Westpac limits crypto exchange deposits driven by fraud rules

Westpac Implements A$10,000 Monthly Crypto Payment Limit to Counter Fraud Risks

Westpac’s crypto‑payment policy, effective Dec. 1, establishes a cumulative monthly allowance of A$10,000 across a customer’s relevant accounts and payment methods.

The bank’s payment policy applies to online banking, the Westpac App, credit cards, and debit cards, with the cumulative allowance shared across these channels wherever the policy extends.

Once the monthly cumulative limit of A$10,000 is reached, Westpac may decline additional eligible payments to exchanges until the following month begins. This cumulative structure means that all relevant product payments within a calendar month contribute to the overall limit.

For joint accounts, each holder enjoys a separate cumulative monthly limit of A$10,000 across their relevant products and payment methods, with the allowance assigned to each individual for all covered accounts.

Westpac also ceases in‑branch support for payments it reasonably identifies as going to cryptocurrency exchanges, ending branch processing for such transactions from that date and alongside the monthly limit on online and card payments.

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Westpac refuses any exemptions or increases to the cumulative monthly limit. Customers planning larger exchange payments face the same A$10,000 monthly ceiling under the bank’s stated policy.

Westpac explicitly rules out waivers and raises for the cumulative limit. A customer requesting a higher limit will still be subject to the same A$10,000 cap.

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Which crypto payments are covered

Westpac restricts the policy’s scope to exchanges it identifies when a payment is made. Coverage may exclude certain exchanges or specific payment details accepted by individual exchanges, and the relevant products and methods can change over time.

Westpac acknowledges that payments above A$10,000 may still occur, even with the cumulative limit outlined in its policy. Enforcement remains discretionary, and the bank’s reach depends on identifying an applicable exchange payment through a covered product and channel.

Westpac states that withdrawals from cryptocurrency exchanges into its accounts remain unchanged, while customers should check any restrictions imposed by the exchange itself.

Westpac presents the measure as a response to cryptocurrency scam risks. In a May 18, 2023 release, the bank announced trials of protections for some cryptocurrency payments, with blocks set to roll out in phases over the following weeks.

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