bank account

[Joshuad]

At what point should I/ will I be able to set up an ISraeli bank account? Thanks

[Dan from Boston]

Hi Joshua,

You should set up an account as soon as you get your tsav giyus, the official document that instructs you when and where to report for your first day of service. You can get a bank account earlier than that, but with a tsav giyus as proof of your service, you can open a special soldier account. These accounts have some perks, depending on the bank where you get an account, such as free ATM withdrawals (not always free with Israeli accounts, or at least 4 years ago when I was there) and some cheap gifts. You should choose a bank branch that's near where you'll be living during your service, as you generally have to do your bank business at your personal branch.

In any case, make sure to get a bank account before you start your service. This will ensure you will start getting paid right away. Also, if you don't, the army will set one up for you in the city you live, and you won't get to choose which bank or which branch location.

[Alex]

Does anyone know of the popular banks or banks with good customer service? Dan mentioned that some banks offer better accounts than others to soldiers.

Any international banks or American/Canadian Banks with presences in Israel?

Does anyone have experience with wiring money into Israeli banks or western union?

Which credit cards seem to be more popular, or are accepted in more places?

Sorry if these seem like poor questions but I don't know the answers.

Dan, good point about finding one in close proximity, I can see that being useful.

[rafi]

Does anyone know of the popular banks or banks with good customer service? Dan mentioned that some banks offer better accounts than others to soldiers.

Any international banks or American/Canadian Banks with presences in Israel?

Bank Leumi, Bank HaPoalim both have branches overseas.

Does anyone have experience with wiring money into Israeli banks or western union?

The easiest way to get money to someone in Israel is for them to have a bank debit card from a bank in their home town. If you need money, your parents deposit the money locally, and you withdraw it from any ATM in Israel. They are as plentiful as in the US, and you always get the best exchange rate with no fee. You want to use a Captiol One card if possible for charging in Israel, there is no surcharge. Using a Citibank card, for example, carries a 3% surcharge on anything you do.

Which credit cards seem to be more popular, or are accepted in more places?

It's the same as anywhere else in the world, Visa, Mastercard are everywhere in Israel.

Sorry if these seem like poor questions but I don't know the answers.

Dan, good point about finding one in close proximity, I can see that being useful.

[Alex]

Very Helpful.

Thank You.

[Dan from Boston]

I live in Germany now but I am an American. I have a bank account with Charles Schwab, and their ATM/Debit card works worldwide with no charges for withdrawing money in foreign currencies. Their service is also outstanding, so I would highly recommend them if you need an account where you can put your dollars for withdrawing as shekels in Israel. They do not have any bank branches overseas, though.

[Alex]

I have a couple accounts with American Banks which have Visa Check Cards/ATM linked to them. Like Rafi was saying, I think that would work pretty well.

I also think an Israeli/International Bank would be good to operate with while in Israel, i.e. deposits and typical purchases. Plus money can go the other way if needed as they have branches in Florida.

I remember I had looked into Charles Schwab a while back. They had a minimum balance requirement which is going to pretty high for a lone soldier. $5,000 U.S. if I recall correctly. If you have it, it is a good deal. I believe you get free ATM fees and things of that nature.

I personally like being able to walk in someplace and speak to someone. The downside (for me at least) to C.S. not having any branches.



Also guys this has been an assumption of mine (I think). I have read over the forums and so much other info that I can't really recall. But, you get paid via direct deposit, correct?

[42go]

yes, you get paid directly to your bank account

[Dan from Boston]

There is no minimum balance for the Schwab Investor Checking account. And you can call them anytime. I find it perfectly convenient, and I would rather not have to go somewhere to get service. But it's a personal choice.

In any case, no matter what, you need an Israeli bank account from day 1 of your service. This is not optional. If you do not have one, one will be opened for you by the IDF on your first day in your city of residence, but you will not get to choose which one. So it's more than worth the minimal effort of finding the one you want!

[usmom]

I have recently been trying to figure out the best way for my son to get money from the US. Unfortunately, in my experience, when withdrawing money from an ATM you will be charged 3% international fee on top of an ATM fee which can be as high as $5. It adds up pretty quickly. Capital One offers a checking account with NO international fees at all. No I don't work for Capital One! Same with their credit cards. Most other credit cards will charge a 3% fee as well. Also, if sending a large sum, I found my bank can wire money directly to his Israeli bank for a flat fee of $40.00. This was much cheaper than Western Union. Hope this helps.