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Changing money in Eilat

Poland
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Changing money in Eilat

Friends of mine will arrive at Ovda airport and spend their first night in Eilat. They will have just enough shekels to get from Ovda to Eilat.

Could you kindly recommend a good place to exchange currency (EUR or USD cash) in Eilat with good exchange rates?

Thank you in advance!

Edited: 28 January 2016, 18:00
Brownsville, Texas
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1. Re: Changing money in Eilat

I know that along the promenade (boardwalk along the Red Sea) in Eilat, there are several kiosk that exchange currency.

Israel
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2. Re: Changing money in Eilat

Hello Jozin- there are also ATM machines in the boardwalk area and in and around the city center. Depending on your bank's service fees, it has been stated that you can get a better rate.

NYC/Israel
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3. Re: Changing money in Eilat

The rate offered at ATM machines is determined by your bank, not the Israeli one. Banks exchange money at commercial rates. Each institution then decides what rate do charge their customers. You can withdraw money, at the same time, with two different cards and get slightly different rates.

Bottom line, unless you are changing huge sums of money, the difference is incidental.

Israel
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4. Re: Changing money in Eilat

ATM's are always one of the best ways to change money but make sure you are using bank ATM's (most often on the wall of a bank branch) and not private ones - the private ones will charge you a per transaction fee that can sometimes be quite high.

Poland
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5. Re: Changing money in Eilat

Thanks for the information!

They will have ATM cards issued by Polish banks, so the cost of using them is 3-4% on exchange rate loss + another 3% in fees. Results in an increase of your holiday costs in the 6-7% range which is already quite painful. When I visited Israel, changing cash in Jerusalem or Tel Aviv made much more sense for me - but I don't know Eilat, hence my question.

Are those exchange kiosks in Eilat good reliable places with good rates (like, say, kiosks on Jaffa Rd in Jerusalem) or the tourist-oriented tricky sort (like some places in Jerusalem Old City)?

Edited: 29 January 2016, 03:53
Israel
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6. Re: Changing money in Eilat

Proper exchange kiosks are under the supervision of the Finance Ministry and have the rates posted where you can see them. If the place looks well-established (in other words, not a man sitting on a bench offering to change money for you) and it has the exchange rates posted, it's safe.

Poland
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7. Re: Changing money in Eilat

Thanks! And that's exactly my question - not being able to check it myself, I wonder whether those rates applied by exchange kiosks in Eilat differ from the mid-market rates by, say 1% (like in those on Jerusalem's Jaffa Rd) or by 10 or 15% (like some tourist traps in the Old City).

In the first case by using an exchange kiosk I would save 5% compared to using an ATM, in the second case I would lose 5% or more. It may seem just fiddling with numbers but for every 1000 euros spent during the trip this difference amounts to 50 euros, so it can be quite substantial.

Eilat, Israel
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8. Re: Changing money in Eilat

Two money exchange places, no commission, next to each other in the main street, Hatmarim Boulevard, a minute from the Central Bus Station

Poland
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9. Re: Changing money in Eilat

Many thanks. That's very helpful!

10. Re: Changing money in Eilat

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