Shimony opens and maintains escrow bank accounts for clients, primarily for foreign companies operating in Israel who need to transfer payments to various beneficiaries (employees, tax authorities etc).
It is possible for a foreign company to open an Israeli bank account for their local operations, but this is normally a long and difficult bureaucratic procedure. Opening an escrow bank account is a much simpler and more efficient process. The escrow account is held by Shimony and everyday transactions are carried out by our office, but the client is the sole beneficiary and every payment must be authorised by the client or someone empowered to act on their behalf. The bank allows remote access to this account for information purposes only.
Shimony works with two major Israeli banks, Bank Leumi and Bank Hapoalim. We maintain a large number of escrow bank accounts in both local and foreign currency.