Westpac caps crypto transfers at $10,000 a month with no exceptions
Westpac will cap customer payments to crypto exchanges at A$10,000 a month starting December 1.
Starting December 1, Westpac may limit customer payments to crypto exchanges. The cap is A$10,000 per calendar month.
The cap applies through online banking, the app, or card payments. Any transfer above that may be rejected until the next month.
The bank said it will not allow exceptions or raise the limit for anyone. The cap applies to exchanges Westpac identifies at the time of payment.
The bank has not released which ones. Money sent back from exchanges to Westpac accounts is unaffected.
Westpac said the move targets scams. Last year, crypto figured in 46 per cent of reported scam losses.
Criminals increasingly steer victims toward crypto because funds are hard to recover once sent. Commonwealth Bank of Australia planned to hold customers' payments to crypto exchanges to A$10,000 a month starting in June 2023.
- A$10,000
- Monthly cap
- December 1
- Start date
- 46 per cent last year
- Crypto in scam losses
- A$10,000 monthly limit planned June 2023
- CBA precedent
Why it mattersAustralians who regularly move more than A$10,000 a month into crypto cannot increase the limit. They cannot appeal, even if it's their own money or a legitimate investment.
AustraliaThis directly affects how much Australian Westpac customers can invest in or trade crypto each month, with no workarounds available.
✓ Claims checked against the source and corrected before publish. checked 3 h ago
