Westpac will apply a A$10,000 cumulative monthly limit to eligible payments sent to cryptocurrency exchanges from Dec. 1. The cap covers relevant accounts and payment methods, including online banking, the Westpac App, credit cards and debit cards where the policy applies. App transfers and card payments count toward the same allowance for each customer.
Under the policy, once a customer reaches A$10,000 in a calendar month, Westpac may reject further eligible exchange payments until the next month starts. The limit is cumulative, so payments across covered products and channels add up. Joint account holders each get their own A$10,000 monthly allowance, and that allowance can include payments made through a joint account and other covered products.
Branch payments also end
Westpac will also stop supporting in-branch payments that it reasonably identifies as going to crypto exchanges. That branch restriction starts alongside the monthly cap on relevant online and card payments. The bank says it will not offer exemptions or increases to the cumulative limit. A customer planning a larger exchange payment still faces the same monthly allowance, including when asking for a higher limit, according to the policy.
Scope depends on exchange identification
The policy applies only to exchanges Westpac identifies when a payment is made. Coverage can leave out some exchanges and some payment details accepted by individual exchanges. The relevant products and methods can also change over time. Westpac acknowledges that payments above A$10,000 may still occur despite the cumulative limit. Enforcement remains discretionary, and it depends on the bank identifying an applicable exchange payment through a covered product and channel.
Withdrawals from crypto exchanges into Westpac accounts are unchanged, though customers should check restrictions set by the exchange itself. Westpac frames the measure as a response to crypto scam risks. In a May 18, 2023 release, it said trials of protections for some crypto payments had begun, with blocks to roll out in phases over the following weeks.
