Westpac may cap identified payments to crypto exchanges at A$10,000 a month from Dec. 1 and end identified in-branch payments. The bank rules out exemptions and higher limits, though it acknowledges payments above the cap may still occur.
Westpac may reject payments to crypto exchanges once a customer reaches A$10,000 in a calendar month, under a policy that takes effect Dec. 1. The limit is cumulative across a customer's relevant accounts and payment methods.
How the monthly limit works
The bank's policy lists online banking, the Westpac App, credit cards and debit cards among the channels where the limit may apply. Payments across those products count toward the same allowance.
For joint accounts, each holder has a cumulative monthly limit of A$10,000 across their relevant products and payment methods. Westpac will also stop supporting in-branch payments that it reasonably identifies as going to cryptocurrency exchanges.
Westpac rules out both exemptions and increases for the monthly limit.
Which payments the policy covers
The policy applies only to exchanges Westpac identifies when a payment is made. Coverage can exclude some exchanges and particular payment details, and the relevant products and methods can change over time.
Westpac also acknowledges that payments above A$10,000 may still occur. Enforcement remains discretionary and depends on the bank identifying an applicable payment to one of the cryptocurrency exchanges through a covered product and channel.
Withdrawals from exchanges into Westpac accounts remain unchanged, and customers should check any restrictions the exchange itself imposes.
Westpac presents the measure as a response to cryptocurrency scam risks. In a May 18, 2023 release, it said trials of protections for some cryptocurrency payments had begun, with blocks to roll out in phases over the following weeks.
Source: CryptoSlate
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