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Israelis withdraw $10.8B from ATMs in '03

October 21, 2004

Globes Online: Cash withdrawals from ATMs in Israel amounted to NIS 43 billion (U.S. $10.8 billion) in 2003, according to Bank of Israel currency department figures.

The number of ATM withdrawals fell 5 percent in 2003 to 116.3 million, down from 122.8 million in 2002. However, the average withdrawal amount rose 4 percent, from NIS 345 (U.S. $78) in 2002 to NIS 358 (U.S. $81) in 2003, primarily due to consumers trying to avoid transaction fees.

The number of ATMs in Israel in 2003 was 1,322, the same as in 2000.

Non-bank companies are trying to enter the ATM market, placing machines in public places. Cash transactions from non-bank ATMs typically incur a NIS 4-6 (U.S. 90 cents-$1.35)transaction fee.

Use of credit cards rose by 19 percent in 2003 to NIS 90.5 billion (U.S. $20.3 billion), double the amount of cash withdrawals from ATMs and amounting to 42 percent of non-business spending.

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