Best Crypto-Friendly Banks in Australia

authorBy Chris Graham
Published 12:12 Jun 17, 2024
Last update 12:18 Jul 01, 2024
5 Min Read
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Best Crypto-Friendly Banks in Australia

Most major Australian banks have introduced restrictions on customers interacting with cryptocurrency exchanges in recent years. If you've traded crypto using a centralised exchange, you've likely faced challenges transferring Australian dollars (AUD) to and from these platforms. Based on our anecdotal discussions with crypto investors, this article summarises their banking experiences when transferring funds to exchanges.

Key Takeaways

  • Crypto Friendly Banks: According to our survey participants, ING, ANZ, and NAB are generally more accommodating of crypto transactions and offer better support for crypto users.
  • Less Friendly Options: Based on our findings, CBA, Westpac and Macquaire are less supportive, making them more challenging for crypto users.
  • Varied Policies: Most major Australian banks have different policies towards cryptocurrency transactions.

The Australian Banking Landscape for Crypto Investors

Our anecdotal discussions with cryptocurrency investors have revealed a complex and varied banking landscape in Australia when it comes to transferring funds to exchanges. While some banks are supportive, others maintain more restrictive stances. However, despite their public stances, our respondents observed a lack of consistency between their public comments and their actual policies. 

While these measures aim to protect consumers, they often hinder legitimate crypto traders and investors. These restrictions can lead to delays in processing payments, blocks on certain transactions, and even the termination of banking services. These barriers pose significant challenges for those seeking to actively participate in the crypto market.

To help you navigate this complex landscape, we have summarised which banks our survey participants thought were the most crypto-friendly. 

Crypto-Friendly Banks Australia

ING

Our survey results indicate that ING is considered a crypto-friendly bank. They have no official restrictions on payments to and from crypto platforms or specific exchange platforms. Our research indicates that ING customers generally experience fewer issues with transfers to Coinstash compared to other banks.

Pros:

  •  Fewer incidents of delays in transferring funds to Coinstash.

Cons:

  • Deposits exceeding $1,000 may get delayed up to one business day. 
  • Does not support business accounts, limiting its suitability for professional crypto traders or businesses involved in cryptocurrency.

ANZ

ANZ is well-regarded as a crypto-friendly bank based on our survey feedback. They do not impose specific transfer limits to Coinstash. However, transactions may occasionally be delayed or held for review. New customers, in particular, might experience delays as their transactions undergo review by their fraud team.

Pros:

  • No rigid transfer limits.

Cons:

  • Initial transactions might encounter delays and require interactions with the bank’s security team to resolve.

NAB

According to our survey participants, NAB is generally viewed as a crypto-friendly bank. Our findings indicate that NAB is less accommodating towards certain high-risk international exchanges, consistent with their stated policies. However, they are notably more supportive of reputable and registered Australian exchanges, such as Coinstash.

Pros:

  • Willing to discuss flagged transactions with customers.

Cons:

  • There is a daily transaction limit of $40,000, which could be restrictive for users making larger transactions.

Banks Less Friendly to Crypto

Commonwealth Bank (CBA)

Our survey results indicate that CBA is less friendly towards crypto exchanges. This aligns with recent statements from CBA, which outline a limit on payments to crypto exchanges, capped at $10,000 per calendar month per account. Additionally, anecdotal evidence from our findings suggests that transfers to cryptocurrency exchanges may result in account closures.

Cons:

  • $10,000 monthly cap on crypto transactions per account, which can be limiting for active traders and investors.
  • Transfers to cryptocurrency exchanges may potentially result in account closure.

Westpac

Westpac maintains a conservative stance on digital assets and has no official policy towards crypto transactions. In their press release from May 2023, Westpac announced that crypto transactions would be severely restricted in the name of scam protection. However, this policy is vague about the specific measures introduced. Westpac customers from our survey report delays when transacting with certain international platforms, but satisfactory experiences with Australian exchanges. This inconsistency between official policy and actual user experiences makes Westpac a less reliable choice for regular crypto transactions.

Cons:

  • Inconsistent experiences may make it unreliable for regular crypto use.

Macquarie Bank

Macquarie Bank also has no official policy on crypto transactions and has provided very few comments on the subject. Anecdotal evidence from our survey presents a mixed story among users. Some report successful transactions, while others recount experiences of being debanked. 

Cons:

  • Varied customer experiences make it challenging to predict transaction success.

Closing Thoughts

Navigating the Australian banking landscape as a crypto investor can be challenging due to varying policies and restrictions. Based on our survey findings, banks like ING, ANZ, and NAB offer more supportive and flexible environments for crypto transactions. In contrast, others like CBA, Westpac, and Macquarie Bank provide little clarity on their policies and present potential hurdles for users. Understanding these differences is crucial for making informed decisions and finding the most suitable banking partner for your cryptocurrency activities.

Disclaimer: This article and its contents are intended for informational purposes only, and do not constitute financial advice from TWMT Pty Ltd, trading as Coinstash AU ("Coinstash"). Coinstash is not a licensed financial advisor and does not provide financial advice. You should consider seeking financial, legal, tax or other professional advice to check how the information relates to your unique circumstances. Coinstash shall not be held responsible or liable for any losses, whether due to negligence or otherwise, stemming from the use of, or reliance upon, the information provided directly or indirectly in this article.

Contents


The Australian Banking Landscape for Crypto Investors

Crypto-Friendly Banks Australia

Banks Less Friendly to Crypto

Closing Thoughts

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