What should you know about banks in Israel?

What-should-you-know-about-banks-in-Israel–How-should-I-choose-a-bank–Does-it-matter-

 

How should I choose a bank? Does it matter?

One- is how nice the people in the bank are. It is important to feel comfortable with your bank. But also when you need something from the bank it is very important that you have your person in the bank that will help you achieve your goal.

Second – the professionalism of the bank. Usually the bigger bank the more professional it is. But on the other hand, they can be less amenable to smaller clients.

Also, small banks can be very friendly but not very efficient if you need a business account that needs extra credit. From my experience the only way to check this out is to ask friends or check the bank. If you feel that you are not comfortable – just go and choose another bank.

As soon you open your account it is important you make sure you pay all your payments on time and do not exclude any payments. Even a small one for a technical reason can influence your credit profile in the bank.

From our experience in Segal Insurance, we learnt that it is important to have good relations with the people in the bank. This usually improves the communication with the bank and speeds up things up.

How-should-I-choose-a-bank-in-Israel–Does-it-matter

 

What is important to know when you open a bank account?

A bank account is just like any other product in Israel. The more you know about it the less it will cost you.

First, ask your friends what they recommend. Banks give special benefits if you belong to a big group like teachers etc. Check your benefits as a new immigrant. Check out two banks before you close with one and open an account. If you come to a bank and tell them what the other bank offered, usually they will match them.

What should you know about loans in Israel? As bank accounts so are loans- The more you know about them the less it will cost you. When you take a loan you are actually buying money from the bank. You should always remember that you are the consumer and you have the advantage in this situation.

The bank wants to make the deal and is very comfortable with the common situation that people relate to their banks as they would to their principal in high school. Go to a few banks and ask yourself who do you want to make the purchase from?

Ask each bank – what is the “price” of the loan? The price is the interest you pay. You can download an app (such as “Simple Loan Calculator”) to your phone and by putting in two details- the interest and the period of the loan

What-is-important-to-know-when-you-open-a-bank-account-in-Israel

 

What should you know about loans in Israel?

As bank accounts so are loans – The more you know about them the less it will cost you. When you take a loan you are actually buying money from the bank. You should always remember that you are the consumer and you have the advantage in this situation.

The bank wants to make the deal and is very comfortable with the common situation that people relate to their banks as they would to their principal in high school. Go to a few banks and ask yourself who do you want to make the purchase from? Ask each bank – what is the “price” of the loan?

The price is the interest you pay. You can download an app (such as “Simple Loan Calculator”) to your phone and by putting in two details- the interest and the period of the loan you can get two very important details- the monthly refund of the loan and the total interest witch is actually the price of the loan. Negotiate from strength and not under pressure of time.

One trick that all banks do is when you take a loan above 100,000 shekels, they take a “document commission” which makes a lot of sense due to the fact that there is no work involved in preparing documents in this deal! Most banks only tell you about this commission when you are signing the contract.

The amount of this commission – which can be thousands of shekels- should be negotiated before taking the loan. A bank that wants to make the deal can even find “creative” solutions such as dividing the loan into two – which means there won’t be any commission.

One last tip- one of the most important things about loans is to take them only as a part of an overall financial plan.

From our experience in Segal Insurance we learnt to shop around between banks to get the best terms before opening an accounts-at that stage we can negotiate from a position of strength!

What-should-you-know-about-loans-in-Israel

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