How long do transfers take?
Last Updated September 29, 2020
Weekend or weekday, what do we consider a business day?
By nature of foreign tranfers, such as those made through OlehPay, transfer times vary greatly depending on whether banks are in operation. A day when banks both in the United States and Israel are in operation is considered a business day.
Because of OlehPay's financial mechanics, where money is routed locally either in the United States or Israel, certain days may be considered business days in one country but not the other. For instance, transfers requested after end of banking day in the United States on Friday will only begin processing the following Monday - requests for transfers on the weekend already see a three day delay! This discrepency can work in your favor, however, such as on Sundays in Israel, when banks are open and domestic transfers can settle. It can take several full business days to coordinate and complete a transfer.
How are my transfers affected by national holidays?
National holidays always affect transfers as banks are almost always sure to be closed, both for sending and receiving transfers.
For instance, during Labor Day Weekend in the United States banks are closed for a long weekend, causing transfers to be delayed significantly. However, transfers in process over the weekend may have been completed in Israel on that Sunday or Monday despite banks being closed in the USA. Long holidays in Israel, such as a three-day Rosh Hashana, can significantly affect transfer times, especially during the longer Israeli holidays like Sukkot and Pesach when banks may be in and out of operation unpredictably.
Most commonly, OlehPay users have connected their bank accounts using the digital console we provide on the OlehPay accounts page. This is done by logging in with your user and password as you would on your own bank when prompted on the OlehPay account page. Note that we do not save or even see your password. This console is essentially a "window" into your bank account provided by your bank directly to allow applications like OlehPay to instantly authenticate your account.
This system also allows us to track the progress of your transfer from your side. This transparency allows us to send complete transfers on the Israeli side in some case as soon as the next business day.
When connecting your bank account digitally is not feasible, users are given an additional option to link their bank accounts manually. Instead, use the manual upload console where you'll be prompted to upload a check or a bank statement and confirm your account numbers be entering them directly. Some users have sent us documents by email and we've connected those bank accounts manually on their behalf. While this is a great alternative to linking bank accounts without granting access via user and password, the downside is that this method provides us less insight into your bank account. This means OlehPay loses access to instant bank account number authentication and debit confirmations. OlehPay uses these signals to process transactions faster. Without them, transfers can see a delay with a total transfer time of 5-7 business days.
Accounts "Pending Approval"
Before OlehPay can begin processing transfers, your OlehPay account must be approved. While OlehPay provides the ability to schedule transfers even before your OlehPay account is approved, the transfer will only begin after your OlehPay account has been approved and your transaction is submitted. As it may take up to several business days for us to approve OlehPay accounts, the total transfer time from request to settlement can be misrepresentatively long.
Severed Digital Connections
Digitally connected bank accounts can default to the status of a manually connected bank account if our digital connection to the bank account is severed. This can happen as your bank may, from time to time, automatically severe any digital connections. Additionally, accounts can also be severed either if you changed your password or made internal changes in your bank account settings.
What can I do to make a transfer faster if it's really urgent?
Send us a screen shot.
In some cases, as a last resort, we can settle transfers sooner with your help. The most common reason we delay a transfer is that we cannot verify a debit on your account has been made. Transfers without a digital connection are assumed to be debited after a few days, however, we can confirm that a debit has already taken place sooner if you send us a screenshot of that debit leaving your account.
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