Business accounts: Israel

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Israel is a high-tech economy with a developed banking system overseen by the Banking Supervision Department of the Bank of Israel. An Israeli bank account is needed by new immigrants, people working or doing business in Israel and property owners there. Israeli banks divide clients into residents and foreign residents, which determines both documents and how the account is opened.

Residents and foreign residents

• Israeli residents, including new immigrants with an Israeli identity card, open a regular account in shekels and foreign currency and can verify identity fully remotely.
• Foreign residents open a foreign resident account. Fully remote identity verification is not available to them, so a branch visit or verification through a bank's representative office is needed. A foreign resident signs a confidentiality waiver so the bank can pass account information to the tax authorities of the client's country.

Israel's foreign exchange controls have been substantially relaxed in recent years, so transfers between Israel and other countries need no special permits but are checked for purpose and source of funds.

What the bank checks

• a passport and, for residents, an Israeli identity card;
• address and tax residence;
• the source of funds and purpose of the account;
• for a company, its registration, owners and activity.

Why applications are refused

• the source of funds is unproven;
• a foreign resident cannot visit a branch and the bank does not accept remote verification;
• the client has not signed the confidentiality waiver;
• links to sanctioned countries.

Fees and currency

Israeli banks charge for account management, branch transactions, currency transfers and exchange. For private clients and small businesses the Bank of Israel sets a closed list of fees banks may charge, and banks publish their tariffs on their websites. An account is usually opened in shekels, with dollar or euro accounts added if needed to avoid exchange losses on regular transfers.

What we do

We choose a bank for your status, prepare documents and translations, arrange the branch visit and handle the application until the decision. A manager will calculate the cost in the chat.

An account for a company in Israel

A business account is opened for a company registered with the Israeli Registrar of Companies or a foreign company operating in the country. Corporate income tax for Israeli companies in 2026 is 23%. The bank checks constitutional documents, directors and beneficial owners, contracts and turnover, and for foreign owners their status and source of funds. More in company registration in Israel.

Documents for a business account

• the certificate of incorporation and articles;
• a board resolution on opening the account and authorised signatories;
• passports and addresses of directors and owners;
• a business description and proof of source of funds.

How a company account is opened

1. Structure. We review owners, activity and expected turnover.
2. Documents. We prepare a register extract, resolutions and translations.
3. Meeting. A director or owner visits a branch for identity verification.
4. Setup. We obtain online banking access and set up signing rights.

An Israeli company reports in shekels, and VAT has been 18% since 1 January 2025, so a shekel account is almost always needed, even if most payments are in dollars or euros.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property · All country programs

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