International Wire Transfer Currency Conversion

Question

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?

Answer 1

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.

Answer 2

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.