Why Your Bank Account Comes First
Your Israeli bank account — called a חשבון עובר ושב (Cheshbon Over Ve'shav) — is the foundation of your financial life in Israel. Your Sal Klita payments, salary, and standing orders all flow through it. Opening one should be your first financial task after landing.
What You Need to Bring
Visit any bank branch with these documents:
- Teudat Oleh (immigration certificate) — your most important document
- Teudat Zehut (Israeli ID) or the temporary slip from the airport
- Passport
- Proof of address — a rental contract or utility bill (some banks are flexible for new olim)
Choosing a Bank
Israel has five major banks: Hapoalim, Leumi, Discount, Mizrachi-Tefahot, and the First International Bank of Israel (FIBI). All offer similar basic services, but they differ significantly in fees and English-language support.
The Oleh Banking Package
Every major bank offers special packages for new immigrants. These typically include:
- Fee waivers for 1-3 years
- Free checks
- Reduced international transfer fees
- Sometimes a small welcome gift or bonus
Critical tip: You must specifically ask for the oleh package. Walk in, show your Teudat Oleh, and say "I'd like to open an account with your oleh package" (אני רוצה לפתוח חשבון עם חבילת עולה).
Setting Up Standing Orders
Once your account is open, you'll set up הוראת קבע (Hora'at Keva) (standing orders) for recurring payments like rent, utilities, and phone bills. This is how most Israelis pay their monthly obligations — think of it as the Israeli equivalent of direct debit.
Watch Out for Fees
Even with an oleh package, keep an eye on עמלה (Amlah) (commission/fees). Common charges include:
- ATM withdrawals from other banks: 3-5 NIS
- International wire transfers: 15-50 NIS
- Currency conversion: 1-3% spread above mid-market rate
- Paper statements: 5-10 NIS/month (go paperless!)
Digital Alternatives
Consider supplementing your main bank with a digital account:
- Pepper (by Bank Leumi) — zero monthly fees, good app, English support
- One Zero — AI-powered digital bank, no fees, but limited English
Many olim use a traditional bank for their oleh package benefits and a digital bank for day-to-day transactions to minimize fees.
Next Steps
Once your account is set up, your Sal Klita payments will be deposited directly. In the next article, we'll dive deeper into comparing banks and choosing the right one for your needs.