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FAQ

Security
Support
Moving Money
My Clearshift Account

Is my money safe?

  • As a matter of policy, Clearshift segregates all customer funds into specially designated bank accounts.  In other words, your money never enters our own pocket.  The purpose is to insulate your money from any risks associated with our business.
  • To insulate customer funds from external risks, Clearshift maintains an absolute policy against releasing proceeds of an exchange transaction to a customer until the customer has sufficient coverage for the exchange transaction in their Clearshift account.  While this may lengthen the transaction cycle, the overall safety and integrity considerations of the settlement system prevent us from taking delivery risks with ANY customer.
  • Clearshift is independently audited for compliance with international data protection and privacy regulations.

Does Clearshift have a license?

In Israel, Clearshift (Israel) Ltd is licensed by the Israeli Ministry of Finance - Capital Markets, Insurance and Savings Authority as a Provider of Regulated Financial Services.

In the United States, Clearshift is registered with the Department of Treasury as a Money Service Business and is licensed as a Money Transmitter by the New Jersey Department of Banking & Insurance. We are also members of the National Money Transmitter's Association.

In 2020, Clearshift obtained an E-Money Institution (EMI) License from the Bank of Lithuania. Pursuant to the European Union’s PSD2 regulation. Thanks to the passporting regime, Clearshift’s license gives it the ability to serve customers throughout the EU.

How do I contact support?

You can contact support via email at:

support@clearshiftinc.com
or via phone: +97239155726

Our support hours:
Sundays: 09:00-16:00
Monday-Thursday: 09:00-18:00
Friday: email support till 10:00 am.
All hours are GMT+2 or GMT+3 during daylight-saving time.

How do I file an official complaint?

To file an official complaint with Clearshift, please go to the "contact us" page and fill out your contact info and complaint.
Where an official complaint is received in relation to a transaction, we will record the nature of the complaint and issue an acknowledgment email to the complaining party by the end of the 3rd business day. The acknowledgment will provide the complaining party with the contact name of the person who is responsible for dealing with the complaint.
We will investigate the complaint as swiftly as possible and, where applicable, the complaining party will receive a regular written update on the progress of the investigation at intervals of not more than 15 business days.
We will try to resolve Your complaint within 30 business days of having received the complaint. If Your complaint cannot be resolved within 30 business days, We will notify the complaining party of the anticipated timeframe for the conclusion of the investigation.

Within 5 business days of the conclusion of the investigation of the complaint, we will issue a resolution letter detailing the outcome of the investigation. This letter will include, if applicable, an explanation of the terms of any offer that we are prepared to make in settlement of the complaint.

If at any time the complaining party is unsatisfied with the handling of the complaint or we cannot resolve the complaint within the 30 business days timeframe, the complaining party will be notified of his/her right to refer the matter to the appropriate regulatory authority which varies based on the jurisdiction involved.

How can I contact Clearshift after hours?

After hours, you are welcome to leave a voice message, a callback number or send us an email to support@clearshiftinc.com

What are the Clearshift Israel support hours?

Sundays: 09:00-16:00

Monday-Thursday: 09:00-18:00

Friday: email support only till 10:00 am

 

Where can I find Clearshift’s Privacy Policy?

Privacy policy is available here.

What is a real-time rate?

A real-time rate is a real-time interdealer mid-rate offered to customers who have an existing exchange order and do not want to wait for the BOI/Siren to publish the next exchange rate.

How does the customer request a real-time rate for a new order?

At this stage, real-time rates are available for existing orders only. This can be done on the orders page on our customer portal.

What types of orders can get a real-time rate?

Any exchange order with the following currency pairs:
ILS- USD
ILS-EUR
EUR-USD  

Please note there is a limit of up to 100K USD and additional conditions apply.

Is the real-time rate always available?

 No, Clearshift reserves the right to disable the real-time rate option, though once a real-time rate is applied to an order, it will be honored and executed accordingly. 

How do I check my order status?

You can check your order status on the customer portal. Also, please take a look at the confirmations we send to you via email.

I did not get the confirmations. Does this mean there is a problem with my order?

No, there can be a delay in confirmations sent or a technical issue. You can see your order status on the customer portal.

What confirmations do I receive throughout the process?

Throughout the process, you will receive 4 email confirmations:

  • Confirmation of Exchange order- this confirmation displays the details of your order.
  • Confirmation of funds received- this confirmation approves Clearshift has received your funds and credited your Clearshift balance.
  • Confirmation of funds sent- this confirmation approves we have sent out your converted funds to the destination bank account.
  • Currency exchange transaction confirmation- this confirmation contains a summary of the transaction and includes an invoice for the commission charged.

How do I check my order status?

You can check your order status on the customer portal. Also, please take a look at the confirmations we send to you via email.

What are the possible reasons for a delay in delivering funds?

There are various reasons for delay of funds:

  • Holidays in Israel or abroad.
  • Days when there are no exchange rates published.
  • Weekends.
  • Your order may need approval.
  • Compliance issues.

When will I see the funds in the destination bank account?

The funds usually appear the banking day after we deliver them.

How do I know when Clearshift has delivered my funds?

You will receive a confirmation when we deliver the funds. Please note the funds usually appear in the destination bank account the following banking day.

How long does it take for Clearshift to deliver my exchanged funds?

Once the funds have been exchanged, it takes up to 2 banking days till the funds are delivered.

Can I make changes on an order once I have placed it?

An order can be modified till 13:00 pm (Israel time) on the exchange day (10:00 AM on Fridays).

Can I cancel an order?

An order can be canceled till 13:00 pm (Israel time) on the exchange day (10:00 AM on Fridays). After that, we have already exchanged your funds and your order cannot be cancelled.

How long does it take till Clearshift gets my funds?

This depends on the transfer method the sender chose. The sender can get this information from the sending bank. Once we receive and identify the funds, you will receive an email confirmation.

What happens if I have excess funds from my order?

Any funds left from the transaction will appear in your balance with Clearshift.

How do I know how much money to send?

If you have a standing instruction, we will convert the full amount we receive and deliver it after fee deduction to the destination bank account.

If you need an exact amount in the destination bank account, we advise you multiply that amount with the Benchmark interbank mid-rate. We advise to add on 2% to assure your requested order amount and the fee are covered. Any funds left from the transaction will appear in your balance with Clearshift and may be refunded.

Do I have to notify Clearshift when I send money?

If you have a standing instruction, the whole process is automated and there is no need to notify us.

If you have access to the customer portal and have already put in an order, there is no need to notify us.

If you have neither, the funds will go directly to your account balance with Clearshift and wait for an instruction from you. Please note we will not credit your Clearshift balance if the funds were sent from a 3rd party bank account.

How does Clearshift know the funds belong to me?

When sending to a virtual bank account we created for you, we will identify the funds as yours since this bank account is designated for deposits to your Clearshift account.

When sending funds to Clearshift’s Israeli bank account, we will identify the funds as you have set up the sending bank account with us.

What is a virtual bank account?

We may issue a virtual bank account in the name of your Clearshift account depending on the nature of your transactions with us.

How do I send money?

We accept bank transfers from pre- approved bank accounts.

  • In the U.S., and Europe we will provide you with a virtual bank account to send funds to.
  • In Israel, we will provide you with deposit instructions for deposits to a Clearshift bank account.

I placed an order with Clearshift. How can I check the status of my order?

We commit to keeping you updated throughout the process. We will notify you when:

  • We have received funds and credited your Clearshift account.
  • An order was created for you.
  • We have sent out the converted funds to the destination bank account.

You will also receive a summary of the transaction with an invoice for the fee attached.

What can I do on the customer portal?

On the customer portal you can:

  • Place orders.
  • Approve transactions.
  • Update personal information.
  • Set up new bank accounts connected to your Clearshift account.
  • See your transaction history.
  • View your invoices.
  • Check the status of orders.

How do I get online access to the customer portal?

We will provide you with access information once your account is open and approved and if your activity requires use of the customer portal.

What is a standing instruction?

A standing instruction allows automatic conversion of any funds received and delivery of the proceeds to your bank account, without the need for entering an order each time funds are received. You can revoke your standing instruction at any time.

 

Some customers need most of their money right away, and don’t want delivery to be delayed because the rate is not yet published. In those cases, Clearshift offers a
"Split Standing Instruction"- the option of advancing 95% of the estimated amount and receiving your ILS one day early.
Conditions:

  • This service is not offered on Sundays (or on any other day that the Bank of Israel does not publish an exchange rate on) , so if funds arrive on Friday after 10:00 AM, the first part of the payment (95%) will only be processed on Monday and will reflect in your bank account on Tuesday.
  • This service is only eligible for payments with a value of $10,000 or more and limited to up to $250,000.

How do I place an order with Clearshift?

You can place an order on our customer portal. If you have a standing instruction, we place an automatic order for you upon receiving your funds for conversion.

What currencies do you support?

We currently support:

  • USD
  • EUR
  • ILS
  • GBP
  • AUD
  • CAD
  • CHF
  • PLN
  • JPY
  • CNY
  • SEK
  • BGN
  • RON
  • HUF
  • NZD
  • ZAR

If you have enquiries on other currencies – please contact our Customer Service.

May I send funds from a different bank account than what I have set up with Clearshift?

You must first update this bank account under your account with Clearshift- this can be done on the customer portal/ by sending a voided cheque or bank statement to support@clearshiftinc.com

I have a new bank account. How do I update the information with Clearshift?

Please write to support@clearshiftinc.com to update your bank account. To approve a new bank account, you must send us a voided cheque/bank statement.

How do I update my personal information?

Please contact us at support@clearshiftinc.com to update personal information. We may ask for documents to approve the updates.

How do I get transaction information for book-keeping purposes?

This information appears on the customer portal under orders/reports.

How do I know my current balance with Clearshift?

This information appears on the customer portal under “new order-payments”.

How do I get FBAR information (for U.S. citizens)?

This information appears on the customer portal under transactions-> reports.
We also proactively send you the information at the beginning of every year.

Is there a membership fee for holding an account with Clearshift?

No. The only thing you're paying us is our low verifiable fee per transaction.

Do I get an invoice for the fee?

Of course. Your invoice for the fee will be attached to your transaction confirmation.

I have a business account. What is the fee for an order?

We charge 0.5% of the transaction amount. Please note there is a minimum fee. If your business reaches a 400K$ annual volume- we will offer you a discount and the fee will be 0.25%+VAT.

For more information regarding our fee structure, click here.

I have a personal account. What is the fee for an order?

We charge 0.5% of the transaction amount. Please note there is a minimum fee per transaction.
For more information regarding our fee structure, click here

What rate is used to exchange my funds?

We use The Official Bank Of Israel rate (Shaar Yatzig) or Siren Benchmark- depending on the currency pair.

I have a real estate account. What kind of orders can I place with Clearshift?

With a real estate account, your investors can exchange and transfer the investment amount to the project's bank account and receive their revenue from the project.

I have a business account. What kind of orders can I place with Clearshift?

You can accept funds from clients, pay vendors and exchange and transfer funds between the company's bank accounts.

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