This year the most purchasable currency by Israelis was the US dollar (40%), followed by euro (30%). Among the other popular currencies are also Polish zloty, Russian ruble, Hungarian forint, Australian dollar, Chinese yuan, Thai baht. This information was provided by GMT, the company specializing in money transfers abroad and currency exchange. Compared to 2018, the currency exchange turnover grew by 15%. Eran Sarouk, the Chairman of GMT, noted that in recent years there has been a significant growth in acquisition of currencies, as the number of trips abroad has increased.

The three most popular countries where Israelis transferred money in 2019 are Ukraine (17.7%), Moldova (15.7%) and Russia (11.1%). Next on this list are India (9.5%), Georgia (7.7%), the Philippines (7.4%), Thailand (6.8%), Uzbekistan (3.6%) and Romania (1.9%). The list also includes the USA, Canada, Peru, Italy, Bulgaria, Turkey, France, Morocco, Spain, as well as Israel (domestic transfers). The average transfer sum is $600-700.

According to GMT, the number of transfers, as well as the amount of money transfers increase significantly during holidays. For example, each year in December, before the New Year, the volume of money transfers to the countries of the former Soviet Union (Russia, Ukraine, Moldova, Belarus, Kazakhstan and Uzbekistan) increases by 50%.

Eran Sarouk noted, that another reason for transfers growth is that today more Israelis work abroad, and in the first year after moving their bank account is still led in Israel: “We recognize the rise in the number of students studying abroad over the last few years, so their parents are transferring them money.” The main population that uses GMT money transfer services is foreign workers.

The list of countries where foreign workers transfer money corresponds to their countries of origin. For example, in 2019 there was a noticeable decline in the number of transfers to Romania and China. Sarouk explained: “Five years ago there were many transfers to Romania, but today there are practically no such transfers, since Romanian workers have moved to other countries for work.”

Translation of the article by Jenya Volinski, TheMarker

Photo: Danila Hamsterman, Unsplash

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