Israeli insurance companies accept a direct transfer from a foreign bank account into a private savings policy. You do not need an Israeli bank account: your bank sends the money to the account we give you, issues a confirmation, and that is it. Every transfer is subject to the insurer’s pre-approval and KYC check, and we handle the process with you.
Why moving money through an Israeli bank is so hard
When a large sum arrives from abroad, Israeli banks must verify where it came from — and in practice the requirements can make the transfer close to impossible:
- A letter from an accountant abroad confirming the source of the funds.
- A certificate from the tax authority of the country where you live.
- More documents, repeated questions and weeks of waiting.
- And sometimes a fee measured in percent of the amount.
The route through an insurance company
- No Israeli bank account — your bank abroad transfers directly to the insurer’s account.
- A standard currency-conversion fee — not a percentage-based transfer fee.
- All major Israeli insurers — we are an independent agency and choose the company and investment track with you.
- Full guidance — we prepare the pre-approval with the insurer and collect what is needed.
A private savings policy has no deposit ceiling and a range of investment tracks (general, equity, bonds, index-tracking and more). Tax on gains is deferred until withdrawal. Unlike a bank deposit, the money is exposed to market movements — so the track is chosen to match your horizon and risk appetite.
Over the past 10 years, the equity track of Israeli savings policies returned on average 10 times the Bank of Israel interest rate — about 197% versus about 20%.
The equity track is more volatile than other tracks and is mainly suited to a long investment horizon.
Average of the equity tracks of 7 insurers, 09/2016–08/2026, nominal return before management fees, versus the cumulative Bank of Israel rate. Sources: Bituach-Net (Israel Capital Market, Insurance and Savings Authority), Bank of Israel. Past returns do not guarantee future returns; the policy is exposed to market risk, unlike a bank deposit.
| Transfer to an Israeli bank | Transfer into a savings policy | |
|---|---|---|
| Israeli bank account | Required | Not required |
| Paperwork | Accountant’s letter, tax-authority certificate and more | Insurer pre-approval and KYC check + transfer confirmation |
| Transfer fee | Can reach several percent | Standard conversion fee |
| After the transfer | Sits in a current account or deposit | Invested in the track you choose |
How it works — 4 steps
- Intro call — where the money is, which currency, what it is for; we choose the insurer and track together.
- Pre-approval — we submit the insurer’s pre-approval request and KYC check for your foreign bank account.
- The transfer — your bank abroad sends the money directly to the insurer and issues a confirmation.
- Your policy is live — the money is invested in the track you chose and you receive the policy details.
Common questions
Do I need an Israeli bank account?
No. Your bank abroad transfers the money directly to the insurance company’s account we give you, and issues a transfer confirmation.
What documents are needed?
Every transfer goes through the insurer’s pre-approval and a know-your-customer (KYC) check of the source bank account. We collect what is needed and submit it for you.
Which countries can I transfer from?
Most countries. Israeli insurers do not accept funds from Russia, Belarus, Iran, North Korea or Myanmar, and every transfer is subject to the insurer’s pre-approval.
Which currencies?
Typically US dollars, euros, pounds sterling, Swiss francs and New Zealand dollars. For other currencies we check with the insurers.
What does it cost?
The insurer charges a standard currency-conversion fee. Our guidance carries a fee agreed in advance and in writing, before anything is transferred.
Can US citizens or residents do this?
Yes, subject to the insurer’s checks. We recommend reviewing the tax implications in your country of residence with an accountant.