MPSIILI2

Payment Instructions

General instructions for international payments to banks in ISRAEL:

Remitter should obtain all required bank information from the Beneficiary (e.g. SWIFT BIC, IBAN, and beneficiary bank address).

Payment Restrictions: Thresholds exist for central bank reporting by financial institutions.

Account Restrictions: Non-residents can hold ILS and foreign currency accounts. Account opening procedures require formal documentation.

Payment Formatting Rules for ILS:

• Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
• Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials), and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary. IBAN numbers for beneficiaries with accounts in Israel must be included in the payment instructions.
• Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier/code (where required), full name of bank branch, and address of the beneficiary bank. The beneficiary bank’s SWIFT BIC must be in field A on the SWIFT message to avoid delays or returns. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxILxx or xxxxILxxxxx.

IBAN: IBAN numbers are required for beneficiaries with accounts in Israel. The IBAN structure in Israel consists of 23 characters. The structure is 'IL2!n3!n3!n13!n' and the electronic format example is IL987123456789123456789, while the print format example is IL98 7123 4567 8912 3456 789.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of GROW PAYMENTS LTD. for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from GROW PAYMENTS LTD., you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.