Banking & Money in Israel: real experience from chats

From real experience

• To change residency status with the National Insurance Institute (Bituah Leumi) in Israel, use the online form 'Tofes 629' (formerly 627). It is essential to check the personal account on the Bituah Leumi website to monitor debt status, as leaving the country does not automatically trigger non-resident status.
• For Israeli banking services like 'cal' that require SMS verification to update account details, maintaining a local Israeli SIM card with an active roaming/SMS plan is critical. A common cost-effective solution is using low-cost providers like 019 Mobile (e.g., plans around 10 NIS/month) to ensure SMS reception while abroad, as updating phone numbers remotely without access to the old number is often impossible due to security protocols.
• Currency exchange in Israel can be strict regarding the physical condition of USD banknotes. Bills from certain series or with minor visual defects (discoloration) may be rejected by local money changers. It is recommended to exchange questionable physical currency in the country of origin before travel.
• In Israel, specifically at stores like KSP in Eilat, purchases can be split into installments (up to 36 months interest-free). Legally, the limit for cash payments in a single transaction is 6,000 ILS.
• In Israel, major foreign currencies like EUR and USD are generally accepted in exchange offices and duty-free shops. However, older series of US dollar bills may occasionally be refused. Russian Rubles are not recommended for exchange in Israel due to highly unfavorable exchange rates. It is advisable to bring EUR or USD.

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