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If I wire money internationally say from my Israeli account to a US account does the money currency change from ILS to USD after the money have been sent? Or does it stay in the same currency unless I request something?

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If I wire money internationally say from my Israeli account to a US account does the money currency change from ILS to USD after the money have been sent?

This is like a car. If you turn a car, will it turn left or right? IT DEPENDS WHAT YOU WANT.

if your wire determined sending X USD without anything else, thne the sending bank will into X USD and send that. If your wire says Send x ILS, it will send X ILS and the receicing bank will convert and credit you whataever you get in USD. Actually technically they will convert it into the account currency. If the customer is not small or tsomoeone at the bank likes him, they may pick up the phone and ask "Sir, you have this USD account and we just got a wire in ILS, you want us to convert it or should we open an ILS sub account for you?".

As it is impossible to make a wire transfer without specifying a currency - yeah, guess what ;) It gets handled EXACTLY AS YOU SAY.

  • The Sending Bank may send x ILS if there is a US Correspondent that has a VOSTRO with a Bank in Israel holding ILS. More Often for less traded currencies, the conversion happens before if reaches the destination bank. Somewhere along the Intermediately banks involved in the SWIFT chain. Most correspondent Bank relations work on Major currencies like USD, EUR, GBP, YEN. Few select corridors will also operate say SGD, AUD, etc – Dheer Aug 9 '18 at 11:39
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money currency change from ILS to USD after the money have been sent?

Yes. More likely that your Bank in Israel will convert this to USD and then transfer the USD to a Bank Account in US. You don't have to specify anything or you can't change this.

P.S.
Certain countries support multiple currencies; US for example supports EUR, GBP, etc. So if you transfer EUR from Europe to US to a Bank Account held in EUR, it stays same, if it is transferred to Bank Account held in USD, it will be converted.

  • Sadly it is wrong because the ank actually does what it is told. There is no "more likely" involved when people follow written instructions. – TomTom Aug 9 '18 at 9:54
  • @TomTom If you want to transfer a currency that is not traded in other country, the correspondent bank relationship determines the currency to use. In the SWIFT message there is Original Instructed Currency and Payment Currency separate fields. So even if you specify you want ILS to get transferred; it would automatically get converted to USD. Since there is money to be made in Fx Spread; originating Banks will try and convert. – Dheer Aug 9 '18 at 11:33

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