Guide to Open an Israeli Bank Account for a Foreign Citizen

What is a bank?

A bank - is a financial institution whose main business is handling money and mediating in financial dealings.

Bank operations include: managing accounts, receiving money deposits from individuals, businesses and corporations in the framework of managing their accounts, issuing cashing checks, managing savings and investments, and giving loans.

The banks play an important role in the economy, by mediating between those who have money that they don’t immediately need and those who wish to use this money for a variety of economic goals. The bank pays commissions to investors and collects interest from borrowers as the cost for using the money.

Note! The banks in Israel have toughened conditions for foreign citizens who want to open a bank account and have designated only a limited number of branches where foreign citizens are allowed to manage their account. Before opening an account, we advise you to ascertain the designated branch closest to your place of residence. If you encounter unreasonable and unjust difficulty when opening your bank account, contact the Department of Public Inquiries - Banking Supervision Department, Bank of Israel at the address: POB 780 Jerusalem 9100701.
The bank's stringent

Please note: Since the policy of the banks in Israel is to open an account for any Israeli citizen who presents an identity card (not a passport), an Israeli citizen who has returned from abroad can renew his identity card at one of the Interior Ministry Population and Immigration Authority offices. The Interior Ministry will not independently cancel his residency or refuse to give him an identity card.

Important note: A couple who wants to open a bank account in Israel should preferably open a joint bank account because there are grants such as a maternity allowance and a children's allowance which Bituach Leumi gives only to the mother. Both the husband and wife must be present when opening a joint bank account.

List of branches of banks intended for foreign residents:

Bank Hapoalim:

Fax	Phone	Address	Branch number	Branch name	Region
03-5239929	03-5206233	205 Dizengoff Street, Tel Aviv - Yafo. 6311504	602	The North	Tel Aviv
02-6207100	02-6207167	1 Zion Square, Jerusalem. 91023	783	Zion Square	Jerusalem
03-6700655	03-6752662	32 Bialik Street, Ramat Gan. 5245136	613	Ramat Gan	Center
08-8561183	08-8514158	9 Shavei Zion, Ashdod. 773502	658	Ashdod	South
09-8339808	09-8602023	11 Independence Square, Netanya. 4227128	749	HaYam	Sharon
08-6282763	08-6292249	17 Yitzhak Reger, Beer Sheva. 8489510	668	HaNesi’im	Negev
08-6375198	08-6361202	3 Hativat Hanegev, Eilat. 88000	644	Eilat	Negev
04-8671018	04-8612050	18 Hanevi'im Street, Haifa. 3350121	700	Haifa	Haifa

Leumi Bank:

Fax	Phone	Address	Branch number	Branch name	Region
077-8083616	03-9545522	43 Allenby, Tel Aviv-Jaffa. 6332517	803	Bialik	Tel Aviv
077-8083616	03-9545522	22 King George Street, Jerusalem. 9426203	902	King George	Jerusalem

Mizrahi Bank:

Fax	Phone	Address	Branch number	Branch name	Region
02-6240433	076-8040010	12 Ben Yehuda, Jerusalem, 9462206	401	Ben Yehuda	Jerusalem
08-6375864	076-8040700	1 Sderot HaTmarim, Eilat. 8801401	470	Eilat	South
08-6651879	076-8041440	130 JNF, Beer Sheva. 8420187	464	KKL-JNF	South
03-6168607	076-9040300	1 Tarfon, Bnei Brak. 5141901	430	Business Center	Dan
03-5278623	076-8040210	71 Even Gvirol, Tel Aviv-Jaffa. 6416202	421	Gan Ha’Ir	Center
03-5603350	076-8040610	105 Allenby, Tel Aviv - Jaffa. 6513444	461	Business Center	Center
03-7549254	076-8040660	1 Jabotinsky Diamond Exchange, Ramat Gan. 5252001	466	Business Center	Center
04-8622012	076-8040440	11 Palyam Street, Haifa 3309502	444	Business Center	North
09-8321853	076-8040220	4 Smilansky Street, Netanya. 4243202	422	Business Center	Sharon
09-7401517	09-7615222	96 Ahuza, Ra'anana. 4345001	423	Ra'anana	Sharon

Remarks:
* It should be noted that there are additional branches for foreign residents in the IPB private banking sector.
* As an exception, the Bar Ilan University branch enables the opening of accounts for academic staff from abroad and for students from abroad who came to study or work at the university.
* It will also be possible to open accounts for foreign residents in the Jerusalem Old City branch by bankers who will be trained in the Ben Yehuda branch and with their approval.

The International Bank:

Fax	Phone	Address	Branch number	Region
03-5134022	09-8300200	5 Herzl, Natanya 4240003	22	Sharon
09-7720400	03-5645845	35 Maskit, Herzliya. 4673329	274	Sharon
03-9609200	09-9609200	35 Maskit, Herzliya. 4673329	51	Sharon
09-7722162	09-7708210	34 Jerusalem, Beit Gamla, Ra'anana. 4350108	280	Sharon
03-5134012	02-6756888	10 Hillel, Jerusalem. 9458110	12	Jerusalem
02-5611014	02-5600200	32 Keren Hayesod Street, Jerusalem. 9214912	288	Jerusalem
03-5134033	08-8687200	1 Menachem Begin Blvd. City Mall, Ashdod 7764101	33	South
03-5134046	03-5196111	42 Rothschild Avenue, Tel Aviv - Yafo. 6688310	46	Center
03-5645234	03-5645222	38 Rothschild Boulevard, Tel Aviv - Yafo. 6688307	287	Center
03-5134093	03-6946200	32 Weizmann, Beit Lessin, Tel Aviv - Jaffa. 6209105	93	Center
03-5134044	03-5110200	1 Allenby Street, Tel Aviv - Yafo	44	Center
03-5134009	04-8350200	1 Elhanan, Haifa. 345203	9	South
03-5134092	09-7752200	124 Ahuza, Ra'anana. 4345020	92	Sharon
03-5134003	08-6365200	11 Sderot HaTmarim, Eilat. 8801409	3	Negev

Remarks:
* Foreign corporations only can use branches number 126 and 6.
* Foreign corporations are not permitted to open an account in branches 9, 92, and 3.

Poalei Agudat Israel Bank:

Fax	Phone	Address	Branch number	Branch name	Region
03-5134158	02-5011200	Amos 12 Geula neighborhood, Jerusalem. 9550616	185	Jerusalem	Jerusalem
03-5134186	08-5134186	8 Dov Gur, Rova 6, Ashdod. 7753535	186	Ashdod	South
03-5134175	02-5959200	16 Shamgar Street, Jerusalem. 9446116	175	Rav Shefa	Jerusalem
03-5134179	02-9906400	48 Nahal Kishon, Beit Shemesh. 9909959	179	Ramat Bet Shemesh	Beit Shemesh
03-5134188	03-6174200	4 Ya'akov Landau, Bnei Brak. 5155025	188	Bnei Brak	Center

Remarks:
A foreign corporation is not permitted to open an account in any of the branches.

Bank Ozar haHayal:

Fax	Phone	Address	Branch number	Branch name	Region
03-7175362	04-8813200	HaHaroshet - Hutzot Hamifratz Compound, Haifa	362	Haifa Bay	North
03-7175357	03-7556111	11 Menachem Begin Street, Ramat Gan. 5268104	357	Branch Center	Center
03-7175369	02-6217222	10 Hillel, Jerusalem. 9458110	369	Jerusalem	Jerusalem
03-7175363	08-6299444	9 Ben Tsvi, Beer Sheva. 8489327	363	Be'er Sheva	South

Bank Massad:

Fax	Phone	Address	Branch number	Branch name	Region
03-7170503	03-5641411	38 Rothschild Blvd., Tel Aviv - Yaffo	503	Center	Tel Aviv
03-7170527	04-8685200	111 Ben Yehuda, Haifa. 3350208	527	South	Haifa
03-7170516	08-8621200	7 Habonim, Ashdod. 7744406	516	South	Ashdod

Bank Discount:

Fax	Phone	Address	Branch number	Branch name	Region
04-9927547	04-9959333	29 Sderot HaGa'aton, Nahariya. 2244025	97	Nahariya	North
04-8670102	04-8617584	16 Herzl, Haifa. 3312103	106	Beit Hakronot	Haifa
02-6246089	02-5677444	5 Keren Hayesod Street, Jerusalem. 9426604	66	Rehavia	Jerusalem
08-8549422	08-8549444	1 Haim Moshe Shapira, Ashdod. 7742323	114	Rova Dalet	South
02-6257444	02-6227444	97 Jaffa, Jerusalem. 9434001	159	Clal Center	Jerusalem
03-6593766	03-5002333	51 Balfour Street, Bat Yam. 5937134	51	Bat Yam	Shfela
03-5145188	03-5145960	76 Rothschild Boulevard, Tel Aviv-Jaffa. 6688107	100	Rothschild Blvd	Center
03-6177216	03-6177222	13 Ben Gurion Rd., Bnei Brak. 5126016	58	Derech Ben Gurion	Center
03-7524805	03-7533444	12 Abba Hillel Silver, Ramat Gan. 5250606	123	Kikar Yahalom	Center
09-9555746	09-9526444	63 Kdoshei Sho’ah, Herzliya. 4685436	146	Herzliya Pituach	Center
076-8890230	076-8056001	29 Ben Yehuda, Tel Aviv-Yafo. 6357713	130	Mapu	International Banking
09-8628784	09-8302300	6 Smilansky Street, Netanya, Israel 4243208	156	Malab - Natanya	International Banking

