Making aliyah involves much more than booking a flight, finding an apartment and learning Hebrew. It also means moving an entire financial life into a system that may operate very differently from the one new immigrants have known for decades.
That was the focus of the “Money in a New Country” panel at Ynet Global’s Aliyah Live Summit, bringing together Eyal Efrat, head of the Banking Division at Bank Leumi; Eran Berkovich, director of the Aliyah and Absorption Unit at The Jewish Agency for Israel; Beeri Gurtler Har-Tuv, a mortgage advisor; and Eilon Gilad, CEO of Belong.
'Money in a New Country' panel at Ynet Global’s Global Aliyah Live Summit
Their message was remarkably consistent: do your homework before arriving, expect the transition to take longer than you think, and don’t underestimate how much money you may need during your first year.
A different financial language
For Efrat, who himself made aliyah in 1994, one of the first lessons new immigrants need to understand is that Israel’s financial system is not necessarily going to work like the system they are leaving behind.
“The Israeli economic system is a bit different from other banking systems in the world,” he said, noting that every oleh arrives with different expectations based on the country they came from. His first recommendation is simple: learn how the Israeli system works before making major financial decisions.
Those differences can appear almost immediately. Mortgages are structured differently, with different tracks, currencies and timelines. Israel’s credit card system may also surprise newcomers, particularly those accustomed to traditional debit or revolving-credit systems abroad. Deposits, loans and cross-border financial rules can add another layer of complexity.
But immigrants arriving today also have access to considerably more assistance than previous generations of olim. Efrat pointed to multilingual banking services and technological tools designed to make the system easier to navigate, including Leumi’s expansion of its app to Hebrew, English, French, Russian and Arabic.
The important thing, he stressed, is not to assume that what worked financially abroad will automatically translate to Israel.
The housing reality: reset your expectations
Perhaps nowhere is that adjustment more dramatic than in housing.
Gurtler Har-Tuv warned that olim can arrive with expectations based on the home they owned abroad, only to discover that the equivalent property in Israel may be significantly more expensive.
A family selling a large house in the United States or another relatively affordable market, for example, may find that the proceeds do not buy anything close to the same amount of space in Israel. “Housing prices are high here,” he said, adding that simply calling them “higher” can be an understatement.
That does not mean olim have to wait until they arrive to begin dealing with housing. According to Gurtler Har-Tuv, it has become increasingly practical for immigrants to purchase property in Israel before making aliyah, with Israeli mortgage banks accustomed to working with prospective olim abroad.
For some families, buying before the move can provide a valuable anchor: they know where they will live and have a much clearer picture of their housing costs before landing at Ben Gurion Airport.
For others, however, renting first may be the wiser choice — particularly if they are still deciding which city or community fits their family, employment prospects and lifestyle. The questions of where to live and whether to rent or buy, he argued, should therefore be considered together.
Your first year may cost more than you expect
Beyond housing, the panel repeatedly returned to one crucial period: the first year.
“The first year is financially challenging,” Gurtler Har-Tuv said. New immigrants often leave behind a job, career and established professional network. Even when they have strong qualifications and experience, rebuilding that earning power in Israel can take time.
His recommendation: arrive with a financial buffer.
Gilad agreed, warning that many olim underestimate not only the cost of moving but also how long it takes to truly land.
They prepare extensively for aliyah itself, he explained, but reaching their full earning potential in Israel can take considerably longer. During precisely those first months — when income may be lower — expenses can be particularly high.
Professional networks also matter. “Many things here in Israel are based on connections,” Gilad said. Building those connections, finding the right job and learning how the Israeli employment market operates all take time.
That financial cushion can therefore provide something equally valuable: the ability to wait.
Instead of feeling forced to accept the first job offer or housing option because their savings are disappearing, immigrants with more breathing room can negotiate and make decisions based on their longer-term goals.
Learn to negotiate — Israeli style
Berkovich highlighted another adjustment that is as cultural as it is financial: negotiation.
Olim do not only have to learn Hebrew, he suggested. They also need to learn how to “speak Israeli.”
From banking and furniture to cars and apartments, negotiation remains part of everyday financial life in Israel in ways that can feel unfamiliar to newcomers from some Western countries.
“When you go into the bank, you negotiate. When you go to buy furniture at the store, you negotiate,” Berkovich said, adding that the same can apply when buying a car or arranging housing.
That cultural difference can affect the bottom line. Understanding when a price or financial term is genuinely fixed — and when there is room to ask for something better — can become an important financial skill for a new immigrant.
Don’t automatically look to the center
Where olim choose to build their lives can have an enormous impact on their finances.
Berkovich encouraged newcomers not to limit their search to Israel’s expensive central corridor. Communities in the north and south can offer different opportunities in housing, employment, education and quality of life, he said, while also allowing new immigrants to take part in the continued rebuilding and development of those regions.
“Money in a New Country” panel at Ynet Global’s Global Aliyah Live Summit
(Photo: Screenshot)
For a family planning aliyah, that means the financial calculation should go beyond asking, “How much does an apartment cost?”
Employment prospects, schools, transportation, community support and housing costs all need to be considered together.
Research before you board the plane
If there is one advantage today’s olim have that previous generations did not, it is access to information and support.
Berkovich urged prospective immigrants to use the months before aliyah to research neighborhoods, employment opportunities, communities and the bureaucratic and financial systems they will encounter.
The Jewish Agency, he noted, has developed digital networks connecting prospective olim with people who have already gone through the process, allowing newcomers to ask questions about everything from jobs to particular neighborhoods.
“Use the time before you make aliyah for research and to learn,” he advised.
And research should include the benefits available to new immigrants — but those benefits should not replace personal financial planning.
Gilad urged olim to take advantage of government benefits and favorable financial options for which they qualify, while still arriving with their own safety net.
“Build a bigger cushion than you thought of financially,” he said. “There are benefits which you can use, but don’t build on it.”
The decisions to make before aliyah
Asked to identify the financial decisions new immigrants should consider before boarding the plane, the panelists’ answers together formed a practical roadmap.
Choose a bank that understands the particular needs of olim. Think seriously about where you want to live and whether buying or renting initially makes more sense. Research Israel’s financial and bureaucratic systems before arriving. And perhaps most importantly, prepare a larger financial reserve than you initially think you will need.
Underlying all of those recommendations was another piece of advice: be patient.
There will be bureaucracy. There will be unfamiliar terminology. There will be moments when financial habits that seemed obvious abroad suddenly no longer apply.
But the gaps are bridgeable — particularly for olim who arrive prepared to learn, ask questions and adjust.
Ultimately, moving one’s financial life to Israel is not simply about transferring money or opening a new bank account. It is about understanding a new system early enough to make better decisions within it.
As David Matlin summed it up at the conclusion of the discussion, “Financial planning is not just about numbers. It’s about understanding a new system early, asking the right questions and making decisions that can help create a more stable start in Israel.”
For olim preparing to begin a new life in Israel, that stable start may begin long before the plane takes off.