Last Updated July 23, 2018
OlehPay goes great lengths to keep all of your sensitive information safe.
Plaid and digitally connected accounts
For US customers, you can verify your account in just a few minutes by entering your bank credentials. You may be familiar with this process if you've ever verified a bank account on Paypal or similar services. These banking credentials are never sent to OlehPay, but are shared with an integrated, trusted third-party, Plaid Technologies, Inc., to facilitate instant account verification. This service may store the provided credentials for verification purposes or use them on a per-transaction basis for fraud prevention, and to help verify a sufficient balance is available to process your transaction.
You may change your online banking password at any time after instant verification. You may use a temporary password without losing access to OlehPay's transfer services. If you do change your password, transactions may be delayed, as we pull important information through the Plaid-linked accounts about the status of your transaction from within the sending bank.
For more information on security audits of Plaid Technologies, Inc., please visit Plaid's Security and Compliance Overview
Manually connected accounts
If digital connection to your account is not feasible, OlehPay provides users an additional method to connect accounts through a manual upload of a check and account numbers. This creates a manual connection to the account. As the account is connected manually, we lose insights into your account we would otherwise have access to with digitally connected accounts. As a result, transfer times are delayed additional business days making the complete transfer time between 5-7 business days.
Money sent through OlehPay gets routed to individually secured, FDIC insured accounts to prevent counter-party risk. This guarantees that funds for transfer are never pooled with any other funds, ensuring proper mangement of funds.
Funds are debited directly through secure methods, drawing money accurately from accounts, and leaving no risk for misspelled IBANs or any human error.
Licensed and Regulated
All financial statements are audited by BDO, a $7 Billion accounting firm.
Through OlehPay Clearshift, OlehPay is licensed by the Israel’s Ministry of Finance a as a currency service provider.
In the United States, Clearshift is registered with the Department of Treasury as a Money Service Business, and is Licensed as a Money Transmitter by the New Jersey Department of Banking and Insurance. OlehPay is one of the only entities in Israel who can claim this distinction. No other Israeli money changer is licensed in the US, which allows OlehPay to execute it’s innovative and low cost method of transferring money to Israel.
OlehPay has the greatest transparency possible in the banking world for the following four reasons:
OlehPay uses the official and objective Bank of Israel rate also known as the (שער יציג) to determine a daily USD/NIS exchange rate. Stop relying on arbitrary rate contrived by other forex companies.
OlehPay uses a simple and transparent flat rate of 2%. This means that there are no hidden fees or additional charges, and 2% means just that: 2%.
OlehPay explains exactly how money is sent and how profit is made. OlehPay does not make any money on the exchange rate, we simply make money on the low percentage which we take on the transaction. See “OlehPay Saves Olim Money (LINK)” for details on how OlehPay sends your money to Israel.
For more information or general inquiries contact us at email@example.com