Frequently Asked Questions

How is a transaction for example, executed by Currenge?

A transaction for example, may include the following steps:

1. Filling out the “Know Your Customer” (KYC) form on the Currenge website by those wishing to become Currenge clients. That includes answering questions in accordance with Israeli anti-money laundering regulations, uploading copies of two personal identification documents, and a copy of a bank account management certificate. Firm clients are also requested to upload several firm documents. When a transfer is expected to an account owned by an LLC corporation in the United States, we will request a separate transfer of additional documents.
2. Currenge may update the compliance officer at a bank branch serving it about a potential client, and may request to set the beneficiary account as a permanent beneficiary in Currenge’s account to possibly enable faster transfers.
3. Currenge will provide you, being an applicant, with information enabling you to transfer monies to be served in the transaction. Such information, may include Currenge’s bank account certificate (possibly from your bank), a Currenge banking contact for your banker, a copy of Currenge’s license as a licensed financial institution, and occasionally additional information.
4. Before performing a transaction, you will be asked to fill out a very short transaction form on the Currenge website. Given a transaction execution, including monies are received into Currenge’s bank account, Currenge will act according to that form.
5. When the transaction you are expected to request includes a transfer to a bank account other than the one you own, and from which funds were transferred to us at Currenge, and especially when you individually are not the direct owner of that beneficiary bank account, we are expected to hold a short video call with you for the purpose of remote identity authentication.
6. If you choose to proceed with a transaction with Currenge, you will transfer monies to Currenge’s bank account, which may be in the same bank also serving you, for the purpose of conducting the transaction. Currenge is expected to convert the incoming monies shortly after their arrival, given no obstacles from any other financial institution involved in conducting that transaction, inform you about the expected structure of the transaction including conversion rate shortly after Currenge initiated a conversion, and then transfer monies for conversion to a trading room, if converting via a trading room.
7. A trading room is expected to return converted monies to Currenge’s account within a time range of between a few minutes to up to several hours, provided the conversion transaction began before noon (12:00 PM) on a banking business day in which forex trading is held in Israel.
8. If Currenge has another client involved in a transaction that matches yours in inverse currency needs, and who also transferred monies to Currenge’s bank account at the same bank Currenge received your transferred monies, your conversion may be executed, partially or fully, with a zero currencies spread between buy and sell rates. This means your conversion, or part of it, could be executed at a more favorable exchange rate for you, with no embedded cost in the currency rate.
9. Shortly after receiving the conversion proceeds, be it from a trading room, into Currenge’s bank account, Currenge will transfer the proceeds to your beneficiary bank account, which may also be your own bank account.
10. Upon completing effectuating your transaction, Currenge will issue a “Currency Exchange Voucher”, which is the Israeli legal document for a business like Currenge that exchanges currency, and which is a substitute to a tax invoice. Businesses may record Currenge’s fee as an expense without VAT deduction, since the Israeli Tax Authority has determined Currenge to not be considered a VAT-registered entity in Israel.

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