Nick Christie
Brisbane, Australia
Reviewed by
In Australia, the banking landscape is constantly evolving, especially with regards to handling crypto bank accounts. While the Big 4 Australian banks — CBA, NAB, ANZ, and Westpac — have tightened policies on deposits to crypto exchanges, mid-tier and challenger banks have emerged as the new crypto-friendly banks.
| Private Wealth

2024 edition

Uncover tax saving secrets for crypto
Download your copy of the Private Wealth Crypto Tax Guide by Syla and learn how to minimise, defer and eliminate tax on your crypto.

36 pages of expert insights from Australian tax professionals.

7 legal strategies to minimise tax on crypto investments.

4 advanced tax structures to maximise your tax savings.

Thanks! Click here to
download the guide
Oops! Something went wrong while submitting the form.
Last updated

The rise of crypto scams?

The ACCC recently commissioned a report titled Targeting scams that investigated the scams many Australians are falling prey to. The report summarised that in 2022, a total of $3 billion was lost due to scams in Australia.

In many reports, the scammer receives funds from the victim in the form of cryptocurrency. A total of $221 million was reported as lost in this way.

Based on the increased rise in scams involving crypto, the Big 4 Australian banks — CBA, NAB, Westpac, and ANZ — have all introduced additional restrictions for customers transacting with crypto exchange platforms. They believe this will reduce the $221 million lost due to scams where crypto was used for payment.

While these changes are intended to protect customers, they also hinder the activities of legitimate crypto investors. The new changes cause larger delays before crypto payments arrive at a nominated crypto exchange, some crypto payments are being blocked entirely, and in some cases Australians are having their banking services terminated entirely.

To make it easier to find a suitable crypto bank account, we’ve evaluated the main Australian banks to find out which is the best in light of the recent updates.

ING (Crypto-Friendly Bank)

In contrast to the Big 4 banks, ING bank has been standing out as the most favorable option for crypto investors. Unlike other banks, ING seems to have found a balance between security and customer convenience, making them an ideal choice for managing a crypto bank account without the restrictive measures seen from other banks.

When we researched the market, there were far fewer issues cited by customers regarding ING crypto transactions. Unlike some of the other banks we'll look at later, ING has made no public statements about restricting crypto payments. This has made ING an attractive choice for those looking for a more accommodating and user-friendly banking experience in the crypto space.

ING Blockchain Program
We were impressed to discover that ING also has a dedicated blockchain program whose focus is on blockchain technology. The blockchain team at ING has the aim of transitioning their banking customers to a distributed economy. Their research team has been involved in a number of distributed ledger and DeFi projects, so it's probably safe to assume they know a bit about crypto.

If you're interested in getting an ING bank account it's fairly straightforward. The process is all online, and anyone 18 years or older and an Australian resident should be eligible. As always, make sure you do your research and ensure the bank account is suitable for you before going ahead.

If you'd like to get a $100 sign up bonus, you can register for an ING bank account through this link 👉 Get started with ING.

Offer is valid until 30 Jun 2024. T&Cs apply.

Commonwealth Bank (least crypto-friendly)

A very cautious stance has been taken by Commonwealth Bank towards crypto, implementing limits and holds on crypto-related transactions. These measures, aimed at increasing customer safety, have led to some concerns over privacy and flexibility, especially for transactions with reputable Australian crypto exchanges.

Here’s the latest take from Commbank on crypto:

💬 We may limit the amount you can pay to certain accounts or merchants, for example those we believe to be associated with cryptocurrency exchanges, to no more than $10,000 in total from all of your accounts each calendar month.

Read more:
Changes to cryptocurrency and other payments

In short, you can only send $10,000 per month from comm bank to your crypto exchange.

While it may be inconvenient to have payments delayed, you may end up thankful for the additional security on Commonwealth Bank crypto transactions in the event that you are targeted by a scammer.

If you’re only investing smaller amounts, then you may not mind having a short delay on your Commbank crypto transactions in exchange for the greater security.


Following suit, NAB has also introduced heavy restrictions on transactions to certain crypto exchanges. These changes, effective since July 2023, were introduced due to the escalating number of crypto scams.

This is the latest information from NAB on crypto:

💬 From 18 July 2023, we are introducing new customer protections by declining some transactions made to high-risk cryptocurrency exchanges.

Read more:
Cryptocurrency payment changes

In short, NAB is flat-out declining transfers to ‘high-risk’ cryptocurrency exchanges. Unfortunately, there is no list; you’ll only find out when you see ‘Issuer Declined Transaction’ on your statement.

If you’re only using reputable Australian exchanges, then in practice, you may not encounter as many issues with your NAB crypto payments.


ANZ has also adjusted its policies in response to the increase in crypto scams. The bank's cautious approach impacts the extent to which it can support crypto investors, balancing risk with customer service.

Here’s how ANZ is addressing crypto bank accounts:

💬 ANZ’s newest measures include: Preventing payments being made to particular high risk cryptocurrency platforms and introducing new holds and delays to some payment types and destinations.

Read more:
Continuing to invest in new measures

Unlike NAB, ANZ still allows payments to crypto platforms, but they are introducing holds and delays to slow them down.

Anecdotal feedback from ANZ customers suggests that this can involve having to follow up with the ANZ crypto security team, certainly an additional hassle.


Westpac's revised policies in response to crypto fraud have affected the way crypto investors engage with their services. The bank's approach to managing the risks associated with crypto transactions has led to a more restrictive environment for investors.

Here’s the latest update on crypto from Westpac:

💬 Westpac has begun trialing new customer protections for some cryptocurrency payments to reduce scam losses.

Read more:
Westpac trials new cryptocurrency blocks to prevent scam losses

Westpac is certainly vague about what measures they have actually introduced, but feedback from customers indicates that they have been delaying and declining payments to certain platforms. If you stick to reputable exchanges, and are only transacting smaller amounts, then you may not have any issues with your Westpac crypto payments.

Bendigo Bank

We've heard a lot of crypto investors asking about Bendigo Bank and whether it's a good bank for crypto investments. Unfortunately, Bendigo Bank has also publicly announced restrictions on high risk crypto payments.

In their public announcement, they specifically addressed payments to crypto exchanges:

💬 Bendigo Bank is blocking high-risk cryptocurrency transactions.. The new rules target high-risk instant payments to cryptocurrency exchanges and are designed to address fraudulent payments

Read more:
Bendigo Bank blocks high-risk crypto payments to protect customers

Blockchain Australia made a media statement responding to Bendigo Bank banning high-risk payments stating that a collaborative approach to preventing scams is essential. If Bendigo Bank is outright banning payments to crypto exchanges, then it's unlikely to be a good fit for Australia crypto investors.


No items found.


The information in this article reflects our understanding of existing legislation, proposed legislation, rulings and other tax law, as at the date of issue. In some cases, the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way.

The information provided in this article is purely factual in nature and does not constitute tax advice, financial product advice or legal advice. The information is not, nor is it intended to be, comprehensive or a substitute for professional advice on specific circumstances. If you require professional advice that takes into account your particular circumstances, you should consult an appropriate professional.