Westpac Sets Monthly Limit for Crypto Exchange Transfers

Westpac has announced new restrictions on payments directed to cryptocurrency exchanges. Starting December 1, customers will face a cumulative monthly limit of 10,000 Australian dollars for these transactions.

The cap covers various payment methods. This includes app transfers, online banking services, and the use of credit and debit cards. The total amount accounts for the sum of all operations performed by the customer across their eligible accounts.

If the 10,000 Australian dollar limit is reached before the end of the month, the bank may reject further attempts to send funds to identified platforms. There will be no exceptions or options to increase this amount for users.

Westpac will also end support for payments made at physical branches that are identified as being destined for digital asset exchanges. The measure aims to strengthen security against financial fraud and cybercrime.

Each joint account holder has their own individual limit of 10,000 Australian dollars. The application of these rules depends on the bank system identifying the exchange at the time of the transaction.