Think Before You Close Anything
The impulse to "clean up" before moving is understandable, but closing the wrong accounts before aliyah can cost you significantly. Your existing financial footprint in your home country is an asset. Treat it as one.
The general rule: keep accounts that give you access, flexibility, or credit history. Close accounts that are costing you money without delivering value.
Accounts to Keep Open
Brokerage Accounts
Keep your brokerage account open if you can. Your existing investments remain yours, and selling everything just before a move triggers unnecessary capital gains events. Note, however, that some US brokerages restrict accounts once you establish Israeli residency — the brokerage considerations article covers this in detail. The key action now is to make sure your account is in good standing and that you have full online access before you leave.
Retirement Accounts
401(k), IRA, SIPP, RRSP — keep them where they are. Moving retirement money to Israel before understanding the tax implications is one of the most expensive mistakes new olim make. These accounts retain their tax-advantaged status in their home country and, under the right conditions, may also be exempt from Israeli tax. The dedicated article on this covers it in full.
One Bank Account
Keep at least one home-country bank account open with a modest balance. You will need it to receive pension payments, tax refunds, and any ongoing income from home-country sources. International transfers from your Israeli חשבון עובר ושב (Cheshbon Over Ve'shav) to a known account abroad are faster and cheaper than transfers to a new or unfamiliar account.
Accounts to Close
Unnecessary Credit Cards
Credit cards with annual fees that you will not use from Israel are dead weight. Cancel them before your move — but do this thoughtfully. Closing cards reduces your available credit, which can affect your credit score. Prioritize closing cards with fees first. Keep one or two no-fee cards open to preserve your credit history.
Storage Units and Subscriptions
This is not strictly financial, but it belongs here. Storage units, gym memberships, streaming services billed to your home-country card, and recurring subscriptions should be cancelled. They are easy to forget and continue billing for months after you leave.
Documents to Gather
The documents below are difficult or time-consuming to obtain once you are living abroad. Request them before you leave.
Five Years of Tax Returns
Download or print the last five years of filed tax returns. In Israel, your accountant will need these to establish your pre-aliyah income history, claim exemptions, and file your first Israeli return correctly. For US citizens, these are also needed for FBAR and FATCA filings.
Credit History Letter
Request a formal credit history letter or credit report from your home-country credit bureau. Israeli banks and landlords cannot access foreign credit bureaus directly, but having a printed report adds credibility when negotiating your first apartment or loan. Some employers also check it.
Insurance Records
Gather records of your no-claims bonus for car insurance, your health insurance history, and any life insurance policies. Some policies are portable; others require proof of prior coverage to continue. Without records, you start from scratch on the Israeli side.
Medical Records
Request a summary of your medical history from your GP or primary care physician, including vaccinations, chronic conditions, and any prescriptions. Israeli Kupat Cholim doctors will ask for this. Specialist referrals and ongoing treatments are much easier to transfer when you have documentation.
Educational Diplomas and Professional Certifications
Original diplomas and professional certifications are needed for credential recognition in Israel. Some professions — medicine, law, engineering, teaching — require formal validation by Israeli authorities. This process takes months and requires original documents. Keep both originals and certified copies.
Protecting מטבע חוץ (Matbea Chutz) Access
Set up online access to every account before you leave. Confirm that two-factor authentication works with an international phone number — many services default to SMS on a local number. Switch to an authenticator app where possible. Being locked out of a home-country account from abroad is a serious problem and can take weeks to resolve.
A Simple Pre-Aliyah Financial Checklist
- Brokerage account: confirmed online access, understand residency restrictions
- Retirement accounts: leave in place, note balances and custodians
- Bank account: one open, one or two no-fee credit cards kept active
- Tax returns: last 5 years downloaded or printed
- Credit history: formal letter or report obtained
- Insurance records: no-claims bonus, health history, life insurance policies
- Medical records: GP summary, vaccinations, prescriptions
- Diplomas and certifications: originals located and certified copies made
- All accounts: 2FA switched to authenticator app, not SMS
Next Steps
Once your documents are gathered and your accounts are in order, the next priority is setting up power of attorney for anyone who will manage your affairs from home after you leave.