Understanding Israeli bank fees

Israeli banks charge more fees than most Americans expect. They are not hidden, but you need to look. COMMON FEES • Monthly account management: A flat fee, often charged whether or not you use the account. • Card fee: A monthly charge for the credit or debit card. • Standing orders and transfers: Small fees per action. • Checks: A fee per checkbook or per deposit. • Foreign currency: Conversion fees and sometimes a flat fee for international transfers. • Overdraft: Going below zero (a "minus") is expensive. Interest is high. TIPS • Ask for a fee schedule (ta'arif) and read it. • Israeli law requires banks to publish their fees. They are also on the Bank of Israel website. • Ask whether you can have the management fee waived. Banks often waive it for students or for a limited period. You usually have to ask. • Avoid an overdraft. Set an alert for low balances.