Thousands of foreign workers caught in collapse of Israeli money transfer company
Global Remit seeks emergency arrangement after regulators suspend operations.
Global Remit Currency Services, a company specializing in international money transfers, filed an urgent request with the Central District Court on Tuesday for a temporary stay of proceedings and the appointment of administrators after accumulating debts of approximately NIS 35 million ($12.4M).
According to the company, it became insolvent almost overnight after being barred from operating following a police investigation into suspected money laundering offenses.
Global Remit Currency Services, founded in 2012, provides international money transfer services primarily to thousands of foreign workers in Israel. About two weeks ago, the Capital Market Authority suspended the company’s license following developments in a police investigation that began around two years ago. The investigation concerns suspicions that the company and its managers committed serious offenses under Israel’s Money Laundering Prohibition Law. Following the suspension, the Bank of Israel disconnected the company from the national payments system.
In a motion filed by attorneys Guy Gissin and Amir Erez of Gissin & Co., the company argues that it had been profitable and solvent until the recent seizure of funds and suspension of its operating licenses triggered an immediate liquidity crisis. According to the filing, much of the seized money belongs to customers, primarily foreign workers transferring salaries to family members abroad.
Judge Merav Ben Ari scheduled a hearing for mid-June, but the company is seeking to move the hearing forward, claiming that by then “the request will become fruitless, since it will no longer be possible to preserve any activity.”
According to the company, many of its customers are among the most economically vulnerable populations in Israel. Most are manual laborers employed in agriculture, construction and hospitality who came to Israel to support families in countries including Sri Lanka, Thailand, the Philippines and Nepal.
The company estimates it currently serves approximately 10,000 regular customers, both digitally and through physical branches, in addition to another 9,000 occasional customers.
The company is asking the court to approve temporary protection measures and a restructuring arrangement that would allow customer activity to be transferred to Monox, part of the 019 Group. The proposed arrangement also includes obtaining short-term financing and preserving the value of the company’s assets. Global Remit is requesting that the court convene creditors’ meetings to approve the arrangement.
According to the filing, foreign workers typically deposited their salaries into company accounts in Israel, after which the company transferred the funds abroad through corresponding accounts opened in cooperation with local banks in customers’ home countries. Those funds were then transferred to the workers’ families.
The company maintains that its business had been profitable, generating income from transfer commissions and foreign exchange spreads, and emphasizes that its collapse does not stem from operational losses but from the sudden halt to its activities.
“Following an undercover investigation conducted by the Israel Police concerning alleged events involving the company and/or persons acting on its behalf in 2024, seizure orders were issued under which tens of millions of shekels were confiscated from the company’s accounts, a significant portion of which belongs to customers,” the filing states.
The company added that between May 9 and May 11, 2026, banks holding its accounts froze operations pending clarification regarding the seized funds. At the same time, the Capital Market Authority suspended the company’s license, preventing it from conducting new transactions.
“In other words, the company is now prohibited from continuing to operate as it did previously,” the filing states.
Global Remit stressed that since November 2025 it has been managed by an external professional management team, which, according to the filing, had significantly improved the company’s operations before the investigation unfolded. The filing also notes that members of the company’s management recently announced their resignations.
The company further stated that it signed a conditional agreement with Monox under which Monox would absorb Global Remit’s existing foreign-worker remittance operations and conduct due diligence regarding the possible acquisition of additional assets.
According to the company, without the agreement, customers would likely leave for competitors immediately, leaving Global Remit with no compensation for its customer portfolio.
The company estimates the value of its assets at approximately NIS 43 million, assuming its licenses are not permanently revoked, compared with liabilities of around NIS 35 million. It argues that it is therefore not balance-sheet insolvent, but rather suffering from a temporary cash-flow crisis triggered by the seizure of funds and the suspension of its operations.
Out of the total liabilities, approximately NIS 23 million allegedly relates to customer and third-party funds held by the company.
The company is asking the court to appoint attorney Liza Hadash and CPA Omer Serviansky as administrators.
Attorney Guy Gissin said on behalf of the board of directors: “The company’s board is working tirelessly to prevent, or at least minimize, harm to customers and creditors in general, and especially to foreign workers whose funds were seized as part of these events. There is a need for urgent temporary relief to ensure they receive their money and to preserve the company’s operations and customer portfolio. The board is cooperating, and will continue to cooperate, with all authorities in every investigation and proceeding, while placing the protection of foreign workers’ rights at the forefront.”
