There is an Israel Discount Bank located on the lower level of the Forum on the Mount Scopus campus. Jerusalem is also overflowing with banks, all of which will cash foreign currency and traveler's checks for a fee. The Bank of Israel licenses money changers, which have opened in numerous locations in downtown Jerusalem and the shopping malls.
Currency is exchanged at a slightly higher rate but no commission is charged.
Postal banks do not charge a commission to cash traveler's checks or to exchange foreign currency. Before coming to Israel check with your bank to make sure your ATM card is connected to one of the major networks that is accessible by money machines in Israel. These networks include Cirrus and Plus. If you are on one of these networks, money may be deposited in your local checking account and you can withdraw money in shekels at any one of the many cash machines in Israel. Please note that you may not open a joint account that is held both in a branch of an Israeli bank in the United States and in a bank in Israel.