Moving to Israel - Money and Banking

Are you moving to Israel? Not sure how the banking system work in Israel or how to open an Israeli bank account?

Here you can find answers to these questions and much more.

The currency in Israel is the New Israeli Shekel (also known as the Shekel - NIS). There are 100 Agarot (cents) in 1 shekel.

The exchange rate fluctuates daily and ranges from 3.5NIS: $1 to 4.5NIS : $1.

All migrant workers are able to open a bank account in Israel. Opening a bank account in Israel is usually straightforward, requiring specific identification including your passport. It is also recommended to bring recent bank statements from other accounts in order to expedite the process.

It is also possible to open a bank account with the Postal Bank (any post office) without making an initial deposit.

In general, your bank account allows for money transfers by employers, insurance companies, etc.

Account Options:

• Current accounts for everyday banking offering low interest rates
• Savings accounts for long-term accounts with restricted short-term access to funds with competitive interest rates (varies or fixed rates)
• Fixed term accounts have little to no access to funds with a defined rate of interest for a fixed term, in which the client can chose to reinvest the capital and interest.

Several of Israel’s most common banks are Bank Hapoalim, Bank Leumi, Bank of Israel and Israel Discount Bank. Major banks have branches throughout the country. Urban branches usually offer more extensive services whereas local branches may have limitations on services and hours of operations. Banks are generally open from 8:30 am until 12 noon Sunday to Thursday, and 4–6pm on Sunday, Tuesday and Thursday. On Fridays and Jewish holiday eves, banks are open from 8:30 am until 12 noon. All banks are closed on Shabbat.

Most banks offer telephone or internet banking with many of these services in English. The law requires you to save bank statements for seven years.

In order to be issued a credit card in Israel, an initial deposit of at least 2,500NIS is required. International credit cards are widely accepted in Israel.

There are Israeli credit cards that allow for purchases only in Israel in local currency, as well as international credit cards that can be used worldwide.

ATM’s are widespread (always next to a bank) and are available 24 hours a day. There are also ATM machines that accept credit cards for cash withdrawal

Cheques are widely used as a form of payment in Israel. It is possible to order checks with a pre-printed sign stating “only for the beneficiary” in order to avoid third-party transfers. When depositing checks, a signature and account number are required.

Money transfers in all forms are accepted in most banks in Israel (cheques, cash, money orders). It is recommended to check fees for transfers.

Alternatively to opening a bank account in Israel, clients working or living in Israel have the option of opening an international bank account before moving to Israel. This allows access to a variety of services involving offshore bank accounts and banking in other currencies.

For assistance please visit www.relocationjob.com