OPENING AN ISRAELI BANK ACCOUNT

Complete Guide for New Olim

WHY THIS IS URGENT - TOP PRIORITY

**CRITICAL: **Opening an Israeli bank account is one of the MOST IMPORTANT tasks in your first week. Here's why:

You Cannot Receive Sal Klita Without It

A few days after making Aliyah you will be asked to schedule a meeting with Misrad Haklita to discuss your Sal Klita benefits. At this meeting, you will be asked to hand in documentation from an Israeli bank showing your account details, so they can start depositing monthly payments. After opening an Israeli bank account (this is a mandatory requirement for receiving further payments!)

Misrad Haklita is unable to transfer Sal Klita payments to an inactive account

What This Means:

ï First Sal Klita payment at airport is one-time

ï All subsequent monthly payments (months 2-6) go to your Israeli bank account

ï Rental assistance payments go to your bank account

ï Without a bank account = no money from government

ï You lose money every day you delay

You Need It For Everything Else

Essential Services Requiring Israeli Bank Account:

ï Receiving salary (if employed)

ï Paying rent

ï Setting up utilities (electricity, water, gas, internet)

ï Mobile phone contracts

ï Gym memberships

ï Insurance payments

ï Online shopping in Israel

ï Most Israeli payment systems

ï Future mortgage applications

ï Credit card applications

**Reality: **You simply cannot function in Israeli society without a local bank account.

WHEN TO OPEN YOUR ACCOUNT

IDEAL TIMELINE:

**Days 1-2: **Arrive, receive temporary Teudat Zehut, settle in

**Days 3-4: OPEN BANK ACCOUNT **(as soon as you have Teudat Zehut or Teudat Oleh)

**Days 5-7: **Schedule Misrad Haklita appointment

**Week 2: **Attend Misrad Haklita, provide bank details, start receiving payments

MINIMUM REQUIREMENTS TO OPEN ACCOUNT:

You CAN open with:

ï Temporary Teudat Zehut from airport (3-month validity) OR

ï Teudat Oleh OR

ï Sometimes just passport (depends on bank)

You DON'T need to wait for:

ï Permanent biometric Teudat Zehut

ï Israeli address (temporary okay)

ï Employment

ï Large initial deposit

**BOTTOM LINE: **Open account within first 3-5 days of arrival.

CHOOSING YOUR BANK

Israel has several major banks. Here's what you need to know:

THE BIG FIVE BANKS

1. BANK HAPOALIM (הפועלים בנק) Founded: 1921

**Size: **Israel's largest and most expansive bank

**Best For: **Wide accessibility, extensive branch/ATM network

Strengths:

ï Most ATMs and branches across the nation, competitive fees, exclusive discount for Olim

ï Strong English support

ï Comprehensive services

ï Good mobile app with Bit payments

ï Reliable and established

For Olim:

ï Special Olim benefits and fee discounts

ï English-speaking staff available

ï Experience with new immigrant accounts

Contact: *2407 (hotline)

2. BANK LEUMI (לאומי בנק)

**Founded: **1902

**Size: **Similar size to Hapoalim

**Best For: **Digital banking, new immigrants, online services

Strengths:

ï Diverse account types, non-resident accounts for tourists, can open accounts online

ï Strong English services

ï **Pepper digital banking **(revolutionary - see below)

ï Good for tech-savvy Olim

ï Modern mobile app

For Olim:

ï Dedicated Olim services page

ï Special benefits for new immigrants

ï Can often complete more online

Pepper by Leumi:

ï Launched 2017 as digital branch of Bank Leumi, revolutionizes banking with zero transaction fees, leveraging cutting-edge technology

ï 100% digital - no branch visits needed

ï Excellent for comfortable with technology

ï Lower fees than traditional banking

**Olim Services: https://www.leumi.co.il/minisite/olim_en/

Contact: *5522 (hotline)

3. DISCOUNT BANK (דיסקונט בנק)

**Founded: **1935

**Size: **Israel's third-largest bank

**Best For: **Competitive fees, Olim incentives

Strengths:

ï Big presence, affiliate Mercantile Bank serves youth/soldiers, enticing incentives specifically designed for new Olim Chadashim

