How to Open a Transaction on Covercy Pay

Sending money internationally with Covercy Pay is secure, efficient, and straightforward. As a regulated financial services provider licensed by the Israeli Securities Authority, registered with the UK's FCA, and meeting strict U.S. market requirements, Covercy Pay provides a professional and reliable service for international transfers.

This guide walks you through the complete process of opening and completing a transaction on Covercy Pay, from your initial transfer request to the funds arriving in your beneficiary's account.

Step 1: Opening a Transfer in Covercy Pay's System

The first step is to create your transfer request in the Covercy Pay system. Here's how to get started:

Access the System

Visit the Covercy Pay platform and create your free account if you haven't already. If you're a returning customer, simply log in to access your dashboard.

Enter Transfer Details

Once you're in the system, you'll be prompted to enter the essential details of your transfer:

• Transfer Amount: Enter how much money you want to send

• Source Currency: Select the currency you're sending from

• Destination Currency: Choose the currency your recipient will receive

The system will immediately display the current exchange rate and calculate the exact amount your recipient will receive. Our rates refresh every 30 seconds based on real-time market conditions, and we lock in your rate for 24 hours once you submit your request.

Complete Personal Information

Next, you'll need to provide your personal details:

• Full name as it appears on your identification documents

• Phone number for account verification and updates

• Complete address for compliance purposes

This information is required by international regulations and helps us ensure the security of your transfer.

Specify Transfer Purpose and Beneficiary Details

To comply with international financial regulations, you'll need to specify:

• The purpose of your transfer (e.g., family support, real estate investment, business payment, education expenses)

• Beneficiary information including their full name, bank account details, and address

• Bank details such as SWIFT code, IBAN, or local account number depending on the destination country

Double-check all beneficiary information carefully. Incorrect account details are the most common cause of transfer delays or rejections.

Upload Identification Documents

As required by Israeli regulations and international compliance standards, you'll need to upload two forms of identification. Acceptable documents typically include:

• Passport (photo page)

• National ID card (both sides)

• Driver's license

Ensure your documents are current, clearly visible, and well-lit. For more tips on document submission, check out our guide on uploading documents.

Receive Covercy Pay's Bank Account Details

Once you've completed all the fields and uploaded your documents, you'll immediately receive Covercy Pay's bank account details on screen. These are the banking coordinates where you'll send your funds in the next step.

Save these details or keep the screen open—you'll need them to complete your bank transfer.

Step 2: Conducting the Bank Transfer

With your transfer request submitted and Covercy Pay's bank details in hand, the next step is to transfer funds from your bank account to Covercy Pay.

Execute Your Bank Transfer

Log into your bank's online banking system or visit a branch to execute a local bank transfer to the Covercy Pay account details provided on screen. This is a standard domestic transfer within your country, so it typically processes quickly and incurs minimal or no fees from your bank.

When making the transfer, include any reference number or payment details that Covercy Pay provided. This helps us match your incoming payment to your transfer request.

Review and Verification

Once your funds arrive in Covercy Pay's account, our team reviews the transfer information to ensure everything matches your request. This review process typically takes just a few hours during business hours.

If we need any clarifications about your transfer or documents, we'll contact you promptly via email. Responding quickly to any requests helps keep your transfer on track.

Step 3: Transferring Funds to Your Beneficiary

After receiving and confirming your funds, Covercy Pay processes the international transfer to your beneficiary quickly and efficiently.

Fast Processing

Most transfers are processed the same business day they're approved, as long as funds arrive during banking hours. Transfers approved later in the day will be processed on the next business day.

Real-Time Updates

Throughout the entire process, you'll receive updates via email and in your Covercy Pay account dashboard. You can log in at any time to check your transfer status and see exactly where your money is in the process.

Expected Delivery Time

From the moment we process your transfer, funds typically arrive in your beneficiary's account within 1-3 business days, depending on the destination country and banking system. Some currency routes are even faster.

For more details about transfer timing, visit our guide on how long transfers take.

Why Choose Covercy Pay?

Covercy Pay combines the security and compliance of a fully regulated financial institution with the speed and transparency of modern fintech. Here's what sets us apart:

• Fully Licensed: Regulated by the Israeli Securities Authority, UK FCA registered, and meeting U.S. market requirements

• Transparent Pricing: No hidden fees, clear exchange rates, and upfront total cost

• Fast Transfers: Most transfers completed within 1-3 business days

• 24-Hour Rate Lock: Your exchange rate is guaranteed for 24 hours after submission

• Real-Time Tracking: Monitor your transfer status every step of the way

• Secure Platform: Bank-level security with advanced encryption and monitoring

Ready to Send Money Internationally?

Opening a transaction on Covercy Pay is straightforward and secure. With transparent pricing, fast processing, and full regulatory compliance, you can trust us for all your international transfer needs.

Create your free account today and experience a better way to send money internationally. Join over 60,000 customers who trust Covercy Pay for their global payment needs.