Israel is not necessarily our top choice for opening a non-resident bank account, but there are a few factors that make this jurisdiction uniquely attractive for banking.
One of these reasons is that Israel is one of the few banking jurisdictions that does not require you to have any ties to the country to open a bank account.
In fact, when opening a non-resident bank account here you’re actually asked to prove that you do not have ties to the country. This is a very different situation from most countries.
Read on for everything you need to know about opening a non-resident bank account in Israel.
Table of Contents
- Can Non-Residents Open Bank Accounts in Israel?
- Who Can Open a Non-Resident Account in Israel?
- Why Should I Open an Account in Israel With Zero Ties?
- What Are the Challenges of Opening a Non-Resident Bank Account in Israel?
- Alternative Non-Resident Banking Options
- How Do I Open a Non-Resident Bank Account in Israel?
- Frequently Asked Questions
- Ready to Unlock the Benefits of International Banking?
Can Non-Residents Open Bank Accounts in Israel?
Yes, you can open a non-resident bank account in Israel. But this requires a physical visit to the bank and knowing which banks and branches will open an account for you. In this article, we share some of the specific requirements you will need to navigate to open an account.
Though it is possible to open a non-resident bank account in Israel, this can be costly, time-consuming, and difficult to navigate.
Given that, we do not typically recommend this option for most people, as there are other countries where non-resident banking options are much more accessible and provide greater benefits.
But, if you have a specific reason to bank in Israel or if you’re looking to make Aliyah (emigrate to Israel through the right of return), then you’re in the right place.
In this article, we’ll walk you through determining whether or not Israel is the best option for your banking needs.
Additionally, we’ll uncover other banking alternatives that might be a better fit.
And finally, if you do decide that Israel is the best option for you, we lay out step by step how to open a non-resident bank account in the country.
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Who Can Open a Non-Resident Account in Israel?
Although Israel has a well-developed banking system that’s reliable and accessible to many non-residents, it’s not a popular banking jurisdiction for most non-residents.
In fact, those who typically consider opening a non-resident bank account in Israel include the following client groups:
- Individuals planning to pursue Israel’s law of return
- Non-residents invested in Israel’s booming tech industry
- Expats that frequently visit Israel
- Foreign companies that conduct business in Israel
- Foreign businesses that have suppliers in Israel
- Non-residents with zero ties to Israel
Now, although each of the groups can consider opening a non-resident bank account in Israel, it doesn’t mean they should.
As there are other banking jurisdictions that are much easier to access for non-residents.
But, banking in Israel can offer unique benefits many people may not be aware of. This is especially true if you have zero ties to Israel.
So, a question you may want to ask yourself, is why would a non-resident with zero ties want to bank in Israel in the first place?
Why Should I Open an Account in Israel With Zero Ties?
In most banking jurisdictions, to open a bank account, you need proof of ties to that specific country. Whether it’s proof of address, business operations, or family ties.
But in Israel, it’s the opposite.
In fact, if you can establish that you do not have ties to Israel, you can unlock unique benefits when opening a non-resident bank account here.
Benefits of Opening a Non-Resident Bank Account with Banks in Israel
- Tax exemptions on trading Israeli stock
- Attractive interest rates on fixed deposits
- Access to foreign currencies other than the New Israeli Shekel (NIS)
- Interest charged from foreign currency deposits is exempt from tax
- Can invest in local businesses
- Can invest in Israeli real estate
As you can see, there are many benefits to opening a non-resident bank account in Israel.
Particularly in that, it enables non-residents to diversify their assets outside of their home country and benefit from attractive interest rates.
Of course, like banking anywhere, to start unlocking these benefits, you’ll need to successfully open a bank account.
And to do so, you’ll need to know how to navigate the account opening challenges.
So, let’s look at the challenges non-residents will likely face when opening an account in Israel.
What Are the Challenges of Opening an Account in Israel as a Non-Resident?
Opening a non-resident bank account in Israel (with or without ties) has its challenges.
And, for most applicants, these challenges can be frustrating to overcome. This is especially true if you’re looking for remote account opening.
But, with the right information, the right applicants can successfully open a non-resident bank account in Israel.
Here’s a look at some of the challenges non-residents could face when opening accounts in Israel.
Challenges of Opening a Foreign Bank Account in Israel
- Remote opening is not an option
- Finding an Israeli bank that accepts non-residents with English-speaking staff
- Not all banks do foreign currency transactions
- Adapting to a new culture
- Numerous service fees
- Unable to hold credit card debt
- Strict due diligence process
- Account opening process can take up to 2-4 days
- Distinct account opening requirements need to be met
- And more…
Of course, these challenges can vary depending on your client profile, banking needs, and the bank you choose to open with.
But, generally speaking, these are the most common challenges non-residents will likely face when opening a bank account here.
Now, in addition to the challenges, non-residents can be charged numerous service fees when having a bank account in Israel.
Fees Associated With Opening a Bank Account in Israel as a Non-Resident
- ATM withdrawal fees
- Withdrawing fees from a bank teller
- Transaction fees
- Monthly fees
- Exchange rates
- Overdraft protection fees
- International transfer fees
- Wire transfer fees
- Depositing foreign currency fees
- And more…
Of course, the cost of these fees can vary depending on a variety of things. Including, the number of funds you withdraw, transfer, or deposit.
Additionally, these fees can also vary depending on the bank you choose. And, some banks will sometimes offer discount rates or a no-fee period depending on your client profile and banking needs.
So, before you apply, it’s important to know all possible fees you could be charged when opening and maintaining a non-resident bank account in Israel. This way, you won’t be blindsided by unexpected charges.
Now, whether you’re looking to avoid paying outrageous fees, in need of remote opening, or don’t think Israel is the right fit for you, there are other banking alternatives to consider.
Alternative Non-Resident Banking Options
Before you book your trip to Israel, let’s check whether or not opening a non-resident bank account in Israel is really the best option for you.
This entirely depends on your specific client profile, banking needs, and whether you’re able to meet all bank-specific requirements.
With this in mind, let’s look at our top alternatives for opening non-resident bank accounts.
Isle of Man for Expat Banking
If you’re a non-resident looking for an international banking hub that offers economic stability, political certainty, and a culture of professionalism and accountability, the Isle of Man is definitely one to consider.
Most banks in the Isle of Man do not require you to demonstrate ties to the jurisdiction. Overall, the country has a robust banking system specifically focused on catering to non-residents and expats who are looking for a stable banking jurisdiction inside a developed country.
Best of all, you can even find some banks that will accept remote account opening here.
If the Isle of Man is of interest to you, we cover all of the available expat banking options in the Isle of Man in our premium report “Banking in the Isle of Man: Expat Banking Goes Mainstream”.
You can access this report immediately when you join GlobalBanks IQ.
Opening Accounts in Singapore
Another excellent alternative is Singapore.
Singapore is known for being the best banking jurisdiction in the world. And, that’s because of its stable, well-managed, and conservative banking system.
But, with being the best banking jurisdiction in the world comes strict regulations and onboarding processes.
Typically, account opening in Singapore can be very difficult if you don’t know which bank, branch, or banker to speak with directly.
And unfortunately, remote account opening is nearly impossible.
However, with the right information and some preparation, it is 100% possible to open a bank account in Singapore as a non-resident and without any ties to the country. And there are great benefits to doing so.
We detail the entire account opening process for foreign non-residents, including why you should consider opening in Singapore and how to get started in our premium report “Banking in Singapore: Global Banking at Its Best (and How To Get In)”.
You can access this report immediately when you join GlobalBanks IQ.
Now, there are a few other alternatives that are worth considering. Including the United States, Panama, and Georgia.
You can learn more about each of these options when you join GlobalBanks IQ.
That said, if you feel like Israel is a good fit (or you absolutely need to open an account here), here’s how to get started today…
How Do I Open a Non-Resident Bank Account in Israel?
If you want to open a non-resident bank account in Israel, you need to understand the account opening process. Including, the requirements you’ll need to meet and the documents you’ll need to submit.
Keep in mind that as with banking everywhere, requirements can vary from bank to bank, branch to branch, and even banker to banker.
That said, we’ve compiled a list of the most common requirements you’ll need to meet when opening a non-resident bank account in Israel.
And, of course, the documents you’ll need to submit.
Here’s a look at what you need to open a non-resident bank account in Israel.
Account Opening Requirements
- Two forms of government-issued identification (one being a passport)
- Proof of residency in another country
- Proof that you haven’t spent more than 183 days in Israel
- Zero ties to Israel (Eg. no houses or businesses in the country)
- Bank-specific application forms
- Social Security Number (for US expats)
- Tax ID number from your country of residence
- Note of Future Bank Account (received upon arrival at the airport)
- Cash or checks for your initial deposit
- 2-3 months of bank statements from a bank in your country of residence
- Teudat oleh (if you are making Aliyah)
- And more…
Of course, these documents can vary depending on the bank you choose to open with. However, the one document that is required by all banks in Israel is the Note of Future Bank Account form.
Yes, you likely won’t see this request in any other banking jurisdiction. But, it is a requirement to open a non-resident bank account in Israel.
So, upon your arrival in Israel, it’s important that you pick up the Note of Future Bank Account form from the airport and get it stamped by the bank teller.
This document will give you the right to register with the Ministry of Aliyah and Integration and apply to open a bank account here.
Now, in addition to the Note of Future Bank Account form and the other requirements listed above, you’ll need to have patience when applying to open accounts here.
Not only can this process be time-consuming, but it can be paperwork-heavy. Be sure to get to the bank at least one hour before they close and be prepared for the process to take a few hours.
If you’re still wondering if opening a non-resident bank account in Israel is right for you or if you want help getting started, we’d be happy to help…
Frequently Asked Questions
Below are two of the most common questions we receive from people exploring how to open a non-resident bank account in Israel. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Open a Bank Account as a Non-Resident?
Yes, you can open a bank account as a non-resident as long as you choose the right bank, meet the bank’s requirements, and have a suitable client profile. Of course, not all banks accept non-resident clients. So, bank selection will be an important factor to consider when choosing where to open a bank account as a non-resident.
Can I Open a Bank Account in Another Country Without Being a Citizen?
Yes, you can open a bank account in another country without being a citizen. That said, the countries available to you will depend on your citizenship, residency, banking needs, deposit level, and more. It’s important to choose banks that accept similar client profiles and have requirements you’re able to meet.
Ready to Unlock the Benefits of International Banking?
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