Israel — Banking: International Transfers

Why this matters

Understanding international transfers in Israel is crucial for anyone considering moving to the country, particularly expats who may need to send or receive funds from abroad.

Key facts

• Israeli banks generally support international transfers, but fees and processing times can vary by institution.

Steps

1. Research Bank Policies — Before arriving in Israel, research the international banking policies of your bank or the bank you plan to use in Israel. This will help you understand the specifics of international transfers, including costs and processing times.
2. Open an Account — Once you arrive in Israel, open an account with your chosen bank. This will typically involve providing identification and proof of address.
3. Initiate the Transfer — To initiate an international transfer, you will typically need to provide the recipient's bank details and the amount to be transferred. You may also need to provide additional documentation, such as proof of income or address.

Costs

• Transfer Fee: varies by bank and transfer type

Timelines

• Processing Time: varies by bank, transfer type and currency

Required documents

• Passport
• Proof of Income
• Proof of Address

Common mistakes

• Not researching bank policies before arriving in Israel
• Not providing sufficient documentation for the transfer