Opening an escrow bank account can be a convenient solution for foreign entities operating in Israel that prefer not to open a traditional bank account for the company (usually due to operational challenges with authorized signatories).

Using an escrow account mechanism provides high operational flexibility, as the authorized signatories located in Israel can respond promptly to necessary transactions. These accounts are primarily used for transferring salary payments to beneficiaries, including employees and tax authorities.

With an experienced, professional and courteous team familiar with this field and its key players, we assist our clients quickly and efficiently, often where others encounter difficulties. Legally, the ownership and authority to act on the escrow account belong to our firm’s partners; however, the sole beneficiary is the client, and every payment from the account is approved by the client’s designated signatories or their appointed representatives.

Shimony Financial Services offers services for opening and managing escrow bank accounts for both local and foreign currencies.