This guide covers the most popular crypto-friendly banks in Australia, including deposit limits, account limitations, bank policies and customer feedback.
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What makes a bank crypto-friendly?
When assessing whether a bank is crypto-friendly, consider the following factors:
- Allows crypto-related transactions: Does the bank allow transactions to and from cryptocurrency exchanges? Some banks restrict or flag these transactions, so choosing one that supports crypto-related activity is essential.
- Transaction limits: How much does the bank allow you to send to a crypto exchange per day, week, or month.
- Clear crypto policies: Is the bank transparent about their approach to dealing with crypto-related transactions.
- Payment methods: Many banks don’t allow credit cards for crypto transactions. It’s important to consider which types of transactions they allow (i.e. PayID, EFT, debit card, credit card, SWIFT or PayPal).
Tip: If you plan to transfer a larger amount of crypto, it is sometimes best to talk with your bank’s relationship manager in advance. This may help mitigate concerns the bank may have about potential scam risks or the purpose of the transfer.
Crypto-friendly banks
These are some of the most popular banks in Australia along with their stances towards crypto:
| Bank | Crypto friendly? | Monthly outgoing transfer limits and blocks |
| St George | ✅Yes | No explicit crypto cap. General deposit limits apply. If you have set up the account via Internet Banking, there is a limit of $5,000 per payee per day and a maximum cumulative limit of $25,000 per day. This limit can be increased to $100,000. |
| ANZ | ✅Yes | No explicit crypto cap for regular ANZ accounts. Many transactions are instant, though fraud checks are common for larger or new transfers (including phone calls). |
| ANZ Plus | 🟡Partially | ANZ Plus has explicit $10K monthly limits, and will require the disabling of its “Crypto Protect” feature. |
| NAB | ✅Yes | No explicit cap for crypto. NAB users report monthly deposit limits of around $40,000. However, larger transfers (e.g., above $10,000) may still trigger additional scrutiny, such as source-of-funds verification.
Many unregistered overseas crypto exchanges blacklisted, but NAB has confirmed that reputable and compliant Australian exchanges “are all okay”. |
| ING Bank | ✅Yes | As of mid to late 2024, daily trades > $1,000 will be met with a 1 or 2-business-day delay. ING customers report transfer blocks to CoinJar and Kraken. ING customers generally report no issues when transferring to Independent Reserve. |
| Westpac | 🟡Partially | No specific crypto cap, but $5,000–$10,000/day thresholds may be flagged by Westpac’s SaferPay, which require answering a series of questions about the transaction.
The bank recently faced controversy over a payment block of $50,000 to CoinSpot. Westpac hasn’t published an official list of blocked exchanges, though notes “payments to certain digital currency exchanges” will be blocked. |
| CBA | ❌No | Enforces strict $10,000/month cap and mandatory 24-hour hold on crypto payments. AUSTRAC-registered exchanges are usually permitted, but some users report freezes or declined transactions. De-banking threats reported for repeated large transfers. |
| Bankwest | ❌No | CBA policies largely apply to Bankwest, with recent user feedback highlighting similar issues, compounded by poorer customer service. |
| Bank of Queensland | ❌No | As of April 1, 2025, BOQ implemented strict new controls on crypto transfers, including a hard $5,000 monthly cap. |
| Macquarie Bank | ❌No | As of 2025, Macquarie Bank does not allow transfers to cryptocurrency exchanges. |
St George Bank ✅
Lenient within Westpac’s framework, St. George is one of the most crypto-friendly banks if transferring funds to buy crypto through a registered Australian exchange. The bank allows sizable transfers and users typically report no issues when making payments to registered Australian crypto platforms.
Key summary:
- Deposit limits: No explicit limit for transfers made to crypto platforms. General deposit limits apply. Accounts created via Internet Banking have a daily limit of $5,000 per payee and a maximum cumulative limit of $25,000 per day, which can be increased to $100,000.
- Blocked accounts: Not common if only transferring funds to registered Australian crypto exchanges.
