Expat Advice: Financial Issues in Tel Aviv, Israel

What is the name of the city or town that you are reporting on?

Tel Aviv

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

In Israel, it seems that there's a charge for just walking through the door. Discounts are available for members of the Assn. of Americans and Canadians in Israel. But you have to demand the discounts, which sometimes involves convincing the clericalk staff to call the appropriate tele. number while you're sitting there.

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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Go with a bank that issues statements in English. It's your only hope of keeping control. If at all possible, bank with Citibank, which offers retail services in many major cities worldwide. A branch will soon open outside Tel Aviv. I'm counting the days. Also, DON'T CLOSE YOUR CHECKING ACCOUNT IN YOUR HOME BANK, be it in the US or elsewhere.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

That's a toughie. I've become so involved with my life here, that I've lost control of my investments. I've promised myself that I'll do my research next weekend -- but I always let something else pop up to distract me.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

I have a local accountant, as well as my US accountant. I admit I'm behind on my US taxes.