Mercantile Discount Bank:

Region	Branch name	Branch number	Address	Phone	Fax
Jerusalem	Salah Abu al-Din	638	2 Abu-Udiyya St., East Jerusalem, Jerusalem, 9711026	076-8063800	076-8063808
Jerusalem	Main Jerusalem	642	Yaffo 64, Jerusalem, 9101401	076-8064200	076-8064208
South	Ashdod	676	Shavei Zion 3, Ashdod, 7710201	076-8067600	076-8067608
Center	Tel Aviv Main	654	Allenby 103, Tel Aviv-Jaffa, 6199900	076-8065408	076-8065408
Center	Dizengoff	655	102 Dizengoff, Tel Aviv-Jaffa, 6343279	076-8065500	076-8065508
Center	Rishon Lezion	668	115 Rothschild, Rishon Lezion, 7500257	076-8066800	076-8066808
Tel Aviv	Rabbi Akiva	745	140 Rabbi Akiva, Bnei Brak, 5152101	076-8074500	076-8074500
Haifa	Carmel Center	679	134 Hanasi St. Carmel Center, Haifa, 3464231	076-8067900	076-8067900
Sharon	Netanya	647	20 Shmuel HaNatziv, Netanya, 4228103	076-8064700	076-8064708

A List of Banks in Israel:

Bank Name

No. of bank

Address

Telephone

Fax

Bank website

Leumi Bank

יהודה הלוי 24-32, ת"ד 2,תל אביב. מיקוד 61000

076-885111

076-8858360

www.leumi.co.il

Hapoalim Bank

שד' רוטשילד 50, תל אביב. מיקוד 66883

03-
567333

03-5607028

www.bankhpoalim.co.il

Discount Bank

יהודה הלוי 23, ת"ד 456, תל אביב. מיקוד 65136

03-5145555

03-5153263

www.discountbank.co.il

Mizrahi Tefahot Bank

ז'בוטינסקי 7, רמת גן. מיקוד 52520

03-7559000

-03 7559913

www.mizrahi-tefahot.co.il

Mercantile Discount Bank

דרך מנחם בגין 125, תל אביב. מיקוד 6701201

076-8044530

076-80444985

www.mercantile.co.il

Massad Bank

אבא הלל 12, רמת גן. מיקוד 52506

03-5641333

03-5602384

www.online.bankmassad.co.il

Bank of Jerusalem

קרית שדה התעופה, רמלה. מיקוד 70100

076-8096001

076-8096008

www.bankjerusalem.co.i

Union Bank

אחוזת בית 6-8, ת"ד 2428, תל אביב. מיקוד 61024

03-5191111

03-5191274

www.unionbank.co.il

Bank Yahav

ירמיהו 80, ת"ד 36333, ירושלים. מיקוד 61024

02-5009666

02-5385869

www.bank-yahav.co.il

Otzer HaChayal Bank

מגדל אילון, תל אביב. מיקוד 94467

03-7556000

03-7556007

online.bankotsar.co.il

Bank of Israel

קרית מדע 3 הר החוצבים,ירושלים

02-6552211

02-6528805

www.boi.org.il

First International Bank

שד' רוטשילד 42, תל אביב. מיקוד 6688310

03-5196111

03-5100316

new.fibi-online.co.il

Poalei Agudat Israel Bank

אחד העם 9, ת"ד 29741, תלאביב. מיקוד 61297

03-5196650

03-5196785

www.pagi.co.il

What documents do I have to bring to the bank to open a bank account?

1. The applicant’s valid foreign passport with a valid visa.

2. Another document identifying the applicant, such as a driver's license or a Kupat Cholim card with a picture.

3. A PIN number from abroad (for U.S. citizens).

4. For a student, certification from the school where he studies.

Identifying your bank account:

• The bank account number is composed of three sets of numbers.

• The first number is the individual number of the Bank (as set forth in the table above).

• The second number is the bank branch number (each bank has several branches and each branch has a different number).

• The third number is the personal account number of the account holder. For example, a person who owns account number 123456 in the Meah Shearim branch of HaPoalim Bank, will have a bank account number of 12-533-123456.