- Transaction times: Instant Osko/PayID; EFTs 1–2 days. First-time transfers may be flagged, and suspicious transaction activity may delay transfers.
Best for: Similarly to NAB, St George is suitable for both retail and institutional investors.
Customer reviews: St. George customers often report fewer issues when transacting with registered Australian crypto exchanges.
ANZ ✅
Most payments to reputable exchanges go through, but transfers may face delays or calls where fraud is suspected. There are no explicit crypto transfer or deposit limits for regular accounts, with customers generally reporting high transfer limits for personal, SMSF and business.
Key summary:
- Deposit limits: No explicit limits for transfers to crypto platforms via regular ANZ accounts, suggesting that general transaction limits apply. These include daily default limits of $15,000 for BPAY payments ($10,000 for first payment), and higher limits with 2FA setup and appropriate verification.
- Blocked transfers and accounts: Transfers are smooth on exchanges like Independent Reserve. However, payments to Binance may result in account freezes, and SafeHaven.io will be blocked.
- Transaction times: Fraud checks are standard for large or new transfers, and first-time transfers may be delayed by up to 72 hours. Osko/PayID transfers are often instant; EFTs are 1–2 days. Transactions flagged as suspicious may result in delays.
ANZ Plus 🟡
Unlike regular ANZ accounts, ANZ Plus (digital only, no branches) will block deposits to crypto exchanges by default via a “Crypto Protect” feature.
While this feature can be disabled, customers are still limited to a strict $10,000 per calendar month transfer limit.
Best for: Users who are comfortable with verification steps and willing to avoid ANZ Plus if trading in larger volumes.
ANZ customer reviews: Compared to other banks, ANZ customers typically report fewer instances of account freezes. Users appreciate the lack of hard limits (outside ANZ Plus).
NAB ✅
NAB’s approach to crypto transactions since 2024 is one of selective blacklisting (i.e., automatic blocking) combined with otherwise high limits. This is in line with its July 2023 media announcement, where NAB announced it would “decline some transactions made to high-risk cryptocurrency exchanges”.
The bank hasn’t published any list of blacklisted exchanges. NAB customers usually find out only by seeing an “Issuer Declined” message on a failed transfer. However, a NAB spokesperson has confirmed that most major registered Australian crypto platforms “are all okay”.
Key summary:
- Deposit limits: No explicit limit for transfers made to crypto platforms. The bank appears to have an internal threshold of ~$40,000 per month, based on a several sources [1][2]. Even below this threshold, large transfers (e.g., above $10,000) will often trigger additional scrutiny, such as source-of-funds verification.
- Blocked transfers and accounts: There are rare instances of accounts being frozen where fraud is suspected. Some NAB users have reported blocked transactions to Kraken.
- Transaction times: Verification checks may delay your first transfer. Otherwise, transactions are instant for Osko/PayID, and 1 to 2 business days for EFT.
Best for: Retail investors and institutional clients needing reliable transfers.
Customer reviews: Mostly positive. NAB customers generally report smooth transfers to AUSTRAC-registered crypto platforms. However, some NAB customers have mentioned delays, which are especially common for first-time transactions.
ING Bank ✅
While their approach has tightened since late 2024, ING remains a crypto-friendly bank for personal banking, with no fixed monthly limits. However, active traders making large transactions will be inconvenienced by the one-business-day delays for transactions over $1,000.
As of June 2025, ING has made no public statements about capping or blocking crypto deposits, meaning crypto transactions tend to simply fall within existing terms and conditions.
Key summary:
- Deposit limits: No explicit cap; transactions > $1,000 may face a one-business-day delay.
- Blocked accounts: Minimal reports of blocks for AUSTRAC-registered exchanges (e.g., Independent Reserve). CoinJar and Kraken users have reported blocks and freezes.
- Transaction times: Instant Osko/PayID; EFTs take 1–2 days.
Best for: Retail investors seeking flexibility and minimal disruptions, less appropriate for active investors trading in high volumes.
Customer reviews: Syla’s early 2024 reporting found far fewer complaints about ING than any of the Big 4 banks. However, more recently, a number of ING customers have voiced frustrations on social media (examples: one, two and three).
