The Israeli shekel, or new Israeli shekel, is the legal tender of Israel. Its international ISO 4217 code is ILS, although it can also be represented by the initials NIS.
In addition to Israel, in the territory of Palestine, the shekel also coexists alongside the Jordanian dinar as currency for day-to-day transactions.
The strength of the shekel is a direct consequence of the strength of the Israeli economy. According to a 2017 report from the prestigious German bank, Deutsche Bank, the Israeli shekel was then the second strongest currency in the world, thanks to the robustness of the Israeli economy.
As of the date of this update (June 24, 2023), the equivalence of the Israeli shekel currency with respect to the euro is this:
- 1 euro = 3.97 shekels.
- 1 Shekel = 0.25 euros.
History of the Israeli Shekel
The shekel or shekel (plural sheqalim or shekels) is a very old currency that dates back to Mesopotamian times and was used under the reign of the Maccabees and also in Carthage. The name of this coin comes from the word “šiqlu or siqlu” (weight), that is, it comes from a unit of weight.
The first shekels were a unit of weight, used like other units such as grams and ounces. West Semitic peoples (Moabites, Edomites, and Phoenicians) used the shekel as their currency. In fact, the Carthaginian currency was based on the shekel.
As with many ancient units, the shekel had a variety of values depending on the era, the government, and the region where it was used. Hammurabi’s Code (1800 BC) fixed the value of unskilled labor at about ten shekels per year of work. Later, there are records from the Persian Empire (539–333 BC) that speak of a minimum of two shekels per month for unskilled labor, up to a maximum of seven to ten shekels per month in some records.
Already in the second half of the 20th century, since September 4, 1985, Israel has replaced the Israeli pound and the shekel with the new shekel or just shekel, as the official currency of the country.
Israeli shekel coins
The Israeli shekel is divided into 100 agoras or agorot. There are coins of 10 and 50 agoras (those of 1 and 5 agoras are no longer in circulation due to their low exchange value) and 1, 2, 5 and 10 shekels.
Below we see the coins in circulation in Israel today June 2023.
10 agora coin Israel
It is a replica of the coin minted by Antigonus Matathias, King of Judea and High Priest between 40 and 37 BC. C. with the menorah (seven-branched candlestick), described in the Exodus of the Bible and the emblem of the State of Israel.
In 2008 the 5 agorot coin was withdrawn. The dates written on the Israeli shekel coins are made in Hebrew numerals.
Half shekel coin
The ½ new shekel (NIS 1/2) coin shows the harp, the symbol and emblem of Israel.
1 new shekel coin (NIS 1)
It shows the lily flower, also part of the Israeli emblem.
2 new shekels coin (NIS 2)
It presents a pair of cornucopias, a symbol of abundance, full of fruits and cereals with a pomegranate in the middle: pearls around the upper half of the coin complete the set. The cornucopia is another symbol of the Hebrew state.
5 new shekels coin (NIS 5)
It has an Israeli capital from the 10th century BC.
10 new shekels coin (NIS 10)
It exhibits a palm tree with two baskets full of dates.
Israeli shekel banknotes
Shekel banknotes are issued by the Central Bank of Israel (Bank of Israel), with its headquarters in Jerusalem and a branch in Tel Aviv. They have the following denominations in circulation: 20, 50, 100 and 200 ILS.
The banknotes of the 2014 series, the third and last to date, incorporate high levels of security, innovation and accessibility. Specifically, they offer advanced anti-counterfeiting security features and are designed to facilitate their use by blind and partially sighted people.
Since the issuance of the third series of banknotes, the Bank of Israel definitively abandons the transcriptions “Sheqel and Sheqalim” on the banknotes to incorporate the words Shekel and Shekels. These banknotes incorporate the portraits of prominent Hebrew poets whose stories, works and activities are intertwined with the history of the rebirth of the state of Israel.
Israeli 20 shekel banknote
The 20 ILS (20 NIS) banknotes are reddish in color and measure 71 x 129 mm. They have the image depicting “Raquel the Poetess” against a background of palm fronds on the obverse. Raquel Bluwstein Sela, who is how this poet of Ukrainian origin is known but who wrote poetry in Hebrew, lived between 1890 and 1909. Today her work is compulsory study in Israeli schools.
The equivalent value of this 20 ILS banknote would be approximately 4.42 euros at present (June 2023) in currency suppliers in Spain.
Israeli 50 shekel banknote
They are green in color and size 71 x 136 mm. They show on the obverse the image of the Russian Jewish writer, poet and translator, Saúl Chernijovsky (Shaul Tchernichovsky), who lived between 1875 and 1943, next to a citrus tree and its fruits. The NIS 50 banknote was put into circulation in September 2014.
The equivalent value of this 50 ILS banknote would be approximately 11.50 euros at present (June 2023) in currency suppliers in Spain.
Israeli 100 shekel banknote
They are orange in color and size 71 x 143 mm, with an image on the obverse representing a woman, the writer Leah Goldberg with a background of almond blossoms. Goldberg, born in 1911 and died in 1970, was a writer in Hebrew who cultivated various genres. She spoke seven languages and translated numerous works into Hebrew, especially from Russian and Italian.
The equivalent value of this 100 ILS banknote would be approximately 22.90 euros at present (June 2023) in currency suppliers in Spain.