ï Good personal service (smaller than Hapoalim/Leumi)

ï English interface available

ï Decent digital banking

For Olim:

ï Special Olim packages

ï Fee discounts for new immigrants

ï Good reputation among Olim community

Contact: *4499 (hotline)

4. MIZRAHI TEFAHOT BANK (טפחות מזרחי בנק)

**Size: **Fourth-largest bank

**Best For: **Mortgages, loans, long-term financial planning

Strengths:

ï Excellent mortgage department

ï Good for home buying

ï Strong customer service

ï English support available

ï Good digital banking

For Olim:

ï Helps with Zakaut mortgages (special Olim mortgages)

ï One of seven banks authorized to issue Teudat Zakaut

Contact: *5700 (hotline)

5. FIRST INTERNATIONAL BANK - FIBI (הבינלאומי הבנק)

**Size: **Fifth-largest bank

**Best For: **Business accounts, premium/private banking, affluent clients

Strengths:

ï Focuses on business accounts and premium services, excellent commitment to service and expertise

ï Good for entrepreneurs

ï High-end personal banking

ï English services strong

For Olim:

ï Particularly good for business owners

ï Professional approach

ï One of seven authorized for Zakaut mortgages

DIGITAL-ONLY BANKS

PEPPER (פלפל) - by Bank Leumi

**Type: **100% digital branch of Bank Leumi

**Best For: **Tech-savvy Olim who want convenience

Advantages:

ï Zero transaction fees, cutting-edge technology, personalized financial insights

ï No branch visits needed

ï Modern interface

ï Part of established Bank Leumi

ï Full banking services

ï English support

Disadvantages:

ï No physical branches (can be issue for some services)

ï Less personal relationship

ï Some Olim prefer face-to-face

Perfect For:

ï Comfortable with technology

ï Don't need in-person service

ï Want to minimize fees

ï Live in area without many bank branches

ONE ZERO (זירו וואן)

**Type: **Israel's first fully digital "neo" bank

**Best For: **Ultimate financial management flexibility

Advantages:

ï 100% digital, AI-driven banking, ultimate flexibility

ï Modern interface

ï Low fees

ï English support

ï Innovative features

Disadvantages:

ï Newer bank (less established)

ï No physical presence

ï May not be accepted everywhere yet

BANK YAHAV (יהב בנק)

**Type: **Traditional bank with good digital options

**Best For: **Cost-efficiency, exclusive advantages

Features:

ï Emphasizes cost-efficiency and exclusive advantages, collaborative venture between Mizrahi-Tefahot and Company for Economic and Cultural Enterprises

ï Lower costs than major banks

ï Decent digital platform

ï Less English support (mainly Hebrew)

HOW TO CHOOSE - DECISION FACTORS

✓ Location:

ï Does bank have branch near your home/work?

ï How many ATMs in your area?

ï Will you need to visit in person often?

✓ English Support:

ï Do staff speak English?

ï Is mobile app in English?

ï Are documents available in English?

✓ Fees & Charges:

ï Monthly account maintenance fees?

ï Transaction fees?

ï ATM fees?

ï International transfer fees?

ï **CRITICAL: **Banks often offer fee waivers or discounts initially for Olim, but fees usually rise after the introductory grace period ends

✓ Digital Banking:

ï Quality of mobile app?

ï Can you do most transactions online?

ï Is website user-friendly?

✓ Special Olim Benefits:

ï What discounts are offered?

ï For how long?

ï What's included?

✓ Recommendations:

ï Ask other Olim about their experiences

ï Check Olim Facebook groups

ï Get firsthand feedback

**BOTTOM LINE: **For most Olim, Bank Hapoalim, Bank Leumi, or Discount Bank are safest choices - established, English support, Olim-friendly, extensive networks.