Less crypto-friendly banks
Westpac 🟡
Westpac’s crypto policy sits in the middle: not explicitly hostile, but not especially accommodating either.
Since mid-2023, Westpac has implemented anti-scam protections that block or delay some payments to cryptocurrency exchanges. While the bank hasn’t published an official list of blocked exchanges, user reporting online indicates that offshore or unregistered exchanges are often affected by Westpac’s blocks.
Key summary:
- Deposit limits: No specific crypto cap, but $5,000–$10,000/day thresholds may trigger reviews via Westpac’s SaferPay, which require answering a series of questions about the transaction.
- Blocked accounts: Payments to Binance continue to be blocked.
- Transaction times: First-time or high-value transfers are often delayed for manual review.
Best for: Cautious users transacting with Australian-regulated exchanges; likely not suitable for frequent or high-volume trades.
Customer reviews: Some customers report 48-hour account freezes for transfers as low as $2,000 (see other examples one and two). However, some longer-term customers report success with smaller transactions.
Newer customers often experience friction. We advise speaking to your relationship manager before making transfers to crypto platforms if using Westpac.
CBA ❌
In June 2023, CBA introduced a $10,000 monthly limit on payments to cryptocurrency exchanges across all personal accounts.
Key summary:
- Deposit limits: A strict $10,000 per calendar month cap applies to payments identified as being made to cryptocurrency exchanges. This limit is cumulative across all your CBA accounts.
- Blocked transfers and freezes: The bank has not publicly disclosed a list of affected exchanges. Payments via credit card will also be blocked. A number of CBA customers have reported account freezes after making crypto transfers.
- Transaction times: Payments to crypto exchanges will be held for 24 hours for fraud checks, even if sent via PayID or Osko.
Best for: Casual investors making smaller, infrequent crypto purchases. Not ideal for high-volume traders due to the monthly cap and delays.
Customer reviews: Mixed. Some customers appreciate the security measures, while others express frustration over the strict limits and transaction holds.
Bankwest ❌
CBA also owns Bankwest, which implements similar crypto policies to CBA, such as:
- A monthly $10,000 limit
- Credit card payment blocks
- Holding or declining payments
Best for: Casual users who do not require large or frequent transfers. Not ideal for active crypto investors.
Customer reviews: Recent feedback from 2024–2025 is limited, but broadly highlights issues with blocks, delays, and potentially poorer customer service than CBA. Some users report success using Apple Pay to bypass restrictions, but others face persistent issues, with sentiment worsened by Bankwest’s push toward digital-only banking.
Bank of Queensland (BOQ) ❌
While previously a crypto-friendly option, as of April 1, 2025, BOQ implemented strict new controls on crypto transfers, including a hard $5,000 monthly cap.
Macquarie Bank ❌
Macquarie Bank does not support new crypto exchange transfers. As of late 2024, it began blocking payments to crypto-related BSBs and restricting online payments to new exchange payees.
Customers who saved exchange payees prior to the policy shift may continue to transact, but no new payees can be added.
Challenges of banking with cryptocurrency
In recent years, many banks have tightened controls on crypto exchange transactions ostensibly in the name of anti-scam measures.
According to our recent survey data, nearly one in five Australians (19.3%) reported that their bank had delayed or blocked sending money to a crypto exchange. However, some do allow transactions with licensed and well-established crypto exchanges.
Even with more support, some friction points remain:
- Transaction delays: Large or frequent crypto-related transfers can still get flagged for review.
- Fees: International transfers to exchanges may attract higher charges.
- Limited features: Most banks still don’t offer direct crypto trading.
What is the best payment method for crypto?
In general, PayID is the best option for most banks for the following reasons:
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- Speed: Payments are usually instant, even on weekends and public holidays.
- Reliability: The recipient verification feature reduces errors, a unique advantage over most bank transfers
- Cost: PayID typically has no or low fees through Australian banks, unlike card payments or crypto ATMs.
