Bit Payment App to Implement New Transaction Limits in November
Translated & summarized from Ice by baba
Starting November 1, 2026, the Israeli payment app Bit will implement new transaction limits based on user verification. Those who complete a short identity check can hold up to 50,000 shekels in the app, while unverified users will be limited to 5,000 shekels, with excess funds automatically transferred to their bank accounts. This change, mandated by Bank of Israel regulations, aims to expand Bit's functionality as a digital wallet.
The story in 5 lines · by baba
- Bit payment app users face new limits starting November 1, 2026.
- Verified users can hold up to 50,000 shekels in the app.
- Unverified users will be limited to a 5,000 shekel balance.
- Excess funds for unverified users will be automatically sent to their bank.
- The changes are mandated by Bank of Israel regulations.
Starting November 1, 2026, users of the Israeli payment app Bit will experience significant changes to their transaction limits, mandated by Bank of Israel regulations. These changes will effectively divide users into two tiers based on whether they complete a brief identification and verification process within the app.
Users who complete the short questionnaire, accessible through their profile under "Personal Details," will be able to maintain a balance of up to 50,000 shekels within the Bit app. This allows for greater flexibility in using Bit as a digital wallet for larger sums, with funds not immediately transferred to a linked bank account. Bank Hapoalim explained that this process is necessary for identification and verification as required by law.
Conversely, users who do not complete this verification process will face a much lower limit of 5,000 shekels. Any funds received that exceed this threshold will be automatically transferred to their linked bank account. This new policy aims to expand the utility of Bit as a digital wallet while requiring users who wish to hold larger balances to undergo the verification procedure.
The distinction between the two tiers will be substantial: 5,000 shekels for unverified users versus 50,000 shekels for those who complete the process. The deadline of November 1, 2026, marks the point at which failing to complete the new requirement will directly impact the maximum amount that can be held within the app.
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