Guide 3 - Deposit shekels: bank transfer or card

Goal

By the end of this guide you will have sent a first, small amount of shekels (ILS) from your Israeli bank to a verified exchange account, understood what your bank is allowed to ask about it, and filed the records in a way that your future self and your accountant will thank you for.

You will also know which deposit routes were verified for each exchange on this site, and which were not. Nothing here is a recommendation to deposit any amount.

Time needed

• Setting up the deposit order or transfer: 10-15 minutes.
• Arrival: depends on the route and the bank. Bits of Gold states that a bank-transfer deposit appears within up to 3 business days and varies by bank and operating hours. ^[4]
• Saving the records: 5 minutes, immediately.
• A call to your bank, if you decide to ask first: 10-20 minutes.

Before you start

• A verified exchange account (guide 2) and a second factor you can use.
• A bank account in your own name. Check whether your provider requires the sending account to be in your name; Bits of Gold, for example, asks you to confirm the details of the account you sent from. ^[4]
• A way to explain the money: payslips, savings history, a sale agreement, an inheritance document, whatever created the funds you are depositing. This is the source of funds.
• A folder for records. If you have not built one yet, see guide 9.
• A rough idea of the tax treatment. The overview is on the tax page.

Steps

Step 1 - Understand what the bank may ask

In May 2022 the Bank of Israel's Supervisor of Banks issued circular C-06-2706, amending Directive 411 on AML/CFT risk management. It classed crypto-related payment services as high risk, requires each bank to set a policy for such services, and bars a bank from refusing a payment service only because it relates to virtual currency when the provider is licensed in Israel. It took effect on 9 November 2022. ^[1][2] In practice, expect questions about where the money came from. A law-firm summary of the change discusses how it affects banking services for crypto activity. ^[2]

So a bank may reasonably ask:

• Where did the money come from (source of funds)?
• Which exchange or provider is the recipient, and is it licensed?
• What is the purpose of the transfer?
• For larger or repeated amounts, supporting documents such as statements or prior tax filings.

None of this means the bank will refuse. It means a calm, documented answer helps. A short call to the branch or the bank's online messaging before the first deposit is cheaper than a held transfer afterwards.

Step 2 - Choose the route: bank transfer or card

Fees change, so treat every fee as "check the current fee page" before you deposit. A card issuer may add its own charges that the exchange does not control. ^[3]

Step 3 - Know the verified ILS options per exchange

• Bits of Gold (Israel): marked ILS-capable in this site's data. The help center describes opening a fiat deposit order on the website first, then sending a bank transfer to the details shown, then confirming the sending account. It instructs you not to make a bank transfer without first opening a deposit order. ^[4] Its payment-methods page also lists a bank-transfer purchase minimum of 750 ILS, a fiat-balance minimum of 100 ILS and a credit-card minimum of 500 ILS. ^[3]
• Kraken: Israel is not on its unsupported list, but ILS is not among the cash currencies on its deposit-options page (updated 2026-10-01), which lists USD, EUR, CAD, AUD, GBP, CHF, ARS, BRL and MXN. ^[5] That means a conversion step through another currency, with its own costs.
• Bybit, OKX, Crypto.com: marked available in Israel from official pages, but ILS deposit options were not verified. Check their fiat deposit pages in the app before you rely on them.
• Coinbase, Bitstamp: both Israel availability and ILS deposits are unverified, because Coinbase blocks automated access to its help pages and no current official Bitstamp page was found.
• Bit2C: an Israeli ILS exchange, but it lists none of the eight coins on this site, so it is not a route to them directly. ^[6]

Because the route differs per platform, read the help page of the one you chose and follow it, not a third-party tutorial.

Step 4 - Send a small first deposit

Pick an amount you would be comfortable losing to a typing mistake. Open the deposit order in the exchange (where the provider requires it, as Bits of Gold does), copy the beneficiary details exactly, and send from your own account. Use the reference or deposit identifier the provider shows, if any.

Wait for it to appear. Only then plan a larger amount, if you decide to. This first run tests the whole path: your bank's willingness, the beneficiary details, the timing and the records.

Step 5 - Save the records right away

For every deposit, save in your tax-year folder:

1. The bank's confirmation or the line from the statement.
2. The exchange's deposit confirmation, date and amount.
3. The deposit order reference.
4. A line in your log: date, amount in ILS, route, provider, fees.

Israel's tax authority expects documents that substantiate crypto activity, and records are the main protection if questions arise later. Guide 9 has a template, and the tax page has the rules.

Step 6 - Plan the next one without committing

After the first run succeeds, decide separately and calmly whether, and when, to deposit more. Write down which route worked, how long it really took and what it actually cost, and keep that in your notes. The next deposit then rests on what happened and not on what was promised. If the bank asked questions, note which ones and which documents settled them.

Common mistakes

• Sending a transfer before opening the deposit order where the provider requires one. ^[4]
• Using someone else's account or card. It can trigger rejection and complicates the record trail.
• Starting with a large amount to "save time".
• Assuming an advertised fee is final. Fees depend on tier, route and issuer. ^[3]
• Not telling the bank in advance when you know a larger transfer is coming.
• Throwing away records because the exchange keeps them. Exchanges can disappear or limit history.

If something goes wrong

The transfer has not arrived. Check the provider's stated timing first (up to 3 business days at Bits of Gold). ^[4] Then ask your bank for the transfer confirmation and contact the provider's support with it.

The bank holds or questions the transfer. Provide the source-of-funds documents. The amendment asks banks to adopt a policy that enables such services, not to refuse across the board. If a bank still refuses, ask for the decision in writing. ^[1][2]

The card is declined. Many banks block merchant categories. Try a bank transfer or ask the issuer. Do not try repeated payments.

Money went to the wrong place. Contact your bank at once to ask about recall and the provider with the reference. See guide 10.

Official help articles

• Bits of Gold - How to deposit ILS into my wallet ^[4]
• Bits of Gold - Payment methods ^[3]
• Kraken - Cash deposit options ^[5]
• Bank of Israel - Circular C-06-2706 ^[1]
• Bit2C - About ^[6]

Sources