DOCUMENTS YOU NEED

REQUIRED DOCUMENTS:

Identity Documents:

ï ☐ **Teudat Zehut **(Israeli ID) - temporary from airport is fine OR

ï ☐ **Teudat Oleh **(immigrant certificate) OR

ï ☐ **Passport **(foreign passport)

ï Most banks accept temporary ID - don't wait for permanent biometric

Proof of Address:

ï ☐ Utility bill (if you have one) OR

ï ☐ Rental contract (if signed) OR

ï ☐ Letter from friend/family where you're staying OR

ï ☐ Temporary address is okay - can update later

To Activate Account:

ï ☐ Cash or check to make deposit into your new account and thus activate it

ï Even small amount works (₪100-500)

ï Misrad Haklita unable to transfer Sal Klita payments to inactive account

Airport Document:

ï ☐ "Note of Future Bank Account" received at airport

ï Not all Olim receive this - don't worry if you don't have it

For US Citizens (CRITICAL):

ï ☐ Foreign tax identification number (Social Security Number)

ï ☐ Will need to complete W-9 form (FATCA compliance)

ï Israeli banks often require your social security number, especially if you're a U.S. citizen, as step towards ensuring enhanced due diligence

For Married Couples:

ï ☐ Both spouses' documents

ï ☐ Marriage certificate (sometimes requested)

ï ☐ Both must be present to open joint account

Optional But Helpful:

ï Foreign bank statements

ï Proof of income

ï Letter of recommendation from foreign bank

THE ACCOUNT OPENING PROCESS - STEP BY STEP

STEP 1: CHOOSE YOUR BANK

Research:

ï Read comparison above

ï Ask in Olim Facebook groups

ï Consider your location

ï Think about your needs

Find Nearest Branch:

ï Use bank's website branch locator

ï Choose branch near your home/temporary housing

ï Check opening hours

STEP 2: BOOK APPOINTMENT (RECOMMENDED)

Why Appointment?

ï Guarantees English-speaking banker

ï Reduces wait time

ï Ensures all forms ready

ï Better service

How to Book:

ï Call bank's main hotline

ï Visit branch and schedule

ï Some banks allow online booking

ï Specify you're new Oleh, need English

Without Appointment:

ï Can walk in (especially smaller branches)

ï May wait longer

ï May not get English speaker

ï Bring everything just in case

STEP 3: PREPARE FOR VISIT

The Night Before:

ï Gather all documents

ï Make photocopies

ï Prepare cash/check for deposit

ï Write down questions

ï Get translator friend (if needed)

What to Wear:

ï Business casual recommended

ï You'll likely get photo taken for account

ï Comfortable (you'll be there 1-2 hours)

Timing:

ï Highly recommended that you go to bank to open your account at least one hour before they close

ï There are many forms to sign and much information you should ask and receive

ï Best: Morning on Sunday-Thursday

ï Avoid: Friday (banks close early), Wednesday afternoons (some banks), end of month (busy)

STEP 4: AT THE BANK

Check-In:

ï Arrive 10 minutes early

ï Tell receptionist: "Ani oleh chadash, ani rotzeh liftoach cheshbon" (I'm new immigrant, want to open account)

ï Or just: "New immigrant, open account, English please"

ï Take number/ticket, wait to be called

Meeting with Banker:

Identity Verification:

ï Present all documents

ï Banker checks ID

ï May ask questions about aliyah

ï Verifies eligibility

Choose Account Type:

ï **Current Account (Cheshbon Shekels): **Main checking account - this is what you need

ï **Savings Account: **Optional, can add later

ï **Foreign Currency Account: **Optional, can add later

For Families:

ï Married Olim must open joint bank account to receive Sal Klita payments as family

ï Both spouses must be present

ï Children under 18 added to parents' account

Review Fees:

ï Ask about monthly maintenance fees

ï Transaction fees

ï ATM fees

ï International transfer fees

ï **CRITICAL: **Ask how long Olim discount lasts

ï Get fee schedule in writing

ï Negotiate if possible (especially business owners)

Complete Forms:

ï Many forms to sign (all in Hebrew typically)

ï Banker should explain each one

ï Ask for translation if don't understand

ï Common forms:

◦ Account opening agreement

◦ Terms and conditions

◦ Fee schedule

◦ Credit card application (optional)

◦ Direct debit authorizations

◦ Online banking agreement

◦ Bit/digital payment registration

US Citizens - FATCA Compliance:

ï Must provide Social Security Number

ï Complete W-9 form

ï Bank reports account to IRS

ï This is mandatory, not optional

ï Part of US tax law compliance

Set Up Services:

ï Online banking credentials

ï Mobile app access

ï Bit payment app (Israel's Venmo)

ï PayBox if offered

ï Check book (if desired)

ï Debit card

ï Credit card application (optional but recommended)

Make Initial Deposit:

ï Cash or check to activate account

ï Even ₪100-500 is fine

ï Account MUST be active for Sal Klita transfers

ï Get deposit receipt

Get Account Details:

ï Full account number (format: XX-XXX-XXXXXX)

◦ First 2 digits: Bank code

◦ Next 3 digits: Branch code

◦ Last 6 digits: Your account number

ï IBAN (for international transfers)

ï Bank's SWIFT code

ï Branch address and contact info

Take Documents:

ï **CRITICAL: **Get stamped bank letter with account details

ï This is what you bring to Misrad Haklita

ï Should show: Your name, account number, branch, bank stamp

ï Also get: Fee schedule, terms, account agreement copies

**Duration: **In-person: 1-2 hours typically

STEP 5: AFTER OPENING ACCOUNT

Immediate Actions:

ï Download bank's mobile app

ï Activate online banking

ï Set up Bit payment app

ï Memorize account number

ï Save banker's direct contact info

ï Keep all documents safely

Within Week:

ï Test online banking login

ï Make small transaction to verify account works

ï Order checks if needed

ï Set up any recurring payments

ï Add money to account if needed

Within 10 Days:

ï Schedule Misrad Haklita appointment

ï Bring bank letter to appointment

ï Register account for Sal Klita payments

ï First government payment should arrive Month 2

UNDERSTANDING ISRAELI BANKING FEES

TYPICAL FEE STRUCTURE (2025):

Monthly Account Maintenance:

ï ₪10-30 (some free for Olim initially)

ï Often waived first 6-12 months for Olim

ï Then rises to standard rate

ATM Withdrawals:

ï Own bank: Usually free

ï Other banks: ₪5-8 per withdrawal

ï Abroad: Higher fees + exchange rate

International Transfers:

ï ₪15-50 per transfer

ï Plus exchange rate markup

ï Incoming often free or lower fee

Foreign Exchange:

ï 1-3% of transaction

ï Rate varies by bank

ï Can negotiate on large amounts

Overdraft (Minus):

ï High interest rates, 7-12%

ï AVOID if possible

ï Very expensive in Israel

Check Book:

ï ₪50-100 for book of 25-50 checks

ï Some Olim discounts

Returned Check:

ï ₪100-200 penalty

ï Very expensive - don't bounce checks!

Small Transactions (Amlah):

ï Most banks charge small fee (Amlah) for some financial transactions

ï Varies by transaction type

ï Adds up over time

FEE NEGOTIATION TIPS:

Building a strong rapport with your banker can prove invaluable. It helps not only to secure fee reductions but also to navigate complex financial scenarios smoothly. This approach often works better for business owners and usually requires a direct request

Strategies:

ï Be friendly and build relationship

ï Ask directly for fee reductions

ï Mention competing banks' offers

ï Business owners have more leverage

ï Threaten to switch banks (politely)

ï During renewal periods - good negotiation time

ï Bring in large deposits - leverage for fee reduction

FEE RELIEF PROGRAMS (2025-2027):

Important: Banking system allocating cumulative amount of NIS 3 billion over two years starting Q2 2025, with banks providing range of financial relief components and direct refunds to millions of retail banking customers

This may mean lower fees for some customers - ask your bank about current relief programs.

UNDERSTANDING ISRAELI BANKING SYSTEM

How Israeli Banking Differs from Western Banking:

**Transaction Monitoring: **Banking practices in Israel differ significantly from those in many Western countries, particularly in their focus on transaction monitoring. Unlike the emphasis on banking secrecy and privacy found in other Western nations, Israeli banks adopt a vigilant approach. The heightened vigilance in Israeli banking practices is rooted in security concerns

What This Means:

ï Banks monitor transactions closely

ï May ask about source of funds

ï May question unusual activity

ï This is normal, not suspicious

ï Related to security situation

Documentation:

ï More paperwork than you're used to

ï Everything must be documented

ï Keep copies of everything

ï Banks follow strict regulations

Service Style:

ï Can be less "customer service" oriented than US/UK

ï More bureaucratic

ï Direct communication style

ï Relationship with banker important

DIGITAL BANKING & MOBILE APPS

What Israeli Banks Offer:

Most Israeli banks offer modern mobile apps with features like: Bank Transfers (Domestic & International), Bit & PayBox Payments (Popular in Israel), Investment & Savings Options, Foreign Currency Exchange

Common Features:

ï Check account balance

ï View transaction history

ï Transfer money domestically

ï Pay bills

ï Order checks

ï Manage cards

ï Set up standing orders

ï Apply for loans

ï Contact customer service

ï Find nearest branch/ATM

Security:

ï Multi-factor authentication

ï SMS verification

ï Biometric login (fingerprint/face)

ï Secure messaging with banker

BIT - ISRAEL'S VENMO

What is Bit?

ï Israel's most popular payment app

ï Linked to your bank account

ï Instant person-to-person transfers

ï Free to use

ï Used for everything

Common Uses:

ï Splitting restaurant bills

ï Paying friends

ï Small business payments

ï Buying second-hand items

ï Paying contractors

ï Group gifts

How to Set Up:

ï Download Bit app

ï Connect to your bank account

ï Verify phone number

ï Start sending/receiving money

EVERYONE in Israel uses Bit - essential!

CREDIT CARDS IN ISRAEL

How Israeli Credit Cards Work:

Different from US/UK:

ï Often treated as "deferred payment" rather than revolving credit

ï Balance usually paid automatically from checking account

ï Can choose: Single payment or installments (tashlumim)

ï Interest charged if installments chosen

Credit Limit:

ï Usually around one month's salary

ï Can negotiate higher

ï Based on income verification

ï Lower initially, increases over time

Application:

ï Apply when opening account OR

ï Apply separately later

ï Easier to get with salary paid into account

ï Takes 1-2 weeks to receive card

Popular Cards:

ï Visa and Mastercard most common

ï Israeli credit (Isracard, Max, Leumi Card, Cal)

ï Some stores have own cards

Benefits:

ï Needed for online shopping

ï Needed for car rentals

ï Needed for international travel

ï Building credit history in Israel

SPECIAL SITUATIONS

For Married Couples:

Joint Account Required:

ï Married Olim must open joint bank account to receive Sal Klita payments as family

ï Both spouses must be present

ï Both sign all documents

ï Equal access to account

ï Both responsible for fees/overdrafts

Individual Accounts:

ï Can have separate personal accounts too

ï But Sal Klita goes to joint account only

ï Many couples have both joint + individual

For Single Parents:

Documentation:

ï Proof of custody (if applicable)

ï Children listed in account

ï Eligible for family Sal Klita rates

ï Bring all children's documents

For Business Owners:

Business Account:

ï Separate from personal account

ï Different requirements

ï More documentation needed

ï Higher fees usually

ï FIBI particularly good for business banking

Can Open Alongside Personal:

ï Get personal account first

ï Add business account later

ï Ask about packages

For Non-Residents/Foreigners:

Foreigners can open bank accounts in Israel. Banks require valid identification, tax information, and sometimes proof of income or source of funds. Requirements vary by bank. Not all Israeli banks – or even branches within banks – accept non-residents

Challenges:

ï More documentation required

ï Not all branches trained for non-residents

ï May need local representative

ï Some banks offer non-resident accounts specifically

Bank Leumi Good Option:

ï Caters to tourists with non-resident account option

COMMON PROBLEMS & SOLUTIONS

Problem 1: Bank Won't Accept Temporary ID

Solution:

ï Try different branch

ï Try different bank (Leumi and Hapoalim usually accept)

ï Bring Teudat Oleh as backup

ï Explain you're new immigrant (Oleh Chadash)

ï Call bank hotline for guidance

ï Bring letter from Misrad Haklita if possible

Problem 2: No English-Speaking Staff Available

Solution:

ï Call ahead to confirm English speaker will be there

ï Bring translator friend

ï Use Google Translate app

ï Ask if different branch has English staff

ï Book appointment specifically requesting English

ï Consider digital-only bank (Pepper)

Problem 3: High Fees

Solution:

ï Ask about Olim discounts directly

ï Compare multiple banks

ï Negotiate with banker

ï Consider digital bank (lower fees)

ï Ask how long discounts last

ï Get fee schedule in writing

Problem 4: Account Not Activated

Solution:

ï Make sure you made deposit (even small)

ï Check with banker that account is active

ï Test with small withdrawal

ï Verify account number correct

ï Contact bank if issue persists

Problem 5: Can't Transfer Sal Klita

Solution:

ï Account MUST be active (requires deposit)

ï Verify account details correct at Misrad Haklita

ï Check with bank that account accepts government transfers

ï May take 1-2 months for first payment to arrive

ï Follow up if delayed

Problem 6: FATCA Forms Confusing (US Citizens)

Solution:

ï Banker should help complete

ï Just need Social Security Number

ï Standard form, nothing complicated

ï Must comply - no way around it

ï Contact US Embassy if concerns

EXPERT TIPS FOR SUCCESS

Before Opening Account:

1. Research in Olim Groups:

◦ Ask recent Olim about experiences

◦ Get specific branch recommendations

◦ Learn about current Olim offers

◦ Get insider tips

2. Compare Multiple Banks:

◦ Visit 2-3 banks if time allows

◦ Compare fees and benefits

◦ Choose best fit for YOUR needs

◦ Don't rush decision (but don't delay too long)

3. Prepare Questions:

◦ Write down what you need to know

◦ Ask about Olim benefits duration

◦ Clarify all fees

◦ Understand penalties

During Account Opening:

1. Take Your Time:

◦ Don't feel rushed

◦ Read everything (or have explained)

◦ Ask about anything unclear

◦ It's okay to take breaks

2. Get Everything in Writing:

◦ Fee schedules

◦ Olim benefits terms

◦ Account numbers

◦ Banker's contact info

3. Build Relationship:

◦ Be friendly with your banker

◦ Get their direct number/email

◦ This relationship is valuable

◦ They can help with future issues

4. Test Everything:

◦ Make sure you can log in online

◦ Verify mobile app works

◦ Test Bit if set up

◦ Try one transaction before leaving

After Opening Account:

1. Stay Organized:

◦ Keep all bank documents in one place

◦ Save receipts

◦ Track fees

◦ Monitor for unexpected charges

2. Set Up Properly:

◦ Complete all online banking setup

◦ Add all security features

◦ Set up alerts for transactions

◦ Register for paperless statements

3. Provide to Misrad Haklita ASAP:

◦ Don't delay giving bank details

◦ Every month delayed = lost Sal Klita payment

◦ Follow up to confirm they have info

4. Monitor Fees:

◦ Check when Olim discounts end

◦ Renegotiate before they expire

◦ Consider switching if fees too high

◦ Track all charges monthly

5. Build Credit:

◦ Use account regularly

◦ Pay bills on time

◦ Don't overdraft

◦ Good banking history helps with mortgages later

CULTURAL BANKING TIPS

Israeli Banking Culture:

Direct Communication:

ï Israelis are very direct - not rude, just straightforward

ï Don't be offended by blunt questions

ï Ask directly for what you need

ï Haggle on fees is normal

Bureaucracy:

ï Expect more paperwork than you're used to

ï Process can feel slow

ï Patience required

ï Normal for Israel

Relationship Matters:

ï Personal relationship with banker important

ï Face-to-face better than phone often

ï Persistence pays off

ï Being nice goes far

"Protekzia" (Connections):

ï Having connections helps

ï Ask other Olim for introductions

ï Recommendations from friends valuable

ï Not required but helpful

RESOURCES & HELPFUL LINKS

Bank Contact Information:

Bank Hapoalim:

ï Hotline: *2407

ï English support available

Bank Leumi:

ï Hotline: *5522

ï Olim Services: https://www.leumi.co.il/minisite/olim_en/

ï English support available

Discount Bank:

ï Hotline: *4499

ï English support available

Mizrahi Tefahot:

ï Hotline: *5700

ï English support available

Bank of Israel (Central Bank):

ï Information on banking system: https://www.boi.org.il/en/bank-of-israel/iron-swords/ information-on-the-banking-system-s-activity/

ï Consumer protection information

Support Organizations:

Nefesh B'Nefesh:

