Changes to cryptocurrency payments

What are the changes?

We may limit transfers from a customer across all Bank Australia accounts to what we determine to be cryptocurrency exchanges or for cryptocurrency purposes to a maximum of $10,000 per calendar month. These limits will come into effect from 27 May 2024. This does not impact withdrawals, you can still withdrawal from cryptocurrency exchanges to your Bank Australia accounts.

Why are we making these changes?

In recent years, there has been a growing interest in cryptocurrencies. And because of this surge, we’ve seen more customers losing funds from cryptocurrency exchange scams. These scams take various forms, but one common tactic involves deceiving customers who believe they are investing in non-crypto assets. Instead, scammers divert their funds to cryptocurrency exchanges.

Because of this, we’re implementing measure to help reduce the frequency of these types of scams and fraud.

Frequently asked questions 

1.  Why have you made these changes?

Recently, we have seen a significant rise in cryptocurrency-related scams. These scams take various forms, but one common tactic involves deceiving customers who believe they are investing in non-crypto assets. These new measures ensure we continue to implement initiatives that help reduce the impact of scams and fraud on our customers.

2. What is a cryptocurrency exchange?

A cryptocurrency exchange is an online marketplace where consumers can buy, sell and trade cryptocurrency.

3. What is the maximum amount I can transfer from my account to a cryptocurrency exchange?‍

Transfers from a Bank Australia account to cryptocurrency exchanges may be limited to a maximum of $10,000 per calendar month across the customer’s accounts.

4. Can I make a withdrawal from my cryptocurrency exchange to my Bank Australia account?

There are no restrictions placed on withdrawals from cryptocurrency exchanges to customer’s accounts.

5. How will I know if my limit has been reached?

If a customer has reached the transfer limit to a cryptocurrency, the transaction will be declined.