Israeli banks offer sophisticated services within an established, robust economy. Banking services in Israel include traditional commercial and retail services, mortgages and commercial loans.
Israel also offers foreign bank branches as an option. Israeli agencies will assist you in conducting business in Israel, and services are available in English to assist you with business information and commercial needs.
Commercial banks in Israel must have a commercial banking license granted from the state-owned Bank of Israel in order to conduct commercial business. Israeli banks with a commercial banking license offer real estate, capital market and savings, and international banking services. Think about what type of bank will meet your needs:
1. A bank in Israel offering commercial services.
2. Israeli banks that offer mortgages and other home loans.
3. Setting up a merchant (investment) account.
4. International commerce or foreign trade.
Action Steps
The best contacts and resources to help you get it done
Contact the Israeli banks that fit your needs
Invest with one of the merchant banks of Israel to maximize your business investments. Consider an investment bank branch within Israel when conducting business in Israel and the larger European theater. Mortgage banks will provide real estate mortgages for real estate ventures.
I recommend: Visit the Israel banks
Bank of Jerusalem or
First International Bank of Israel to choose from commercial banking services. The Bank of Israel, owned by the Israeli government, will provide banking services as well as up-to-date
exchange rates. The Bank of Israel also offers a comprehensive list of Banks in Israel, with contact information. Fill out a short form to have the
Bank of Jerusalem contact you about mortgage banking.
Consider using a credit card issued by a bank in Israel
Use a credit card issued by a bank in Israel when conducting business within the country. You will save the 1-3% foreign currency tariff, incur lower ATM fees, and expedite certain services. As an example, you may only rent or buy a cellular phone with a credit card issued by an Israeli bank. However, understand the billing of Israeli bank credit cards when going this route. Billing is automatically deducted from your bank account at the end of each month.
I recommend: The
First International Bank of Israel is a good place to start to open a credit card. The
Israel Discount Bank provides credit cards to customers who are located in Israel.
Research relevant laws when commercial banking in Israel
If your banking in Israel includes imports and exports, several government agencies will help you with the details of your venture. These agencies will provide you to find business partners, set agendas for meetings, and understand the ins and outs of the regulatory requirements when dealing with Israel banks.
I recommend: Contact the
Israeli Export and International Cooperation Institute to conduct business or engage in banking services in Israel. The Institute offers a wide range of useful information for business in Israel. Review the
laws and regulations related to banking in Israel to better understand the obligations of conducting business in Israel.
Tips & Tactics
Helpful advice for making the most of this Guide
- The spread in base interest rates in Israel and the U.S. is almost non-existent, making shekel-based investments with Israeli banks more attractive in the past few months.
The official source of Banks in Israel is the Banks in Israel page at Business.com
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