Westpac Imposes A$10,000 Monthly Cap on Crypto Exchange Payments

Starting December 1, Westpac will limit all payments to identified cryptocurrency exchanges to a cumulative A$10,000 per calendar month across a customer’s relevant accounts and payment methods, including online banking, the Westpac App, credit cards and debit cards. The cap applies to both individual and joint accounts, with each holder retaining an individual limit. In‑branch payments to identified exchanges will be discontinued from the same date, while withdrawals from exchanges remain unaffected. Westpac will not offer exemptions or higher limits, and enforcement is discretionary based on the bank’s ability to identify the exchange payment. The policy reflects the bank’s response to fraud‑related regulatory requirements.