com