Westpac, one of Australia’s largest banks, announced it will impose a A$10,000 cumulative monthly limit on payments its customers can send to cryptocurrency exchanges, effective December 1. This restriction applies to Australian dollar payments identified by Westpac as being for crypto purchases and will be enforced across all applicable Westpac accounts for each customer within a calendar month.
Limit applies to digital channels and joint accounts
Westpac stated it may apply the cap across its Online Banking platform, the Westpac App, and credit or debit card transactions. These are the main channels the bank uses for processing transfers to exchanges, though it notes the range of covered products may change over time. Each individual on a joint account will receive their own separate A$10,000 limit, rather than sharing a combined cap.
Once a customer reaches the ceiling, further payments flagged as directed to crypto exchanges may be declined until the following month. Westpac has clarified it does not offer exemptions or higher limits, but acknowledged that not every payment above A$10,000 can always be intercepted, citing some possible operational limits.
After reaching the A$10,000 monthly limit, additional payments to crypto exchanges “may be rejected until the next calendar month begins.” Westpac confirmed there will be no exceptions or increases to this cap for any customer.
Details of exchanges and transaction types
The restriction only applies to exchanges that Westpac is able to identify at the moment a payment is made. The bank has not released a public list of affected exchanges, making it difficult for customers to know in advance whether a particular transfer will be counted under the limit.
Transactions at bank branches intended for crypto exchanges will no longer be supported as of December 1. Westpac confirmed that incoming transfers from exchanges to Westpac accounts—such as customer withdrawals—will remain unaffected. Customers were advised to check with their exchange for any outbound limits imposed on that side.
Mini dictionary: Westpac is a major Australian bank, known for consumer and institutional banking, with a significant presence across the country’s financial sector.
Bank links policy to scam prevention
Westpac attributed the new policy to efforts against scams, citing growing concerns over criminals using crypto as a means to launder stolen funds, which are challenging to retrieve once sent. The bank referenced figures from the National Anti-Scam Centre’s Targeting Scams Report 2025, which showed that cryptocurrency was involved in 46% of total reported scam losses in the previous year.
In May 2023, Westpac began trial blocks for certain crypto payments, responding to a rise in investment scams targeting its clients. The new fixed monthly cap now formalizes those earlier actions and, because the list of exchanges remains confidential, adds further uncertainty for customers about which payments may be blocked.
Westpac tied its decision to an increase in crypto-related scam activity, noting, “criminals increasingly steer victims towards crypto because funds are hard to recover once sent.”
Similar limits across Australian banks
Westpac is not the only major lender in Australia introducing such a measure. The Commonwealth Bank of Australia, one of the country’s four largest banks, had previously announced plans to impose a monthly limit of A$10,000 on its customers’ transfers to cryptocurrency exchanges, as reported in June 2023.
| Bank | Monthly limit to exchanges | Applies from | Exemptions |
|---|---|---|---|
| Westpac | A$10,000 | December 1, 2026 | None |
| Commonwealth Bank | A$10,000 | 2023 (announced) | None |
