Bank Account in Israel
Opening a bank account is a very important step for your future home in Israel, whether you are making Aliyah or looking for an investment.
Aliyah – after coming to Israel you will need a local bank account to receive the benefits for the new Olim (absorption basket or sal klita).
Investors or Prior to Aliyah – in the beginning, you can get by without opening an account. You can purchase a property and even get pre-approved for the mortgage, but you will need one for future outgoing payments, such as taxes, fees, and monthly expenses, and for transferring money to Israel.
In cases when you are not able to visit Israel physically, you can use your lawyer, relative, or a close friend to open a trust account and perform basic operations, including purchasing a property remotely.
We are working with the central banks of Israel that are very convenient for foreign clients, such as Hapoalim, Discount Bank, Mizrachi Tfachot, and other banks.
How to open a bank account in Israel?
Visit one of the banks that are in your area. You will need to provide certain documents and make a small deposit. If you are staying at a temporary place, go to the branch that is close to the place where you are planning to live. Unlike in other countries, some of the actions require your physical presence in your original branch and cannot be done in other branches of the same bank.
If you can’t visit Israel, you can open a trust account through one of our lawyers and make any required payments.
Can a foreigner open a bank account in Israel?
Yes. There are dedicated branches of many different banks that serve non-residents who live abroad or planning to move to Israel.
What bank should I choose?
There are many good banks that offer services to non-residents. We do recommend choosing a branch that is close to your home or place where you are planning to live since you probably have to visit there quite often during the first period in Israel.
How does a foreigner open a bank account in Israel?
Any foreigner can apply to one of the dedicated branches to open an account. You will need to provide certain documents and make a small deposit.
If you can’t visit Israel, you can open a trust account through one of our lawyers and make any required payment.
What is a trust account?
A trust account (or account in trust) is a financial account opened by an individual (a client) and managed by a trustee (usually a lawyer), for the benefit of another party (anyone to whom the client has to pay), or in simple words, to make different client’s payments without his presence.
Trust account is mostly used by buyers who want to buy a property In Israel remotely, without visiting.
How to transfer money to Israel?
The most convenient way to send money to Israel is to transfer directly from your bank account to your trust account or bank account in Israel.
To avoid unnecessary tax investigations, make sure you transfer from your own bank account and not from your company or relatives' bank account.
Also, there are broker companies that allow you to transfer money to Israel at a lower exchange rate.
When you use a currency broker, make sure that the company is licensed and regulated as one by the Israeli Capital Market Authority.
Can a foreigner get an Israeli credit card?
Yes. When you have a bank account in one of the Israeli banks, you can ask for a credit card (which also acts as an ATM card). However, you will probably need to deposit a certain amount into the account.
Contact us, and one of the bank managers will get back to you soon.
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