There are two different transfer methods available depending of the location of your bank for ILS transfers.

If you are located in Israel your bank will give you the choice to select between domestic and international bank transfers. Please ensure that you select ZAHAV payment. For clients outside of Israel the common transfer method to use is an International Bank Transfer (SWIFT).

ZAHAV payments

The ZAHAV system (a Hebrew acronym for Real Time Credits and Transfers), which was launched in Israel at the end of July 2007, is an RTGS (Real Time Gross Settlement) system that operates in most of the world's countries (both developed and developing countries). It is an advanced system for the real-time, final, efficient and reliable settlement of shekel payment​s in Israel. The system operates in parallel with the regular settlement method, in which the transactions that are transferred via the clearing house are not final in the course of the business day. Payment instructions transferred in the ZAHAV system, however, are carried out immediately and are final once they are carried out.

The online banking system of your bank located in Israel may give you the choice between ZAHAV and Masav payments. Please ensure that you select ZAHAV as Masav payments are not supported by IBKR.

SWIFT payment

The Society for Worldwide Interbank Financial Telecommunication - understandably shortened to SWIFT - is a network that allows banks to communicate financial information securely.

SWIFT payments are offered by most banks for international money transfers, and involve a series of banks which work together to make sure your money arrives at your account.

If you transfer ILS from a financial institution outside of Israel, they may require to use a so called intermediary or correspondent bank to route the payment through before reaching your account. These are called cross-border payments.

Bank transfers can take time to complete, particularly when it comes to cross-border payments. Clients are increasingly accustomed to a payments experience that feels instant, but making a payment to another country can be much more complex and time-consuming.

Processing bank transfers involves a number of steps, particularly for cross-border payments. These are sent via the correspondent banking network and typically pass between several different banks along the way. After being initiated, a wire transfer is sent by the debtor agent to an intermediary bank before moving on to the creditor agent. Once these steps are complete, the recipient will receive their funds.

There are a number of reasons why cross-border payments may be delayed or held up. Firstly, not all account balances can be updated outside of the operating hours of local settlement systems. Delays can also arise if compliance checks need to be carried out, especially when a payment passes through different countries and jurisdictions.

Difference between domestic and international bank transfer

Banks make a domestic transfer to send funds to financial institutions residing in the same country or financial zone. When sending funds to financial institutions in a foreign country or financial zone, banks have to make an international bank transfer. The differences between these two bank transfers affect the number of fees banks charge and the duration it takes to complete the transfer.

How long does it usually take for my funds to arrive?

*Please consult with the sending institution about the costs to process your payment as this may vary by financial institution. IBKR does not charge fees for the deposit of funds.

Note: IBKR credits funds in real-time upon receipt under normal circumstances. Please note that we do not have influence on the speed of transfer. You may consult with the sending institution regarding their processing times and cut off times. Payments that are subject to additional review may take longer to credit.