If You've Got Questions, We Have the Answers

Below you'll find answers to the questions we get asked the most about currency transfer.

Registration

How do I open an account with you?

Setting up an account is quick and simple. Please visit the registration page here, where you can fill out the appropriate online registration form. You will need to send us a copy of two forms of valid, government issued photo ID’s, which can be scanned and uploaded directly to the online registration form. Once you register, one of our representatives will be in contact with you. Depending on the circumstances, and in order to fulfill our Know Your Customer (KYC) obligations, one of our representatives may need to meet with you.

What is the minimum transfer with IsraTransfer?

You can transfer any amount over US $5,000 (or the equivalent in another currency). If you transfer more than US $50,000 (or the equivalent in another currency), additional paperwork may be required. This paperwork differs depending on the reason for the transfer, so we will explain the exact requirements when we speak with you personally.

Is my money safe with IsraTransfer? Are you regulated?

We are licensed by the Israel Ministry of Finance, Currency Service Provider Unit. Our license number is 514135235. To see a copy of our license and for more information, please see this page.

How do I let you know of changes to my personal details?

You can update your personal details over the phone at 074-701-8887.

Why do I need to register?

IsraTransfer adheres to Anti Money Laundering (AML) and Know Your Client (KYC) requirements, our registration requirements are bound by Israeli regulations. We cannot transact with anyone who does not register and fulfill the above requirements.

Payments

How long does it take to receive my money?

The amount of time that it will take to receive money being transferred to you is dependent on a number of factors. The most important factor is the length of time it takes for your bank to transfer the money to us, usually, funds are received the next business day. Once we have received your money, and you have instructed us to convert, funds will be in your bank account by the next business day. In some cases you may need to receive your money the same day, this is possible and we will need your bank account’s IBAN (also known as ZAHAV) number (23 digits). Due to the high cost of Zahav transfers, there will be an additional charge of 40 NIS.

How do I transfer money to you?

We only accept wire transfers. Every bank has a different way for you to do this. For example, some banks allow a wire transfer to be completed online, others may require a fax request. Speak with your bank to find out their process. If there are any problems, we are happy to help out!

Someone wants to send me money from overseas. Can you help?

In most cases, we can help transfer money to you from abroad, although it depends on the reason for the transfer. Please speak to one of our experts to get a specific answer for your unique case.

How do you know that my money has been received?

When we receive foreign currency to our account, the bank always sends us a copy of the accompanying SWIFT message, detailing the amount received, the name, address and bank of the sender. We will then call the client to receive permission to convert their funds.

Rates & Charges

Do you charge commissions or fees?

We deduct a percentage from the interbank rate. The percentage we take depends on the amount that you are transferring. There are no other fees or commissions.

How do I save money?

When transferring money directly to a bank in Israel, the Israeli bank normally charges 0.20% to receive the money, 0.20% to convert the money, and approximately 1% from the exchange rate.

When transferring funds through IsraTransfer, we do not charge receiving and conversion fees. We also give a superior exchange rate than that offered by the bank.

Can I fix an exchange rate for a future date?

Yes. We can help you book an exchange rate for up to one year in advance. This requires a 10% deposit in order to fix the exchange rate. Once booked, you are committed to purchasing at the fixed exchange rate for the specific date for which you booked.

What are the mid-market rate and interbank rate?

The interbank or mid-market rate is the rate at which banks trade between themselves. Individuals are unable to trade at this rate. Our aim is to get your exchange rate as close as possible to the interbank rate.

What is the Shar Yatzig?

From Monday to Thursday at 3:30p.m (UTC+02:00) and on Friday at 12:15 p.m, the Bank of Israel publishes an exchange rate on its website.

This is the interbank rate at that exact time. It is important to remember that the interbank rate moves every few seconds, so regardless of what the Shar Yatzig is listed as, the actual rate will be different five minutes, fifty minutes and five hours later.

What rate do you use to convert clients money?

We use the interbank rate at the time we speak with the client, this rate is moving every few seconds. We then deduct the agreed percentage to calculate the clients exchange rate.

How do I calculate exactly how much money I receive in the exchange?

Rates fluctuate every few minutes. Once you call us, we will quote you the exact transfer rate, show you how it’s calculated and how much money you will receive.

Method of Transfer

Do you cash checks?

We do not cash checks due to the risk of bad checks. We transact solely through bank transfers.

Do you exchange cash?

We do not exchange cash. We transact solely through bank transfers.

Do you transfer from Israel to other countries?

Yes, we are able to convert your funds and wire to another country, as long as the funds originate from a bank account in your name and will be wired to a bank account in your name (i.e not to a third party). If you wish to wire to a third party, a special tax document will allow us to make the transfer, please call us for further information . Due to the bureaucracy and high charges associated with these transfers, the minimum amount is 40,000 NIS.