The bank's stringent requirements for citizens, or foreign residents:

As part of the war against money laundering and thwarting operations originating in criminal activity, Israel has committed itself to OECD information exchange agreements with other countries, and to implement the provisions of FATCA with the US authorities. This means that Israeli tax authorities will be sharing information with the American tax authorities so U.S. citizens who have financial accounts outside of the U.S. will be unable to evade U.S. tax payments.

In light of this, the Israeli banks with the cooperation of the Israeli tax authorities are obligated to adapt themselves to the new and stringent requirements of the tax authorities in the U.S. Financial institutions that violate these procedures, including Israeli banks, are expected to face severe sanctions from the U.S. authorities.

Therefore, all the Israeli banks’ corporations in Israel are required to identify an account holder’s connection to financial accounts held in Israel, to ascertain whether he is a U.S. citizen or resident, or a holder of a Green Card, and to report certain actions to the tax authorities in Israel so they can transfer the information to the tax authorities abroad. These include a deposit or withdrawal of cash of at least NIS 50,000. [However, when it appears to the clerk in charge of the accounts at the bank that a suspicious financial transaction is being carried out in the account, he must report it to the authorities even if it is less than NIS 50,000.]

A foreign resident who opens a bank account in his status of a 'foreign resident' will be required to sign a waiver of confidentiality and / or permit the bank to transfer financial information to his country of residency. If a customer refuses to sign the waiver, the bank will mount difficulties for him during his account’s period of activity.

An American citizen who opens a bank account must in addition to filling out a confidentiality waiver form, also fill out a W9 form in which he declares that he is reporting the account to the US tax authority. The form authorizes the bank to forward information on his account to the US authorities.

Residents of the United States who do not disclose information about their bank accounts in Israel may be subject to a fine of up to 30% of the value of the accounts and possibly a criminal investigation and indictment.

Important: The FATCA provisions have many repercussions for Israeli citizens who are also U.S. citizens (even if they never lived in the U.S.) They are also required to sign the W9 document and a waiver of confidentiality form which will result in their bank account being accessible to the U.S. tax authorities and them being subject to all the U.S. tax laws. They will also only be able to own bank accounts in special branches specified for the foreign population.

A bank account with 'non-resident' status:

A foreign national or an Israeli citizen who live permanently abroad, can open an account with 'non-resident' status if they fulfill the following conditions.

The one opening the bank account must fill out and sign the Client Declaration Form that he/she is a foreign resident (according to the Income Tax Ordinance), during up to 14 days of opening the account. U.S. residents should also fill a W9 form, and submit it to the bank personally. Sometimes, even a person who is not a U.S. citizen will be required to fill out a W8 form.

Every three years, the owner of the account must renew his declaration (about being a foreign national). He must also undertake to notify the bank of any change in his residency status, and sign the declaration in order to receive an exemption from income tax.

Conditions to get a 'non-resident' account:

1. The “center of one’s life” must be established as being abroad. To determine this, family, economic and social ties will be taken account, including among other things his permanent home; his and his family’s place of residence; his place of regular work / employment; where he has permanent active and significant economic interests; and the location of organizations, associations or institutions that he is active in.

2. He did not live in Israel during the tax year more than 183 days (continuously or intermittently), or did not spend in the tax year more than 30 days with the sum total days in the tax year and the two years before the tax year, did not exceed 425 days.

The advantages of having a 'non-resident' account:


	• Exemption from foreign currency account service fees. • Preferential interest rate for deposits. • Exemption from payment of income tax on interest from deposits (depending on signing the tax declaration form). • Tax exemption for Israeli and foreign securities.

Public Inquiries:

If you have any criticism or complaint about your bank, contact that bank’s Department of Public Inquiries as detailed in the following table. If you feel the Bank's response is inadequate, you may file a complaint with the Public Inquiries Unit - the Bank of Israel’s Supervisor of Banks (which is responsible for all banking corporations in Israel). For the Public Inquiries Unit - Supervisor of Banks Department, click here.

Bank Name	Telephone	Fax
Leumi Bank	076-8857011	076-8858688
Hapoalim Bank	03-5673697	03-7136146
Discount Bank	03-5153441	03-5153263
Mizrahi Tefahot Bank	03-7549216	076-8622793
Mercantile Discount Bank	076-8044151	076-8044911
Massad Bank	03-5641347	03-7170598
Bank Of Jerusalem	076-8096026	076-8096039
Union Bank	03-5191539	03-7956931
Bank Yahav	2616*	02-5010062
Otzar HaChayal Bank	03-7556309	03-7964500
First International Bank	03-5138700	03-5135299

Questions and Answers: