Payset Is Now Available in Israel!

News and announcements

Oct 3, 2022

4 min. read

James Irwin

Author

New regulations will allow residents of Israel to access a wider variety of fintech and payment services. You can now send money to Israel with Payset.

Israel has changed its regulations and will now accommodate fintech services regulated in the UK, the US, and the EU. This means Payset, among others, can now operate in Israel.

Foreign-Regulated Companies Can Now Operate In Israel

Fintech services based in three major global regions can now operate in Israel thanks to new financial regulations, according to a release by Herzog, a Tel Aviv-based law firm.

The Knesset Finance Committee—part of Israel’s legislature—has approved a temporary order allowing foreign financial firms to provide certain services in Israel.

According to the Tel Aviv-based law firm Goldfarb Seligman, the new temporary order will add an exemption for payment services, allowing companies in the U.S., U.K., and European Union to provide those services in Israel.

Eligible companies in those regions no longer need to obtain a Financial Asset Services license in Israel to operate in the country. Rather, those companies only need to follow the regulations of their home country—particularly anti-money laundering (AML) regulations.

The temporary order allows foreign regulated companies to provide various payment services (including the provision of credit) allowing customers to send money to Israel. However, it does not allow payment services involving virtual currencies (i.e., cryptocurrencies).

Payset, for instance, which is based in the UK, will now be able to offer its multi-currency accounts and currency exchange services to Israeli clients.

The temporary order will be valid until Jan. 1, 2024.

Customers Will Get More Choices

These changes to the law will give Israeli citizens a much wider choice of financial services. Foreign-regulated companies, meanwhile, will be able to seek out a wider client base.

In Payset’s case, we will now be able to offer our multi-currency accounts, currency exchange, and other payment services to clients in Israel, and Israelis will now be able to send money to Israel and take advantage of new promotions in the future.

Payset offers support for up to 38 currencies, including the Israeli shekel, the euro, the US dollar, and the UK pound sterling.

Our services are ideal for small- and medium-sized businesses in Israel and worldwide. Click here to find out more.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

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