Israeli 200 shekel banknote
They are blue in color and size 71 x 150 mm. They show on the obverse the image of the writer Nathan Alterman (1910-1970). Alterman was also an Israeli poet, playwright, journalist and translator.
The equivalent value of this 200 ILS banknote would be approximately 44.18 euros at present (June 2023) in currency suppliers in Spain.
Euro to Israeli shekel exchange rate
From 2018 to the end of 2022, the Israeli shekel has been strong against the euro, its exchange rate falling to 3.3 shekels per euro. But in 2023, the euro is gaining strength again, reaching the figure of 4 shekels per euro and the current 3.97 ILS per euro.
If you search Google for “euro shekel exchange” you will find dozens of websites (“currency converters”) that offer a “rate” of the day. You will also see this graph with the prices of that pair of currencies from Google Finance.
Something like this (June 24, 2023):
But these are currency exchanges in international markets and between financial institutions, nothing to do with the currency exchange that tourists make on a trip to Israel.
In fact, in Spanish currency suppliers today they will give you between 3.46 shekels per euro from Cambiator up to 2.70 shekels per euro from Global Exchange, the supplier in the main Spanish airports.
So, when you see these values in Google and other currency converters with your mobile, you should keep the following in mind:
-It is an unofficial price, and therefore unreliable. In other words, if you click on the “Disclaimer” link, you get this warning from Google Finance: “Google cannot guarantee the accuracy of the exchange rates displayed. Please confirm current rates before making a transaction that may be affected by changes in exchange rates.”
-These rates that you see are usually the wholesale rates of shekels against the euro currency (currency and banknotes that tourists use abroad are not the same).
-This rate can only be held by banks among themselves, that is, it is impossible to obtain it as an individual.
If you need shekels in banknotes, you will have to go through the banknote retailer (bank or currency supplier). This market means that the ILS have had to be “transported” by someone for you to enjoy them (or bought from travelers from Israel passing through Spain previously).
In other words, moving banknotes from one place to another has logistical costs that will make their sale price more expensive (the exchange rate that will be applied by whoever sells them to you).
The Israeli shekel is a currency that is not very abundant in Spain. As a result of this, its rates are more expensive in Spain than in Israel. If you decide to buy ILS in Spain, it is good to anticipate the purchase and reserve it online to obtain a better price and ensure its availability.
Where to exchange Israeli shekels in Spain
In Spain, ILS can be exchanged at banks (only Caixabank changes them), currency suppliers (almost none have them) and airports (the currency suppliers at the airport, Global Exchange and Exact Change usually have them available, although at prohibitive rates).
This is what you need to know about the three options before buying or selling your ILS:
-The airport is by far the worst option because of the high price at which shekels are bought and sold. The currency suppliers that operate at the airport do not charge commission, but it is true that they usually have this currency available. Although they charge more than enough with the high exchange margins that they apply to you. The profits from this lucrative are shared between the airport manager, AENA, which receives a significant fee from the currency supplier that operates at the airport.
-For their part, banks, in addition to not handling this currency, have the ugly habit of charging commissions for practically everything, as you well know. Caixabank charges you a 3% commission on the volume exchanged if you buy shekels against euros in cash. If you make a charge from your Caixa account, you save this commission.
-Finally, the currency suppliers that operate at street level, outside the airport do not usually charge you a commission if you contract your ILS online (home delivery or online reservation with collection at one of their offices in the city center). We recommend you see the rates of the currency suppliers that collaborate with Cambiator since they are quite competitive, and they vary every day.
Comparison of euro to shekel prices
Suppose that you are going to take a trip to the Holy Land and that you want to exchange today, June 24, 2023, 1000 euros to shekels in Spain.
Let us compare the rates of Caixabank (including their 3% commission if you pay in cash), of Global Exchange at the main Spanish airports and home delivery, and Cambiator, today.
|Currency tu buy (ILS)||Exchange rate
(24th June 2023)
|1000 EUR buys you|
|Mains airports (Global Exchange)*||2,701907||2.702 Shekels|
|Caixa including 3% commission 30 € (970 € de cambio)*||3,384300||3.282 Shekels|
|Global Exchange (home delivery)*||3,384300||3.384 Shekels|
*Rates obtained from the Caixa and Global Exchange websites today 06 24 2023.
-If you changed 1,000 euros to shekels at the Madrid, Barcelona, Alicante or Malaga airport, you would get only 2,702 shekels with the Global exchange exchange house, which exchanges currency at these airports.
-If you are a Caixabank customer and you change 1,000 euros to shekels, they charge a commission of 3% (30 euros), which means that the change will be made for 970 euros. You would get only 3,282 shekels.
-Cambiator’s best rate would give you 3,460 shekels today, the best euro to shekel exchange today in Spain.
The difference between the best price (Cambiator) and the one at the airport for 1000 euros of purchase is today 758 shekels, about 167 euros of change difference.
The things that can be done with an extra 167 euros in your pocket, right?
Israeli shekel rates today
To know the best exchange rate from euro to Israeli shekel and shekel to euro today, the best thing you can do is use our currency comparator.
- Exchange euros for shekels (EUR-ILS)
- Exchange shekels for euros (ILS-EUR)
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