OlehPay lets users transfer money seamlessly and transparently to Israel without various fees one would otherwise be subject to with converntional methods, such as sending and receiving bank fees, SWIFT wire fees, ATM withdrawal fees, or check processing fees.
OlehPay charges 2% per transfer. To establish transparency, OlehPay exchanges money at the Bank of Israel daily rate and makes no money on the arbitrage of the exchange rate. OlehPay often undercuts the costs of other systems for moving money to Israel, as OlehPay processes transfers domestically in both jurisdictions, removing all the associated banking and processing costs.
For instance, if one sends $1000 with OlehPay, $980 converted at the rate that is released daily by the Bank of Israel is deposited into your Israeli bank account. OlehPay eliminates all other sending, receiving, processing or withdrawing fees otherwise charged by your bank.
For those with Israeli citizenship: a Tudat Zehut, any secondary government issued ID (such as an Israeli or American passport, driver's license, or Teudat Oleh), and a blank or voided copy of a check OR bank statement from your Israeli processing account.
For Americans without Israeli citizenship: a US passport, driver's license, and a copy of one of your Israel checks OR a bank statement. Notice: If you do not hold Israeli citizenship, OlehPay may ask for proof of residency through a utility bill or address.
No. OlehPay is 100% free and always will be.
All documents required by OlehPay can be uploaded during the registration process. Should Olehpay require additional documents, we may request them through email at support@olehpay.co.il.
Israeli bank accounts are onboarded by providing a blank or voided check OR bank statement during the registration process. From your OlehPay account, you can add a US bank account by selecting "add a US bank account". A console will appear allowing you to select your bank. Login to your bank as you would from your bank's website, and OlehPay will receive secure access to that account. While OlehPay does not save your login credentials, they are shared to an integrated, trusted third party, Plaid Technologies, Inc., to facilitate instant account verification. Learn more.
If you do not find your bank, contact support@olehpay.co.il, and a team member will help you connect the account manually.
Yes!
Not American: You can use OlehPay if you are not an American citizen.
Not Israeli Citizen: If you do not hold a valid Teudat Zehut you can still use OlehPay. You may be requested to provide proof of residency. American citizens without Israeli citizenship can open a bank account at the Postal Bank בנק הדואר.
Not an Oleh/ah Hadash/ah: despite our name, anyone who needs to send money to Israeli can use OlehPay.
OlehPay can only debit personal accounts. We are unable at the moment to accept funds from corporate accounts, such as LLCs. OlehPay is also unable to debit accounts from brokerage or investment accounts.
Yes. If you do not have an Israeli account, you can open a bank account at the Postal Bank (בנק הדואר) without being a citizen. While Postal Bank cannot receive international wires, you can send money to your Postal Bank account using OlehPay.
Aside from parents sending money to children, OlehPay cannot facilitate third party payments. To inquire about whether OlehPay can facilitate your transfer, contact support@olehpay.co.il.
No. Try sending a dollar today!
At this moment, OlehPay offers only USD as the originating currency and NIS as the receiving currency.
OlehPay charges 2% per transfer. To establish transparency, OlehPay exchanges money at the Bank of Israel daily rate and makes no money on the arbitrage of the exchange rate. OlehPay often undercuts the costs of other systems for moving money to Israel, as OlehPay processes transfers domestically in both jurisdictions, removing all the associated banking and processing costs.
For instance, if one sends $1000 with OlehPay, $980 converted at the rate that is released daily by the Bank of Israel is deposited into your Israeli bank account. OlehPay eliminates all other sending, receiving, processing or withdrawing fees otherwise charged by your bank.
After your account is approved, transfers take between 4-5 business days to receive funds in your Israeli bank account.
You receive Shekel deposited directly into your Israeli bank account.
We allow cancellations only in certain circumstances. Please send an email immediately to support@olehpay.co.il to cancel a transfer.
You can send per any one transfer up to $12,500 and a maximum total mothly volume of 50,000 NIS. You can send as many transfers as you'd like until you hit 50,000 NIS for that calendar month.
If you'd like to send a greater amount, please email as at info@olehpay.co.il.
Pending transactions are logged within your account page. You must be logged in to view your account page.
No, OlehPay does not accept checks.
You can easily initiate a transfer from your account page by choosing the bank you'd like to draw from. You do not need to call your bank to send a transfer, as OlehPay runs the transfer as a debit straight from your US account. Shekels are posted directly to your Israeli account.
OlehPay adheres to the highest banking security protocols in the industry to keep information safe. For more information on how OlehPay goes great lengths to keep your info secure visit our security page.
OlehPay customer funds are held in individually FDIC insured accounts. OlehPay is licenced through its partners in three jurisdictions: Israel's Minstry of Finance, The U.S. Department of Treasury, and the New Jersey Department of Banking and Insurance. For more informantion see our security page.
OlehPay eliminates all costs associated with conventional methods of sending money, such as sending and receiving bank fees, SWIFT wire fees, ATM withdrawal fees, or check processing fees.
OlehPay's greatest advantage over conventional methods of sending money is that OlehPay can run transactions domestically in both the United States and Israel, while balancing currency pulls in both jurisdictions. OlehPay manages its own exchange and passes the inexpensive and innovative method of sending money on to its customers.
Our offices are located at Siftech, a Jerusalem based accelerator. Siftech's address is Hebron Rd 24 (Jerusalem). You are more than welcome to come for a visit, please inform us before you do so at info@olehpay.co.il.