Bank Hapoalim announced on Sunday that it would cap the US dollar exchange rate at NIS 2.89 for eligible Israeli cardholders during the summer travel season, offering registered customers protection from currency fluctuations on overseas and online purchases.
The program will begin on June 15 and run through August 31, the bank said. It will apply to international online purchases, overseas retail transactions, and foreign ATM withdrawals made with eligible Bank Hapoalim credit and debit cards.
Customers must register in advance through the bank’s online campaign portal. The benefit is available to private individuals and non-corporate business clients who hold active bank-issued credit or debit cards, according to the bank.
How the dollar cap will work
Under the program, if the dollar rises above NIS 2.89, Bank Hapoalim said it would absorb the difference and reimburse the customer. If the dollar falls below that threshold, customers will automatically receive the lower market rate.
The cap will apply up to a cumulative monthly volume of $5,000 per customer, or a total of $15,000 throughout the campaign period, the bank said.
The financial adjustment will be processed automatically as cashback in Israeli shekels directly to the participating card. The bank said the reimbursement would appear on customers’ October 2026 billing statements.
“Our customers are planning their summer vacations abroad and deserve peace of mind without worrying about volatile foreign exchange markets,” said Pazit Garfinkel, deputy CEO and head of Retail Banking at Bank Hapoalim.
“Through this proactive initiative, we are leveraging our institutional strength to shelter consumer purchasing power from sudden currency fluctuations,” Garfinkel said. “If the dollar rises beyond NIS 2.89, the bank will absorb the excess cost and reimburse the customer. Should the dollar drop below this threshold, customers will automatically benefit from the lower market rate.”
Part of broader customer-benefits push
The move follows several recent Bank Hapoalim customer initiatives, including a share or cash distribution to more than one million customers, a trading-fee refund program for young people and students, and a NIS 500 savings grant for eligible families receiving child allowances.
The bank has also expanded relief and financial-benefit measures in recent years, including support for mortgage customers and other consumer banking programs. In January, Bank Hapoalim completed a $2 billion overseas bond sale, which it described as the largest such offering ever completed by an Israeli bank.
Registration required
Participation in the summer dollar-cap campaign is subject to the bank’s official terms and conditions and requires advance registration on a first-come, first-served basis, Bank Hapoalim said.
The bank noted that customers who fail to clear credit card balances or repay outstanding loan obligations may face late-payment interest and legal enforcement proceedings.