Westpac will impose a cumulative monthly limit of A$10,000 on payments to identified cryptocurrency exchanges, effective December 1. The cap applies across a customer's relevant accounts and payment methods, including online banking, the Westpac App, credit cards, and debit cards.
Once a customer reaches the A$10,000 threshold in a calendar month, Westpac may reject additional payments to exchanges until the next month begins. For joint account holders, each person retains an individual A$10,000 monthly allowance across their relevant products and payment methods.
The bank will also discontinue in-branch payments to identified cryptocurrency exchanges starting December 1. Westpac has stated that exemptions and increases to the cumulative limit are unavailable under the policy.
Incoming cryptocurrency exchange withdrawals into Westpac accounts will remain unchanged under the new policy. However, customers may face additional restrictions imposed by individual exchanges.
The measure applies only to exchanges Westpac identifies at the time of payment. Some exchanges and particular payment details may fall outside the policy's scope, and coverage can change over time. Westpac acknowledges that enforcement remains discretionary and depends on the bank identifying an applicable exchange payment through a covered product and channel.
Westpac characterizes the restriction as a response to cryptocurrency scam risks. The bank began trials of cryptocurrency payment protections in May 2023, with rollouts planned in phases.