- Security: Transfers are bank-backed and use fewer fraud triggers than other methods, resulting in fewer delays and a smoother user experience.
Tips for choosing the right bank
Not all banks treat crypto the same. Here’s how to find one that fits your needs:
- Do your research: Check each bank’s policies around crypto and their partnerships
- Look for compatibility: Make sure your preferred exchange works smoothly with the bank.
- Explore alternatives: If your bank makes crypto tricky, consider switching or using a fintech that supports digital assets.
What’s next for crypto-friendly banking in Australia?
The industry’s evolution is slowly starting to bear fruit. More banks will likely jump on board as demand grows and regulation becomes clearer. For now, crypto-friendly banks are still in the minority, but the gap between traditional finance and the digital asset world is closing fast. The Albanese government has signalled a more supportive approach to digital assets, aiming to create a safer, more inclusive environment for innovation.
Frequently asked questions
Why do so many banks have a threshold of $10,000?
You may see that many of the banks list a $10,000 monthly transaction limit. This is due to banks needing to meet the AUSTRAC threshold transaction reporting requirement.
For some banks, the added compliance may be seen as burdensome, so they set fixed limits instead.
What is debanking?
Debanking refers to when a financial institution closes or restricts a customer’s account due to perceived risk, often without a clear explanation. This has happened to some crypto businesses.
Is CBA a crypto-friendly bank?
Not really.
CBA enforces a strict $10,000 monthly cap and applies 24-hour holds to all crypto-related transfers. Some users report account freezes after repeat transactions. While AUSTRAC-registered exchanges are typically allowed, CBA is one of the more restrictive banks in practice.
Is Westpac a crypto-friendly bank?
Partially.
Westpac has implemented anti-scam measures since 2023, which delay or block certain crypto transfers, especially to overseas or unregistered exchanges. It doesn’t publish a blacklist, and its policies can be inconsistent — not hostile, but not particularly accommodating.
Is St George a crypto-friendly bank?
Yes, within limits.
As a Westpac subsidiary, St George follows the same underlying policies, but in practice, it appears to have been more lenient toward transfers to AUSTRAC-registered exchanges. Users often report smoother experiences compared to Westpac directly, crypto-friendly for retail investors, though this could change.
Is NAB a crypto-friendly bank?
Yes, but with some restrictions.
While NAB does not have a clear crypto policy, it allows high transfer limits (up to ~$40,000/month reported) to many exchanges, but blocks unregistered or higher-risk platforms. It’s one of the more crypto-tolerant big banks, provided you stick to well-known platforms.
Is ANZ a crypto-friendly bank?
Yes (regular ANZ), mixed (ANZ Plus).
Standard ANZ accounts allow crypto transfers, including larger ones, with some fraud checks and verification calls. However, ANZ Plus has a strict $10,000/month cap and blocks transfers by default unless manually disabled. Regular ANZ accounts offer a better experience for crypto transfers than ANZ Plus.
Is Macquarie a crypto-friendly bank?
No (as of late 2024).
Macquarie previously supported crypto transfers, but now blocks payments to new crypto payees and restricts transfers to crypto-related BSBs. Customers who set up payees before the policy change can still transact, but new users face major restrictions.
Is ING a crypto-friendly bank?
Yes, for low-volume users.
ING allows transfers to AUSTRAC-registered exchanges like Independent Reserve. However, trades over $1,000 often trigger a 1–2 day delay, and some users have reported blocked transfers to platforms like CoinJar and Kraken. Best suited to retail investors making smaller, infrequent trades.
Are Australian credit unions crypto-friendly?
Australian credit unions generally adopt a cautious stance toward cryptocurrency transactions. For instance, Police Credit Union has implemented a policy to block all transactions to known cryptocurrency exchanges, effective February 1, 2023, citing concerns over increasing scam activities and the need to protect member funds.
While some credit unions may not have explicit public cryptocurrency policies, many restrict or closely monitor such transactions due to regulatory concerns and risk management practices. Therefore, if you’re considering using a credit union for crypto-related activities, consult directly with the institution to understand its specific policies and potential limitations.
