General

Last Updated September 29, 2020

What is OlehPay?

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.


What are the fees for using OlehPay?

See the pricing and pricing terms for a quick cost breakdown. 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.


What documents do I need to open an account with OlehPay?

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.


Does it cost money to open an account with OlehPay?

No. OlehPay is 100% free and always will be.


How do I submit documents to OlehPay?

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.


Do I need to give OlehPay my bank details?

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 an American or Israeli bank account by selecting "Add A Bank Account". A console will appear allowing you to select your bank. Follow the prompts to connect your account.
If you do not find your bank, contact support@olehpay.co.il, and a team member will help you connect the account manually.


Can I use OlehPay if I am not either an American citizen, an Oleh/ah Hadash/ah, or an Israeli citizen?

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.


Can I use OlehPay to send money from an LLC, corporate account, brokerage or investment account?

OlehPay can only debit personal accounts. We are unable at the moment to accept funds from corporate accounts, such as LLCs.


Do I need an Israeli bank account to receive money?

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.

Can I receive money to my Israeli account from an American account not owned by me?

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.


Does OlehPay have a minimum transfer size?

Yes. Our minimum transfder size is $300.


What currencies does OlehPay offer?

At this moment, OlehPay offers only USD as the originating currency and NIS as the receiving currency.


How long does it take for money to reach my account?

After your account is approved, transfers take between 4-5 business days to receive funds in your Israeli bank account. For an in depth explanation, see our tranfer times page.


How do I receive my money?

You receive Shekel deposited directly into your Israeli bank account.


How do I cancel a transfer?

We allow cancellations only in certain circumstances. Please send an email immediately to support@olehpay.co.il to cancel a transfer.


Is there a maximum amount I can transfer?

There are no maximum transfer limits with OlehPay. We gauruntee the cheapest rates for all transfer sizes. If you have questions or concerns regarding transfering funds through OlehPay, please get in touch with us by email at info@olehpay.co.il. Please include details about your case.


Where can I find my pending transactions?

Pending transactions are logged within your account page. You must be logged in to view your account page.


Does OlehPay accept checks?

No, OlehPay does not accept checks.


How do I initiate a transfer?

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.


Is my personal information secure?

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.


Is my money safe with OlehPay?

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.


Why is OlehPay cheaper than money changers and banks?

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.


Where is OlehPay located, and can I come for a visit?

OlehPay is a technology company with no visitable address. Our team, however, is always available to chat. We have representatives around Israel and in California. Send us an email at support@olehpay.co.il if you'd like to schedule a chat, an in person meeting, or visit.


If you found this article helpful, let us know!
For more information or general inquiries contact us at info@olehpay.co.il