Thanks to regulations introduced in Israel in 2022 that allow UK-based EMIs to operate in the country, Payset is able to support business and individual clients based in Israel. One of the most significant services we offer Israeli citizens is the ability to open USD, Euro, and GBP payment accounts and transact like a local using these currencies, all from a single online multi-currency account.
How to Open a Multi-Currency Account in the US from Israel
Opening a USD account in the traditional way can be demanding if you are a foreign resident. Typically, American banks with a social security number (SSN), which is only available to U.S. citizens, or a Taxpayer Identification Number (ITIN). You may also need to provide proof of address, make a minimum deposit, and meet other requirements.
These requirements have traditionally made it difficult to open a USD account remotely or online.
Fortunately, it is now possible to open an online multi-currency account if you are based in Israel by using an EMI like Payset. By doing so, you can benefit from the ability to send and receive USD payments like a US resident with lower fees and faster transaction times.
We offer online multi-currency accounts for business with full support for the U.S. dollar as well as 33 other currencies. You can store, send, and exchange USD through your Payset account. Because we have American banking partners, when you send and receive USD transfers, you can do so using local payment networks.
With a virtual IBAN account, you’ll enjoy access to most of the features of a regular American payment account — all without the need to establish your business in the U.S. or reside in the country.
How to Open a Multi-Currency Account in the UK from Israel
It is also possible to use Payset to obtain a UK payment account from Israel.
Opening a GBP account usually involves providing proof of a UK address and other information. You may need to provide major banks with a National Insurance Number (NIN), which is the equivalent of the United States’ Social Insurance Number (SSN).
However, the UK is also home to many online bank alternatives. Payset similarly offers a convenient option in the form of multi-currency accounts. This option includes virtually all of the features you would expect from a regular payment account including fast and affordable local payments using UK-based payment networks like FasterPayments, BACS and CHAPS.
By opening a multi-currency account with Payset, you’ll be able to store, trade, and transact with the UK’s main currency — the British pound (GBP) — alongside many other foreign currencies.
As a UK-based company with headquarters in London, England, Payset is an ideal option for Israel-based clients seeking a UK payment account.
We are regulated under UK law — specifically through two pieces of legislation titled Payment Services Regulation 2017 and Electronic Money Regulation 2011. Compliance with these laws allows us to provide a variety of financial services locally and around the world.
We also operate under UK GDPR rules, meaning that user data is protected by law.
How to Open a Multi-Currency Account in Europe from Israel
You can open an online multi-currency account in EU from within Israel. However, the exact process for doing so depends on the country in which you plan to create an account.
Certain European countries, such as Portugal, Switzerland, Austria, Gibraltar, and Liechtenstein have a reputation for catering to foreign users. Other countries do not have such convenient payment service options for foreign clients and businesses.
Fortunately, you don’t have to choose to open a multi-currency account in a specific EU country. You can instead access the European banking system through services such as Payset.
By opening a Payset account, you can use your online multi-currency IBAN account to transact in Euros using local EU payment networks. Instead of relying on a specific country’s banking system and local currency, you can hold, spend, and trade many major European currencies simultaneously – including but not limited to the euro (EUR).
With Payset, you’ll also be able to make use of the EU’s SEPA network. You’ll be able to transfer funds to and from SEPA’s various member countries quickly and inexpensively.
Pay and Get Paid Like a Local in the US, UK, and EU with a Payset Account
How It Works
When you sign up with Payset as an Israeli client, you’ll gain access to a online multi-currency account. This account includes currency exchange, a digital wallet, virtual IBAN numbers, and many other features.
From your online multi-currency account, you’ll be able to transact using 38 international currencies including the U.S. dollar, the British pound, the euro, and the Israel shekel. We also offer support for more than 180 countries so you can spend, transfer, and swap money almost anywhere in the world.
Save Time and Money By Using Local Payment Networks
Payset offers support for several payment networks. You can choose a method that settles transactions quickly and inexpensively and one that is ideal for your situation.
For example, Israel-based users transacting with the U.S. may use Payset to perform SWIFT payments. Users transacting with Europe may instead use SEPA. Other networks including FPS, CHAPS, and ACH are also available. Transaction fees for each network begin at 0.45%.
Payset users can also take advantage of no-fee transactions by sending funds to other Payset users. Plus, fees only apply to outgoing transactions: receiving money via Payset is always free.
Get Started
To open a multi-currency account with Payset, simply click the link below:
