By June 21, 2017 Read More →

21 Year Old Wiz-Kid Builds Startup to Contest the Israeli Banks and Help Olim

It’s easy to believe Jews have a stereotype associated with money. But it’s hard to believe that the problem of moving money conveniently and inexpensively to the Jewish capital of the world has yet to be solved.
So I thought, until I came across a new promising startup called OlehPay, which claims to move money while avoiding costly bank fees, unfavorable exchange rates and the hassle typically associated with that process.

The startup contends to compete with the antiquated system banks and other exchange companies use to transfer one’s money. Typically, when one attempts to send money from the US to Israel, he requests an “international wire”. These wires can cost as much as $60 or $70 to send from the States and an additional $20-$25 fee to receive in Israel. At this point, the sender may receive his funds in Israel, but he or she has yet to exchange currencies. This is where one can easily be fooled as many banks hide the fact that they use deflated exchange rates, which undervalue the funds at the time of exchange. The deflated exchange rates could devalue an exchange as much as 3-4%, leaving one who transfers money with much less than he anticipated.

OlehPay’s technology avoids the expense of sending and receiving wire fees altogether. The entire innovation of OlehPay saves the user from having to spend time and money wiring the money to Israel. That alone makes OlehPay the least expensive option for sending money to Israel. Funds are debited domestically in the States, and credited in Shekel in Israel. Although transactions are completely automated to save time, OlehPay has a dedicated team monitoring the movement of your money to make sure everything runs smoothly. The flat 2% transaction fee makes OlehPay the absolute least expensive method to transfer funds below ~$6,000 to Israel and is competitive relative to other exchange companies above $6,000. OlehPay offers the true “official rate” from the Bank of Israel at the time of exchange, then publicizes its fee for clarity and transparency.

OlehPay boasts an impressive user interface. It feels zippy and easy to use. The on-boarding process was quick and entirely online, requiring me to upload a few IDs and input various details. In the account page I connected my US bank accounts and was able to easily initialize and manage my transfers.
I’m excited to see that another company in the startup nation rose to address a real problem, yet this one feels a little closer to home.

For more about OlehPay, click on here.

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