Israel · the Middle East
Banking in Tel Aviv: Regulator, ILS Accounts & Transfers
If you bank from Tel Aviv, three things shape the experience: the currency (Israeli new shekel, ILS), the regulator that supervises providers (Bank of Israel), and the way domestic Israel transfers are addressed and settled. Below, each is set out with the source it comes from — treat these as the checks to make, not marketing.
The regulator to check
The first check for a Tel Aviv account is the regulator standing behind the provider.
Bank of Israel
New payment institutions in Israel operate under the Payment Services Law (2020), overseen by the Bank of Israel. Verify its licensed status before you hold any balance with a provider.
Visit the regulator →Currency & local account details
Domestic payments in Israel rely on a specific account format — get it exactly right before sending.
- Currency:
- Israeli new shekel (ILS)
- Local account format
- Israeli accounts use a bank code (2-3 digits), branch (3 digits), and account number (up to 9 digits). International transfers need the Israeli IBAN (23 characters, starting IL).
How domestic transfers move
The payment rail behind Israel transfers determines timing and limits.
The Masav clearing system settles domestic transfers on business days; instant payment adoption is growing. Cross-border transfers route through correspondent banks.
Before you open an account
- Confirm the provider is authorised by Bank of Israel before depositing funds.
- Transact in Israeli new shekel (ILS) and check the provider's rate and fees for any conversion.
- Use Israel's domestic account format exactly as issued when sending or receiving locally.
- Check the provider's cut-off times and limits on the local payment rail before relying on instant settlement.
Sources
Every fact on this page traces to an official or authoritative source: