Hapoalim reveals Bit app charges from January

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The bank will charge fees for customers who receive more than NIS 25,000 in a calendar year.

Five months after the Supervisor of Banks gave the green light for payments apps to charge fees, Bank Hapoalim (TASE: POLI) announced today that it will begin charging fees for customer who receive more than NIS 25,000 in a calendar year. According to Bank Hapoalim the fee is not relevant to 90% of the 3 million people who use the payment app because they do not reach that threshold.

The bank says that only 6% use Bit on a commercial basis and reach the NIS 25,000 per year level, and only those customers will pay 0.6% on the amount received above NIS 25,000.

Bank Hapoalim will begin charging the fee in January 2025 while with immediate effect the bank is lifting the ceiling for the amount a customer can receive on Bit during a year from NIS 50,000 to NIS 100,000. Again Hapoalim stressed that these figures applied only to a very small percentage of Bit users. Hapoalim says that there has been pressure from Bit users receiving payments on a commercial basis to increase this ceiling.

A customer receiving NIS 100,000 in payments in 2025 will pay 0.6% on money received above NIS 25,000 - in other words NIS 450. The fee will be charged on the fifth of the month for the money received on Bit in the previous month.

Published by Globes, Israel business news - en.globes.co.il - on November 14, 2024.