Banks are everywhere and offer a variety of services. Opening hours and days depend on the particular bank and branch. Some banks are open Sunday through Thursday and others are open Monday through Friday. All banks are closed on Saturday. You will need to check your local branch to ascertain hours.
Since the Covid19 outbreak, banks require advance appointments. You will need to check your local branch for further information.
Banking in person in Israel requires time and patience. You should plan to deposit your money in the branch where you will do your banking. You can also get a credit card and have some of your utility bills paid directly from your account, e.g. internet, Cable Company, mobile service, water.
Most people obtain cash (Shekels or foreign currency) from the ‘Caspomat’ (ATM) automatic teller machines, located outside banks. You will need to request a ‘caspomat’ card (which can be a credit or debit card) when you open your bank account. You may be able to use an international credit card to obtain Israeli or foreign currency, depending on the card.
You can change foreign currency to shekels at the latest exchange rate – normally listed in the windows of most banks, post offices or at a change shop. The exchange rate is generally more favorable at the post office, although not all post offices provide this service.
It is important to open a local bank account early on. Some services cannot be paid with a non-Israeli credit card or bank account. Often the monthly House committee, or Va’ad bayit, is paid by postdated check. For this reason, it is a good idea to order at least one checkbook.
It will take approximately a week until you receive a credit or debit card.
Be prepared and come with abundant amounts of patience!
Documentation needed to open a local bank account
To open a bank account in Israel you will need to have all of these with you:
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- Valid passport
- 2nd official ID such as a driver’s license
- Copy of your work visa valid for more than 3 months
- You will need to provide your tax identification number
- Letter from the company confirming your assignment in Israel or your signed work contract.
- An Israeli mobile number (Israeli SIM card).
Note: Israeli banks charge a small fee for nearly every transaction made.
Note: Not every bank offers online service in English. None of the bank apps have an English version.