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At Wayex, we’ve done the legwork to identify which Australian banks support your crypto endeavours and which ones may have limits or blocks that can hinder your smooth crypto experience.
It's important to note that regardless of the bank you choose, your account might still be flagged by the bank’s internal team due to the dynamic nature of crypto regulations and policies. Banks continuously update their practices, and what is permissible today might change tomorrow. At Wayex, we stay on top of these changes to provide you with the latest information, helping you navigate the ever-evolving landscape of crypto-friendly banking. Let’s dive in!
Top Crypto-Friendly Banks in Australia
ANZ (Australia and New Zealand Bank)
Pros:
- No strict limits on transferring money to crypto exchanges.
- High daily transfer limits: $25,000 for pay-anyone transfers, $50,000 for BPay, and $75,000 for internet banking.
Cons:
- Initial transactions might be flagged by the security team, causing potential delays.
Summary: ANZ stands out as a solid choice for crypto enthusiasts, offering substantial daily transfer limits and a generally supportive approach. However, be prepared for initial security checks and certain platform restrictions. Fortunately, Wayex users have had positive experiences with ANZ, making it a reliable option for your crypto transactions.
ING
Pros:
- No specific limits on transferring money to crypto exchanges.
- No banned exchanges or brokers.
Cons:
- Transactions over $1,000 are delayed by one business day.
- Doesn’t support PayID or Osko transfers over $1,000 per day.
- No business accounts for crypto trading.
Summary: ING is friendly towards crypto transactions, with a straightforward transfer process. However, delays for larger amounts and lack of business account options may be a drawback for some users.
NAB (National Australia Bank)
Pros:
- Supports transfers to major exchanges like Wayex, Coinspot, Swyftx, and Coinbase.
- Daily transfer limit of $40,000.
Cons:
- Initial transactions may be flagged for security checks.
- Blocks certain exchanges based on identified risky behaviours.
Summary: NAB is a good option for those using reputable exchanges, with high transfer limits and a cautious but supportive approach to crypto transactions.
Crypto-Unfriendly Banks in Australia
Westpac
Summary: Officially, Westpac restricts deposits to crypto exchanges. However, some users report successful transfers. Despite this inconsistency, Westpac’s public stance earns it a spot on the crypto-unfriendly list.
Commonwealth Bank
Summary: The Commonwealth Bank recently introduced a $10,000 monthly cap along with 24 hour holds on transfers to crypto exchanges, making it less suitable for active crypto traders.
Macquarie Bank
Summary: Macquarie Bank publicly states it does not support any transfers to crypto exchanges. Despite anecdotal reports of successful transactions, its official policy places it firmly in the crypto-unfriendly category.
At Wayex, we strive to provide you with the most up-to-date information to navigate the crypto landscape effectively. Choose a bank that aligns with your crypto goals and enjoy seamless transactions with your Wayex account.
For more information, contact our Live Chat or email support@wayex.com
**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by CryptoSpend to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of CryptoSpend products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
