Best Crypto Friendly Banks Australia
Some Australian banks are notoriously reluctant to transact with crypto businesses. To help you, we’ve put together the best crypto-friendly banks in Australia for 2025. Whether you’re investing in Bitcoin, trading altcoins, or managing your portfolio, these banks offer the most supportive policies for crypto enthusiasts right now.
Bank | Crypto friendly? | Monthly Outgoing Limit | Hold Periods |
---|---|---|---|
St. George Bank | 🟢 | No formal cap (default $5K/payee/day, up to $100K with change) | Minimal, based on payee |
Up Bank | 🟢 | No formal cap | Rare; possible on large transactions |
NAB | 🟠 | $40K/day | Possible for first-time transactions |
Commonwealth Bank of Australia | 🟠 | $10K/month | 1–5 business days |
ING Australia | 🔴 | No fixed cap (but >$1K may delay) | 1–2 business days |
Westpac | 🔴 | $10K/month | 24 hours (standard) |
ANZ | 🔴 | $10K/month | Case-by-case; often instant |
Read next: Best Crypto Exchanges Australia
Crypto FriendlySt.George Bank
St.George is considered one of Australia’s more crypto-friendly banks, supporting transfers to trusted exchanges like CoinSpot, Swyftx, and Independent Reserve. Withdrawals from exchanges into your St.George account are allowed without restriction. The default daily limit is $5,000 per payeehowever, default limits can be increased using the St George Bank desktop and mobile app. While the bank supports crypto, it also enforces scam-prevention measures. Payments to unregistered or high-risk crypto exchanges may be blocked, and some high-value or first-time transfers may be manually reviewed. Overall, St.George offers a balanced approach that supports crypto while prioritising customer protection.
Feature | Status |
---|---|
Transfers to 'trusted' exchanges | ⚠️ $5,000 per payee (limit is adjustable via app) |
Transfers to 'suspicious' exchanges | ❌ Blocked |
Withdrawals from exchanges | ✅ Allowed |
Read next: Best Crypto SMSF Exchanges
Crypto FriendlyUp Bank
What is Up's crypto policy? Among Australian banks, Up is widely seen as one of the most crypto-friendly. It supports crypto transactions by allowing fiat transfers to reputable exchanges like Independent Reserve, with users consistently reporting smooth, issue-free payments. Up's mobile-first platform is particularly easy to use to fund crypto accounts. While there’s no official monthly caps imposed by some larger banks, occasional holds on large or first-time transfers may occur, particularly for new Up Bank customers. Overall, Up’s flexible and open approach makes it a strong option for Australians seeking a bank that supports crypto with minimal friction thus far.
Feature | Status |
---|---|
Transfers to exchanges | ✅ Generally allowed without official limit |
Withdrawals from exchanges | ✅ Allowed |
Transaction holds | ⚠️ Possible on new or unusual payments |
NAB
Is NAB a crypto-friendly bank? For the most part, yes. NAB is considered crypto-friendly, allowing transfers to reputable Australian and international exchanges like CoinJar, CoinSpot, Swyftx, and Coinbase, with daily limits up to AUD 40,000 after initial verification. Withdrawals from exchanges back into NAB accounts are generally processed without issue, and feedback on r/BitcoinAUS has been largely positive. However, NAB blocks payments to high-risk or scam-linked crypto platforms, declining transactions via Visa cards, PayID, or digital transfers and marking them as "Issuer Declined" or "Rejected." Initial or large crypto transfers may be temporarily held for review, and NAB actively monitors accounts for suspicious activity, including mule account use, which can occasionally impact legitimate users.
Feature | Status |
---|---|
Transfers to approved exchanges | ✅ Allowed (up to ~$40k/day) |
Withdrawals from exchanges | ✅ Allowed |
Blocked exchanges | ❌ Yes 'high-risk' ones |
Transaction holds | ⚠️ Possible on new/unusual payments |
Security measures | 🔒 Stringent anti‑scam / mule‑account detection |
Read next: Can the ATO Track Crypto?
Semi Crypto FriendlyCommonwealth Bank of Australia
As far as pro-crypto banks go in Australia, CommBank is one of the least crypto-friendly banks. Sure, CBA allows incoming withdrawals from crypto exchanges without restriction, with no holds or limits applied to funds received. However, outgoing payments to exchanges are tightly controlled. CommBank may limit the amount customers can pay to certain accounts or merchants, for example those believed to be associated with cryptocurrency exchanges, to no more than $10,000 in total from all accounts, each calendar month. Any payment above this limit will be automatically declined. In addition, many outgoing crypto payments are subject to mandatory 24-hour holds as part of CBA’s anti-scam protocols. These restrictions form part of the bank’s broader strategy to reduce exposure to cryptocurrency-related fraud, which has been on the rise. Customer feedback, particularly on Reddit, confirms the enforced delays and limits, with users frequently airing their frustrations about CommBank on r/cryptocurrency.
Feature | Status |
---|---|
Transfers to exchanges | ✅ Allowed, subject to $10,000/month cap & potential 24hr hold |
Over-limit transfers | ❌ Declined |
Withdrawals from exchanges | ✅ Allowed |
Anti-scam holds | ⚠️ Holds on many payments up to 24 hrs |
Read next: I lost money on a crypto scams, can I claim at tax time?
Less Crypto FriendlyWestpac Bank Australia
Is Westpac supportive of crypto transactions? To a limited extent. Westpac has introduced policies aimed at balancing customer access to crypto with stronger scam protection. Customers can transfer up to AUD 10,000 per month to crypto exchanges using PayID or standard bank transfers, but once this monthly cap is reached, further payments are automatically blocked with no override option. Incoming transfers from exchanges are not restricted—withdrawals back into your Westpac account are processed without issue. However, payments to exchanges flagged as high-risk may be declined without warning under Westpac’s fraud-prevention systems. While these measures are designed to protect customers, discussions on Reddit highlight frustration with locked accounts, blocked payments, and limited control over personal funds.
Feature | Status |
---|---|
Transfers to exchanges | ✅ Allowed, subject to $10,000/month limit |
Over-limit transfers | ❌ Declined |
Payments to 'high-risk exchanges' | ❌ May be blocked automatically |
Withdrawals from exchanges | ✅ Allowed |
ING Australia
How crypto-friendly is ING Bank Australia? ING offers moderate support for crypto, allowing transfers to major exchanges like Independent Reserve without issue. There are no formal crypto-specific caps, but internal thresholds apply. Instant transfers over AUD 1,000 may be delayed to manage risk. Incoming withdrawals from exchanges are typically processed smoothly. However, restrictions do exist. Payments to certain platforms like Kraken have been blocked, with ING users on Reddit reporting denied transactions and account freezes after small transfers. ING does not publish a list of approved exchanges, and decisions are often handled case-by-case. Larger or first-time payments may face 1 to 2 business day holds for verification. While ING supports crypto to a degree, the bank’s crypto policy is cautious and occasionally inconsistent.
Feature | Status |
---|---|
Payment to local exchanges | ✅ Generally allowed |
Transfer Limit | ⚠️ > $1,000 may delay or hold |
Payments to 'high-risk exchanges' | ❌ May be blocked automatically |
Withdrawals from exchanges | ✅ Allowed |
ANZ
What is ANZ’s crypto policy? ANZ allows crypto transactions but with strict controls in place to protect customers from scams. Payments to crypto exchanges are blocked by default under the bank’s Crypto Protect setting, which must be manually disabled to enable outgoing transfers. Even with Crypto Protect turned off, ANZ enforces a monthly limit of AUD 10,000 on payments identified as crypto-related. This limit applies per customer across both individual and joint accounts and resets at the start of each calendar month. Unused limits do not carry over. While outgoing transfers are restricted, incoming payments from crypto exchanges are generally allowed. These measures reflect ANZ’s broader efforts to reduce fraud linked to cryptocurrency transactions.
Feature | Status |
---|---|
Payments to exchanges | ✅ Generally allowed, but only up to $10K/month, post Crypto Protect toggle |
Transfer Limit | ❌ Blocked until reset at month's end |
Payments to 'high-risk exchanges' | ❌ May be blocked automatically |
Withdrawals from exchanges | ✅ Allowed |
Security holds | ⚠️ 1–5 business day holds common for flagged transactions |
Are Aussie banks scared of crypto?
Despite crypto going mainstream, many Aussie banks are still treating it like the wild west. Big banks like CBA, ANZ, and Westpac have taken a cautious approach. Think monthly caps, transfer blocks, and frustrating hold times.
Why the Cold Shoulder?
It’s all about risk. Banks are nervous about scams, fraud, and regulators breathing down their necks. They’ve been hit with reports of dodgy transactions, and crypto doesn’t fit neatly into their traditional risk boxes.
Some of the biggest restrictions include:
$10K monthly limits on transfers to exchanges
Auto-blocks for certain “high-risk” platforms
24 to 72 hour delays while payments are “reviewed”
Features like ANZ’s Crypto Protect, which blocks transfers unless you switch it off
Who Gets Caught Up?
Not just traders. These rules hit:
Everyday investors trying to top up their exchange accounts quickly
Small businesses in the crypto space
Freelancers and sole traders receiving crypto payments
Even people just withdrawing from exchanges
And it’s not just cross-border stuff. Local transfers can get flagged too, even when using Aussie-regulated platforms like CoinSpot or Swyftx.
Is It Getting Better?
Sort of. The Albanese Government says it wants to stop unfair debanking and create better crypto rules. That’s a good start, but the big banks aren’t racing to change. CBA, for example, once planned to offer crypto buying in-app—then backtracked after ASIC raised concerns. Now it caps transfers, blocks accounts, and tells some customers to stop crypto activity altogether.
So, Who Is Crypto-Friendly?
Turns out, it’s the smaller banks that are leading the way. St.George, Up Bank, and ING are far more open to crypto. They let you transfer freely (within reason), adjust your daily limits, and don’t panic every time you send money to an exchange.
Read next: What is AUSTRAC?
Do any Australian banks offer crypto?
No. None of the major Australian banks offer crypto investments directly in-app or otherwise. However, many modern financial service providers operating in Australia offer both fiat and crypto investments (and more). Some of these include:
It's worth adding that Commonwealth Bank has embarked on a pilot program to allow direct access to Bitcoin and Ethereum within the CommBank app (currently pilot).
Don’t forget the tax bill…
Whichever bank you use to fund your crypto trades, those crypto transactions are taxable in Australia. Learn more in our crypto taxes Australia guide or use a crypto tax calculator like Koinly to help you automatically calculate your tax liability.