Does a foreign resident have to open a bank account in Israel?

It is desirable for a foreign resident to manage a bank account in Israel, as this will facilitate and simplify the process.

In order to open an account by a foreign resident, the following documents are required:

• A valid foreign passport.
• Another official identification document (including a photo): such as: driver’s license.
• For a US citizen – presentation of a personal secret number from abroad.
• For the student – confirmation from the place of study that he is a student studying there.

If you want to get a mortgage to finance the purchase of the apartment, you will have to open a bank account in Israel (for the purpose of loan repayments, placing a deposit as collateral if necessary, and more).
A citizen from abroad can open a bank account as a ‘foreign resident’ if he meets the following conditions:

• Filling out a customer declaration form about being a foreign resident (due up to 14 days after opening the account).
• The US resident will also fill out a W9 form and must submit it at the bank branch.
• Those who are not US residents will be required to submit a W8 form