Opening a bank account in Israel is an essential step for new immigrants (Olim Chadashim), expatriates, students, business owners, and tourists planning to stay for an extended period. Whether you're moving to Israel permanently or need a local account for work or investments, understanding the process will save you time and effort.
This detailed guide will walk you through everything you need to know, including eligibility, required documents, types of accounts, banking fees, online banking, and tips for foreigners.
1. Who Can Open a Bank Account in Israel?
Eligibility Criteria:
Israeli Citizens & Residents – Any Israeli citizen or legal resident can open a personal or business account. New Immigrants (Olim Chadashim) – Olim receive special benefits when opening accounts. Foreigners & Non-Residents – Tourists and foreign investors can open accounts but may face additional requirements. Businesses & Companies – Corporations, startups, and foreign companies can open Israeli business accounts.2. Choosing the Right Bank in Israel
Israel has several major banks, each offering unique services, account types, and digital banking options.
Top Banks in Israel & Their Benefits
Bank NameBest ForEnglish ServicesDigital BankingBank HapoalimLargest bank, widely available
Yes Yes (Bit, mobile app)Bank LeumiGood for new immigrants & digital banking Yes Yes (Pepper)Discount BankOffers competitive fees Limited YesMizrahi TefahotBest for mortgages & loans Yes YesFirst International Bank (FIBI)Business & premium banking Yes YesBank YahavLow-cost personal banking
Limited YesPepper by Leumi100% digital, no branch visits Yes YesOne Zero BankFully online, AI-driven banking Yes YesHow to Choose a Bank?
✔ Location – Does the bank have branches near you?
✔ English Support – Does the bank offer English-speaking staff and apps?
✔ Fees & Charges – Are there monthly fees or hidden costs?
✔ Online & Mobile Banking – Is digital banking available?
✔ Special Offers for Olim – Some banks provide benefits for new immigrants.
3. Types of Bank Accounts in Israel
Personal Accounts
For salaried employees, students, pensioners, and residents.
Regular checking accounts (Oved Meschor)
Multi-currency accounts (USD, EUR, GBP, etc.)
Salary deposit accounts
Business Accounts
For companies, startups, freelancers, and foreign investors.
Israeli corporate accounts
Foreign currency business accounts
Overdraft facilities and credit lines
Non-Resident & Tourist Accounts
For foreigners who do not live in Israel but need an Israeli account.
Higher scrutiny and documentation required
Often restricted in online banking access
Olim (New Immigrant) Accounts
Special benefits such as free international transfers, waived fees, and lower mortgage rates
Dedicated bank officers to assist new immigrants
4. Required Documents to Open a Bank Account in Israel
To open an account, you must visit a branch (unless using a digital bank like Pepper or One Zero).
For Israeli Citizens & Residents:
Israeli ID (Teudat Zehut) Proof of Address (utility bill, rental contract) Income Proof (salary slip, employment letter)For New Immigrants (Olim Chadashim):
Teudat Oleh (Aliyah Certificate) Israeli ID (Teudat Zehut) or Temporary Residency Document Foreign Passport Proof of Address (Israeli or foreign)For Foreigners & Non-Residents:
Valid Passport Israeli Visa or Proof of Entry Stamp Proof of Foreign Address Tax Identification Number (TIN) for international compliance Bank Reference Letter (sometimes required) Source of Income Proof (if opening a high-value account)For Business & Corporate Accounts:
Company Registration Documents Tax ID & VAT Number Authorized Signatory Passports Board Resolution (for corporate accounts)5. How to Open a Bank Account in Israel: Step-by-Step
Option 1: Visit a Bank Branch (Most Common)
Make an appointment (some banks require it). Bring all required documents (passport, Teudat Zehut, proof of address, etc.). Go through security screening (banks in Israel have strict security). Sign account opening forms & agreements. Deposit initial funds (some banks require ₪50–₪500). Activate online & mobile banking. Receive your debit card & checkbook.Option 2: Open an Online Bank Account (Fully Digital)
Available for Pepper Bank (Leumi) and One Zero Bank. Requires scanning ID & live video verification. Takes 1-3 days for approval. No need to visit a physical branch.6. Understanding Banking Fees & Charges in Israel
Fee TypeEstimated CostMonthly Account Maintenance₪10–₪30 (some free for Olim)ATM Withdrawals (Other Bank ATMs)₪5–₪8 per withdrawalInternational Transfer Fee₪15–₪50 per transferForeign Exchange Fee1%–3% of transactionOverdraft Fees (Minus)High interest rates, 7%–12%
Tip: Ask your bank about special promotions for Olim or expats to reduce fees.7. Online & Mobile Banking in Israel
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 Popular Banking Apps:
Bank Hapoalim App
Bank Leumi App (Pepper)
Discount Bank App
One Zero Bank (Fully Online)
8. FAQs About Opening a Bank Account in Israel
Can a foreigner open a bank account in Israel?
Yes, but additional documents like a passport, proof of income, and tax ID are required.
Do Israeli banks offer English-speaking services?
Yes, banks like Leumi, Hapoalim, and FIBI provide English services.
How long does it take to open an account?
In-person: 1–2 hours.
Online banks: 1–3 business days.
What’s the best bank for new immigrants?
Bank Leumi, Bank Hapoalim, and Discount Bank offer Olim benefits.Final Thoughts: Choosing the Right Bank in Israel
Opening a bank account in Israel is easy if you have the right documents and choose the best bank for your needs. Consider factors like fees, English support, digital banking, and special offers for Olim before making a decision.
Need help? Contact Nefesh B’Nefesh or a financial advisor for assistance.Let me know if you need additional details on business accounts, digital banking, or investment accounts!
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