Westpac sets A$10,000 monthly limit on crypto exchange deposits

Westpac's new crypto-payment policy, effective December 1, establishes a cumulative monthly limit of A$10,000 across relevant accounts and payment methods. This limit applies to online banking, the Westpac App, credit cards, and debit cards. Once a customer's cumulative payments reach A$10,000 in a calendar month, additional payments to exchanges may be rejected until the next month. For joint accounts, each holder has a separate A$10,000 limit. The policy combines payments across relevant products and channels into one limit per holder, with no exemptions or increases allowed. Westpac will also cease supporting in-branch payments identified as going to cryptocurrency exchanges. Payments exceeding A$10,000 may still occur, but enforcement is discretionary and depends on the bank identifying the payment as applicable. Withdrawals from cryptocurrency exchanges into Westpac accounts remain unchanged. The policy is a response to cryptocurrency scam risks, with trials of protections for some payments having begun in May 2023.

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