Post Aliyah - Opening A Bank Account
1. Choosing the Right Bank
Options: Israel’s primary banks include Bank Hapoalim, Bank Leumi, Mizrahi-Tefahot, Discount Bank, and First International Bank.
New Immigrant Benefits: Some banks offer specific benefits for new olim, like fee waivers, credit cards without annual fees, and special savings accounts.
Branches and Language: Check branch locations and available language services. Some branches have English-speaking staff to assist non-Hebrew speakers.
2. Types of Accounts and Features
Account Types: The main accounts are checking (current), savings, and sometimes joint accounts for families or couples.
Debit/Credit Cards: Most banks offer debit cards, known as “Isracard” or similar, for use in ATMs and stores. Credit cards may have special terms for olim.
Special Savings Plans: Banks often offer savings plans with preferential interest rates for new immigrants, including fixed-term deposits or flexible savings accounts.
3. Required Documents
Teudat Zehut: Your Israeli ID card is essential, as it confirms your status and identity.
Passport: Bring your passport for additional verification.
Proof of Address: This can be a rental agreement, utility bill, or a statement showing your Israeli address.
Aliyah Documentation: Your Aliyah visa or other proof of new immigrant status may be required to qualify for special benefits.
4. Setting Up Direct Debit (Hora’at Keva)
Purpose: Direct debit simplifies payment for rent, utilities, and other recurring bills.
Process: During account setup, you can authorize Hora’at Keva for regular payments by providing the bank with account details for relevant service providers.
Bank Charges: Some banks may charge small transaction fees for direct debits, so ask about fee structures.
5. Digital and Mobile Banking
Online Services: Israeli banks provide online banking platforms where you can manage payments, transfers, and balances.
Mobile Banking Apps: Most banks offer user-friendly apps with English support, where you can view transactions, transfer funds, and manage settings.
ATM Access: ATMs are widely available, and bank cards allow you to check balances, withdraw cash, and perform other transactions.
6. Bank Fees and Charges
Account Maintenance: Most banks charge monthly maintenance fees, though some offer discounts for new immigrants. Fees vary by service level, transaction type, and account balance.
Transaction Fees: Certain transactions, like interbank transfers or international wire transfers, come with additional fees.
Credit Card Fees: While some credit cards come with free first-year offers, they may have annual fees after the first year.
7. Opening Process and Appointment Tips
Appointments: It’s recommended to book an appointment to avoid wait times, especially at popular branches in major cities.
Language Support: If language is a concern, request assistance from an English-speaking staff member when booking the appointment.
Initial Deposit: Some banks may require an initial deposit to open an account. This can be as low as 100 NIS, depending on the bank’s policy.
8. Additional Resources and Support
Nefesh B’Nefesh Support: This organization can help guide you through account opening and provide advice on selecting a bank.
Bank Customer Service: Each bank has a customer service hotline; for English support, ask about direct lines or apps that provide easy access.
Opening a bank account soon after arrival can streamline your financial needs, enabling easy access to services, secure transactions, and the ability to manage finances in your new country.
Here are useful links and phone numbers to assist with opening a bank account in Israel:
1. Major Israeli Banks
Bank Hapoalim: bankhapoalim.co.il | Customer Service: 03-653-2407
Bank Leumi: leumi.co.il | Customer Service: 03-954-4555
Discount Bank: discountbank.co.il | Customer Service: 03-943-9111
Mizrahi-Tefahot: mizrahi-tefahot.co.il | Customer Service: 8860
2. Aliyah Support Resources
Nefesh B’Nefesh: nbn.org.il | Contact Number: 02-659-5800
These links and contact numbers can provide tailored guidance for new olim seeking banking solutions.
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