Bank of Israel Imposes New 5,000 NIS Limit on Unverified Bit Digital Wallets
Starting November 1, 2026, Bank of Israel rules require bit users to verify their identity to keep balances up to 50,000 ₪, or face automatic transfers to bank accounts for amounts over 5,000 ₪.
Starting November 1, 2026, new Bank of Israel regulations will impose strict limits on digital wallet balances for users of the popular payment application bit, splitting customers into two distinct categories based on account verification.
New Verification Rules and Limits
Under the updated directive, users who maintain a balance exceeding 5,000 ₪ must complete a short identification process within the application. By navigating to their profile and personal details to answer a few brief compliance questions, verified users can raise their maximum allowable balance to 50,000 ₪.
Bank Hapoalim explains that verified users will no longer be forced to immediately transfer funds to a connected bank account, allowing them to conveniently manage significantly higher sums directly within the digital wallet for everyday purchases and transfers.
Automatic Transfers for Unverified Users
Users who choose to skip the verification questionnaire will face a strict ceiling of 5,000 ₪. Any incoming funds that push the balance past this threshold will automatically be swept out of the bit application and transferred directly to the user's linked bank account.
"The new procedure expands the usability of the digital wallet while strictly adhering to regulatory identification requirements," financial authorities noted regarding the update.
This mandatory shift alters how thousands of Israelis utilize mobile payments, making identity verification a crucial step for anyone wishing to keep larger sums stored in their digital wallet rather than automatic bank deposits.
