Banking & financial consultant for foreign residents

The banking world is subject to global change with all that concerns regulation and taxation, and we slowly become aware of collaborations that take place between banks and countries, until unwillingly, it reaches our pocket; as part of the change that gains momentum and happens every other day, I accompany foreign residents (with Israeli and foreign citizenship) and guide them with all that concerns choosing the right bank for them, special declarations, including FATCA, tax liability, cross-border activity, new immigrant/returning residents, commission savings, banking mediation, digital guidance and more. All this, out of moral purpose aiding them to land on "soft ground." 

Examples for banking services:

  • A client, who is a foreign resident is interested to open a bank account in Israel; His difficulty in remote management from abroad makes the process harder; as of present day, the banks make it difficult for those, who want to open an account and set a very high threshold by making unrealistic demands, something that would obscure the client's ability to carry out the activity in Israel, whether if it is a real estate transaction, an immigration process to Israel or opening a business and so on. Bankability enables to conduct survey between banks and to match the bank and the branch that are most suitable to accompany the client in his activity in Israel while looking at additional components that may complicate the account opening process. 

Banking consulting and accompaniment for businesses 

Even though a company is an abstract entity, there are people behind it that believe in what they do an established their life work from scratch; It is worthy and desirable for the company to have a banking strategy, for its proper activity and profitability. As part of Bankability, I accompany company and business owners in all fields of banking; Opening an account (including a foreign company account), Building a credit suit (loans, guarantees, credit lines, collateral, etc.), banking regulation and special declarations, corporate classification and FATCA documents, international transfers, foreign trading, currency hedge, trust accounts, building banking strategy as part of corporate financial reports and its administrative documents, assessment of commissions, drafting special agreements for a group of employees, banking mediation, digital activity development and more. 

Examples of banking services for companies and businesses:

  • A real estate company set up a project of office buildings in the center of the country, while its clients being corporations that buy the offices as part of an acquisition group; each corporation is requested to open a bank account and at the same time sign corporate classification documents, as part of FATCA law. Some classifications included more complex declaration forms and necessitated signing w-8ben-e and even further declarations. Bankability's challenge was combined - both to meet the demanding schedule of the company that manages the project, to assure there will be no mistakes in declarations of the buying corporations and, of course, to escort the processes in the most proficient and pleasant manner. The company got what it wanted even prior to the set date.

  • A foreign company was requested to open a bank account in Israel, due to its business conduct. Since company owners and its directors cannot arrive to Israel, they need somebody, who will be trusted on its dealing with banks, while the initial process requires to find a suitable bank for opening an account for the foreign company, in accordance to its activity type; the initial phase might take several months, dealing with the company in order to provide documents, while there is no way to know in advance if and what bank will agree to open the account. After obtaining (principal) approval for opening the account, there are still additional steps required until the process is complete. The entire process may take between 6-9 months and there is never a promise for its approval, which requires comprehensive knowledge of the banking system, and not just regarding its regulations, but rather its dealing behind the scenes. While Bankability runs around, saving the client "hair plucking", the company may continue running its day-to-day activity unhindered.

  • A company that most of its business activity is export to at least two continents, is interested to organize its account, and there is no doubt that it requires crafted thought and creativity; in such a case, it is accustomed evaluating financial reports in parallel with banking documents, thus forming a strategy, using bank products that will aid it to act appropriately as well, and not of lesser importance - saving a lot of commissions; some of the steps that aided the company were currency protection products for minimizing damage of rate fluctuations, shifting conversion activities to bank's trading room, in order to enjoy the benefits, shifting routine NIS activity to bank's website (requires connecting to business internet service via complex protocol) and of course saving time, by shifting bank activity from frontal to relayed one. Bankability's added value for the company is a combination of its familiarity with the products and their matching to the company's need, which was defined at the beginning of the process. So, indeed, it required massive preparation for conversation with branch management, however this preparation equipped the company with proper tools, so it got what it wanted, and no less important - is capable to preserve the concept.

Banking consulting and accompaniment for individual clients and families

Even though nowadays, the public is becoming more involved in financial fields, banking language is still some sort of a riddle, and it is important that we turn our attention to both concealed and revealed information, understanding that the banking world does not begin and end just with bargaining and arguing over commissions, but it is important to establish a good and high-quality banking infrastructure that will stabilize us rather than makes us do a market survey each other day, especially, considering the fact that banking field in Israel is tiny; whether if it is an individual or a family, each bank account is a world in itself, therefore it is important that we treat our management as to an "enterprise" and set ourselves a goal, tools, and skills for proper banking management.

As part of Bankability, I establish a strategy with a vision of at least a decade ahead, which takes in account parameters, such as bank account organization, separating between business and household activities, while realizing that the management is uniform; Moreover, I accompany clients in dealing with banking regulation, international banking activity, a credit arrangement, with emphasis on appropriate and client/s tailored choice, autonomic and special guarantees, third party guarantees, attachments, account opening, administrative banking activity and special accounts (managing portfolios, trusts, account with concealed name, deceased, wills and inheritances, minors, warnings, etc.), a significant save in commissions, banking mediation, digital guidance and more.

Examples of banking services for individual clients and families:

  • A family that mixes its business activity with household activity in the same account reached a state of complete turmoil; multiple loans for all sorts of parties, high credit payments, multiple credit cards and high commissions. After analyzing the data, I have built for them credit suit with dedicated and special loans, thus enabling them to eventually lower the credit and withstand the payments. On the course of the process, they also reduced routine costs and even managed to put a small sum to accumulated deposit.

  • A client, who was interested to transfer money from her account in Switzerland, experienced difficulty with her bank while finding herself in "Catch-22" since the money she wanted to transfer was intended to pay income tax, but she was missing a document, requested by the bank. In that case, a creative approach was used with the bank and after several days, the bank approved the money transfer and even agreed to grant exempt for transfer and conversion commissions.

  • A pair that broke up had to cope with the bank in the process of separating activity and closing the account; the account had a big loan and a mortgage. They had difficulties to convince the bank to separate the credit, since the bank feared reducing the chance of repaying the credit. In this case, we engaged in banking mediation, as well as establishing a credit suit, while seeing it as a bank would, by addressing bank's concerns on one hand, but separating forces in a smart and creative manner for the couple that was mainly focused on the divorce process and all they were interested in, was closing the mutual bank account.