Best Crypto Friendly Banks in Australia

Key Takeaways

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

The Australian Banking Landscape for Crypto Investors

Most major Australian banks have ramped up restrictions on cryptocurrency-related transactions in recent years. If you’ve traded Bitcoin and crypto through an Australian cryptocurrency exchange, you may have faced delayed payments, blocked transfers, or extra verification steps. These issues have become increasingly common in 2025 as banks focus more on scam prevention and regulatory compliance.

Drawing on insights from our ongoing survey of crypto investors, this article shares real-world experiences of transferring funds to exchanges like Coinstash. Our discussions have revealed a mixed and often inconsistent banking environment in Australia. While some institutions appear supportive, others apply restrictive measures that conflict with their public messaging. This creates confusion for customers trying to move money in or out of exchanges.

Although these policies are designed to protect consumers, they can also disrupt legitimate trading activity. Participants in our survey reported delays, transaction denials, and in some cases, outright bank account closures. These challenges make it harder for crypto users to operate with confidence.

To help you navigate this complex landscape, we’ve summarised which banks our survey participants found to be the most crypto-friendly.

Crypto Friendly Banks in Australia

ING

Based on our survey results, ING is considered one of the best crypto-friendly banks in Australia. It places no official restrictions on payments to or from crypto platforms, including trusted exchanges like Coinstash. Customers generally report smooth and reliable deposits to crypto exchanges compared to other banks. ING has also demonstrated a progressive stance toward digital assets, with a dedicated blockchain program aimed at helping transition banking customers into a distributed economy.

Pros:

• Introduced protections in April 2024, blocking deposits to high-risk crypto exchanges
• No blanket ban on crypto-related transactions
• Customers report smooth experiences with reputable exchanges (e.g. Coinstash)
• Has a dedicated blockchain innovation program

Cons:

• Deposits over $1,000 may be delayed by up to one business day
• Does not support business accounts, limiting its suitability for professional traders or crypto-related businesses

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 hard or rigid limits on crypto-related transfers
• Supports transactions with major crypto exchanges
• Offers Crypto Protect, allowing users to manage (enable/disable) crypto transactions

Cons:

• Initial transactions may be delayed up to 72 hours
• May require interaction with the bank’s fraud or security team
• Crypto payment limit of $10,000/month (non-rollover)
• Crypto Protect toggle must be disabled to transact with crypto exchanges

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:

• Monthly transaction limit of $10,000, which could be restrictive for users making larger transactions
• Blocks payments to "high-risk" exchanges
• Some users report unexpected declines

St.George Bank

St.George is relatively crypto-friendly and allows sizable transaction limits. While it hasn’t published formal crypto policies, users generally report few issues when transacting with exchanges.

Pros:

• Supportive of crypto transfers
• Large limits possible with approval

Cons:

• Limit increases require form submission
• No formal crypto policy, so rules are subject to change without notice

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 crypto exchanges may result in account closures.

Pros:

• Allows transactions within defined limits
• Protective stance aimed at reducing scam-related losses
• Transactions to reputable exchanges like Coinstash are generally permitted

Cons:

• Monthly $10,000 cap on crypto-related payments (non-rollover)
• Continues to hold or decline certain payments to crypto exchanges
• Risk of delays and blocked transfers, especially to lesser-known platforms

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.

• Pros:Allows crypto payments to Australian platforms
• Implements scam-prevention measures for added customer protection

Cons:

• Delays and blocked payments reported, especially to lesser-known or offshore exchanges
• Actively blocks payments to some cryptocurrency platforms, limiting user flexibility
• No formal crypto policy, so rules are subject to change without notice
• Prioritises fraud prevention over user autonomy, which may frustrate experienced investors

Macquarie Bank

Macquarie Bank also has no official policy on crypto exchange transfers 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.

Pros:

• Not blocking transactions outright, as of the last update

Cons:

• Limited public information or customer-facing crypto policy currently available
• Lack of specific consumer protection measures or transparency compared to other banks
• Position on crypto could change pending future regulation
• Varied customer experiences make it challenging to predict transaction success

Bendigo Bank

Bendigo Bank has taken a cautious stance on crypto, prioritising scam prevention. While it allows high-value transfers with approval, it actively blocks payments to certain high-risk exchanges.

• Cons:Blocks crypto payments to flagged platforms
• Requires in-person visits for higher limits and approval

Suncorp Bank

Suncorp doesn’t publicly restrict crypto but doesn’t openly support it either. Users can adjust their daily limits with the bank's app, giving some flexibility for crypto transactions.

Pros:

• No bans on crypto transactions reported

Cons:

• Requires use of secured app for limit changes
• Crypto policy not clearly communicated

Credit Union Australia (CUA)

Credit Union Australia (CUA) keeps a low profile on crypto, with limited policy transparency. While some users have had success, others have encountered delays or flagged transactions.

Pros:

• Possible to transact with exchanges

Cons:

• Lack of clarity around crypto policy
• May flag or delay large transfers

Looking Forward

While access to crypto via banks has become more challenging, Australia continues to strengthen its position as a global leader in digital asset regulation and consumer protection. Cryptocurrencies remain unrecognised as legal tender, but are treated as digital assets under existing financial frameworks. In 2023, the federal government launched its “token mapping” consultation, laying the foundation for a new licensing regime for exchanges, custody providers, and stablecoin issuers, expected to roll out in 2025.

A clear focus has been placed on consumer protection. The Australian Securities and Investments Commission (ASIC) has ramped up enforcement against unlicensed crypto operations and continues to promote investor risk awareness. Supporting these efforts, a 2024 report from Westpac showed a 52% reduction in scam losses compared to previous years, contrasting sharply with continued increases in countries like the UK, Canada, and the US. On a per capita basis, Australians lost just AUD $17.69 to scams, far lower than the UK’s $33.48. These results reflect a regulatory environment that’s growing stricter, but also more secure, as Australia pushes toward a safer, more transparent crypto ecosystem.

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, NAB and St.George Bank offer more supportive and flexible environments for crypto transactions. In contrast, others like CBA, Westpac, Macquarie, Bendigo Bank, Credit Union Australia, Suncorp 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.