ï Answers hotline: *3680

ï Email: answers@nbn.org.il

ï Banking guide: https://www.nbn.org.il/life-in-israel/community-and-housing/setting-up-your-home-in-israel-community-and-housing/opening-a-bank-account-in-israel/

Helpful Facebook Groups:

ï "Secret Tel Aviv" - Local advice

ï "Olim Chadashim in Israel" - New immigrants

ï "Living Financially Smarter in Israel" - Banking tips

ï City-specific Olim groups

COMPLETE CHECKLIST

☐ PRE-OPENING (Days 1-2)

ï [ ] Research banks online

ï [ ] Ask in Olim groups for recommendations

ï [ ] Choose 1-2 banks to visit

ï [ ] Find nearest branches

ï [ ] Book appointment if possible

ï [ ] Gather all documents

ï [ ] Make photocopies

ï [ ] Prepare deposit money (₪100-500)

ï [ ] Find translator friend if needed

ï [ ] Write list of questions

☐ OPENING DAY (Days 3-5)

ï [ ] Arrive 10 min early

ï [ ] Bring all documents

ï [ ] Bring cash for deposit

ï [ ] Allow 1-2 hours

ï [ ] Present identity documents

ï [ ] Complete all forms

ï [ ] Review fee schedule

ï [ ] Negotiate Olim benefits

ï [ ] Set up online banking

ï [ ] Get credit card application started

ï [ ] Make initial deposit

ï [ ] ACTIVATE account

ï [ ] Get stamped bank letter with account details

ï [ ] Get banker's direct contact

ï [ ] Take copies of all signed documents

☐ IMMEDIATELY AFTER (Same Day)

ï [ ] Download bank's mobile app

ï [ ] Set up online banking login

ï [ ] Download Bit payment app

ï [ ] Test login works

ï [ ] Save account number

ï [ ] Save bank letter for Misrad Haklita

ï [ ] Update address book with bank contact

ï [ ] File all documents safely

☐ WEEK 1

ï [ ] Make test transaction

ï [ ] Verify account fully functional

ï [ ] Order checks if needed

ï [ ] Set up recurring payments if any

ï [ ] Register for paperless statements

ï [ ] Set up transaction alerts

ï [ ] Add security features

ï [ ] Teach family members how to use (if joint)

☐ WEEK 2

ï [ ] Schedule Misrad Haklita appointment

ï [ ] Bring bank letter to Misrad Haklita

ï [ ] Register bank details for Sal Klita

ï [ ] Verify information recorded correctly

ï [ ] Ask when first payment expected

ï [ ] Set calendar reminder to check

☐ MONTH 2

ï [ ] Verify Sal Klita payment received

ï [ ] Check fees charged

ï [ ] Contact Misrad Haklita if no payment

ï [ ] Review account statement

ï [ ] Make sure everything working correctly

☐ ONGOING

ï [ ] Monitor monthly fees

ï [ ] Track when Olim discounts end

ï [ ] Review statements monthly

ï [ ] Build relationship with banker

ï [ ] Renegotiate before discounts expire

ï [ ] Consider switching if better offer elsewhere

FINAL WORDS

Opening an Israeli bank account might seem daunting, but it's actually straightforward once you know the process. **The most important thing is to do it quickly **- within your first week in Israel.

Key Takeaways:

ï ✓ Do it FAST (days 3-5 after arrival)

ï ✓ Temporary ID is fine

ï ✓ Must make deposit to activate

ï ✓ Get stamped letter for Misrad Haklita

ï ✓ Bring to Misrad Haklita within 10 days

ï ✓ Fees negotiable, especially for Olim

ï ✓ Build relationship with banker

ï ✓ Most Olim choose Hapoalim, Leumi, or Discount

ï ✓ Set up Bit app immediately

ï ✓ Monitor when Olim discounts end

You've got this! Thousands of Olim open accounts successfully every year. It's a crucial step in your Israeli journey.

Questions? Contact:

ï Your chosen bank's hotline

ï Nefesh B'Nefesh: *3680

ï Fellow Olim in Facebook groups

ï Your Misrad Haklita counselor

B'hatzlacha (Good luck) with your Israeli banking!

Updated on: 02/02/2026

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