For many new immigrants, one of the biggest surprises in Israel is not only the language or culture. It is the way money works. From everyday banking to credit cards, fees and mortgages, Israel’s financial system can feel unfamiliar, even for olim who managed their finances confidently before making aliyah. Eyal Efrat, head of the banking division at Bank Leumi and an Australian-raised oleh, says the challenge is real, but solvable.
“There’s speaking Hebrew, and then there’s speaking financial Hebrew,” Efrat says, pointing to one of the first hurdles new arrivals face. Alongside language, olim must navigate forms, identification requirements and tax documentation, often all at once.
Studio interview Eyal Efrat Bank Leumi
Efrat made aliyah from Australia in 1994, joined the IDF and built a three-decade career in Israel’s financial sector. He says that in recent years, especially since October 7, more prospective olim are arriving better prepared. “We’ve seen a much bigger interest of people from the Diaspora coming to Israel,” he said, citing increased attention from the United States, Britain and South Africa.
According to Efrat, many are no longer waiting until arrival to understand the system. Instead, they are researching where to live, what they can afford and how the financial system works years in advance. “They’re planning ahead,” he said. That preparation is critical because Israeli banking differs in several key ways from systems in the U.S. and Europe. While the basics are familiar, deposits, credit and mortgages, the details can be significantly different.
For example, bank accounts in Israel typically include monthly fees, unlike the free checking accounts common in the U.S. Credit cards often operate on a deferred model, with payments collected once a month rather than immediately. Revolving credit is less common, and overdrafts are structured as an integrated part of the account rather than a separate product. Mortgages are another major difference. Instead of fixed, long-term payment structures, Israeli mortgages often combine multiple tracks, currencies and repayment schedules. “The Israeli banking system is different,” Efrat said. “It’s different in many ways.”
“There’s speaking Hebrew, and then there’s speaking financial Hebrew,” Efrat says, pointing to one of the first hurdles new arrivals face
To help bridge that gap, Bank Leumi has developed tools aimed specifically at olim, including resources available before they even arrive in Israel. Efrat said the bank operates a dedicated website for people planning aliyah, offering guidance in English and French, along with detailed question-and-answer sections. In addition, prospective customers can contact the bank through WhatsApp in several languages, including Hebrew, English, French and Russian, to ask questions and receive guidance before opening an account in Israel. “We cater for these people also before they come to Israel,” Efrat said. He added that Bank Leumi has also invested in making its digital services more accessible, including offering its app and online banking platform in English, with plans to expand to additional languages.
For olim, Efrat’s advice is practical: start early, use available tools and do not hesitate to seek help. “Check it out, study, learn the system,” he said. For new immigrants, he said, financial adjustment is part of the broader aliyah experience. With the right preparation and support, what initially feels like a culture shock can become a manageable transition.
In collaboration with Bank Leumi.
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First published: 17:46, 06.14.26