Starting Dec. 1, payments to specified exchanges across related accounts and methods may be combined under a single monthly limit.
Under Westpac’s updated crypto-payment rules effective Dec. 1, a cumulative monthly allowance of A$10,000 is applied across a customer’s linked accounts and transfer methods.
Online banking, the Westpac App, credit cards, and debit cards are listed among the channels where the bank’s updated limit could take effect. Mobile app transfers and card payments count toward the customer’s overall allowance wherever Westpac enforces the restriction across those products and payment options.
When total transfers reach A$10,000 within a calendar month, additional eligible payments to exchanges may be declined by Westpac until the next month starts. Because the policy tracks overall volume, customer transactions across all covered products continuously add to that month’s running total.
For joint accounts, a cumulative monthly cap of A$10,000 is assigned to each individual holder across their covered products and payment methods. This allowance applies to every owner personally, combining transactions made through joint accounts alongside their other eligible accounts.
Westpac confirmed that in-branch payments identified as transfers to cryptocurrency exchanges will be blocked starting on that date. The decision shuts down over-the-counter support for those transactions, operating alongside the newly outlined monthly limit on eligible online and card payments.
Under bank policy, exemptions or increases for the cumulative monthly cap are explicitly ruled out by Westpac. A customer intending to make a larger exchange payment remains subject to that identical monthly allowance, even when formally requesting a higher transfer limit.
Which Cryptocurrency Payments Fall Under the New Rules?
Westpac restricts the policy’s scope strictly to platforms identified as exchanges at the exact moment a transfer occurs. Consequently, certain platforms or specific payment routing details may fall outside coverage, though the list of affected products and transfer channels can shift over time.
Westpac explicitly acknowledges that payments exceeding A$10,000 may still go through despite the cumulative cap outlined in its policy. Enforcement is treated as discretionary, with its overall reach depending on whether the bank flags a transaction as an exchange payment across covered products and channels.
Westpac confirmed that withdrawals from cryptocurrency platforms into customer accounts will not be affected, though account holders are encouraged to verify any independent transfer restrictions set by the exchanges themselves.
Westpac presents the measure as a direct response to cryptocurrency scam risks. In a May 18, 2023 release, the bank stated that trial protections for select crypto payments had begun, with payment blocks scheduled for phased rollout over the subsequent weeks.
