Payset prespective
October 3, 2022

Payset Is Now Available in Israel!

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.

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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