When visiting Israel, there’s a couple things travelers should know to make their money last during the trip. Here are some tips.
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1. Avoid a place that charges a commission to exchange money. Foreign money can be exchanged for Israeli money at airports or other common exchange places such as post offices, hotels and banks. Banks will charge a small rate to change foreign money into shekels.
2. Keep your dollars: Many major tourist destinations accept U.S. dollars. However, you may get your change back in shekels. A good rule of thumb is to watch your bottom line and be aware that a merchant offering to charge in U.S. dollars may not be offering a favorable exchange rate.
3. Stash the cash: Using your credit card or bank card will save you time at the exchange counter and could save you money. American Express, Visa and Mastercard/Access/Eurocard are accepted at most businesses.
Beware of a foreign transaction fee of between 2 percent and 5 percent. Check with your bank ahead of time or apply for a card that does not have this additional fee.
4. Ask for your tax refund: Israel provides a tax refund for tourists who make purchases in stores participating in the V.A.T. (Value Added Tax) refund program. This refund can apply to purchases over 400 shekels (about $100.) If you do not have an Israeli passport and have a visitor visa, ask for the proper paperwork at the time of purchase and
present it at the Milgam counter when leaving the country.
5. Bargain when appropriate: Asking for a bargain in the open-air markets is acceptable and often expected. There is, however, a legal requirement for store owners who post a regular price to stick to the price-tag.
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