When it comes to buying and selling cryptocurrency in Australia, not all banks are created equal. While digital assets like Bitcoin and Ethereum are gaining mainstream traction, many traditional financial institutions remain cautious — or outright restrictive — about transfers to crypto exchanges. Understanding which banks support crypto transactions and which ones don’t can save you time, frustration, and even account closures.
At the heart of this guide is a simple definition: a crypto-friendly bank is one that allows customers to transfer funds to and from regulated cryptocurrency exchanges like CoinJar without arbitrary blocks or excessive delays. We’ve compiled insights from direct conversations with banks and real-world user experiences to bring you a clear, up-to-date overview of the Australian banking landscape in 2025.
Deposits vs Withdrawals: Know the Difference
One key distinction often overlooked is between depositing funds into a crypto exchange and withdrawing them back to your bank account.
While most Australian banks allow withdrawals from platforms like CoinJar into your AUD account, deposit restrictions are where issues typically arise. You might encounter failed transfers if:
- The bank account used for deposit isn’t linked to your exchange profile.
- The legal name on the bank account doesn’t match your registered exchange identity.
If verification fails due to these reasons, contact your exchange’s support team. For example, CoinJar offers manual verification to help link your bank account and complete the process smoothly.
👉 Discover how fast and secure crypto deposits can be with the right financial setup.
Top Crypto-Friendly Banks in Australia
1. ANZ – Leading the Pack
ANZ stands out as one of the most accommodating traditional banks for crypto users. There is no publicly stated limit on how much you can send to a crypto exchange, though transaction caps depend on your chosen method:
- Pay Anyone: Up to $25,000 per day
- BPay: Up to $50,000 per transaction
- Internet Banking: Up to $75,000 daily
New users making their first transfer may trigger fraud detection systems, resulting in a hold of up to 72 hours. Once verified, subsequent transfers typically go through without issue.
However, note that ANZ blocks transactions to Binance and the DeFi platform SafeHaven.io, so if you rely on either, consider an alternative bank.
2. NAB – Open to Regulated Exchanges
National Australia Bank takes a balanced approach. While it blocks certain high-risk or scam-associated exchanges, it explicitly permits transfers to CoinJar, Coinspot, Swyftx, and Coinbase.
You can transfer up to $40,000 per day to approved platforms. Initial transactions may prompt a verification call, but after that, processing is usually seamless.
Even if an exchange is blocked for deposits, withdrawing funds into your NAB account remains possible, offering flexibility for exiting positions.
3. Bank of Queensland (BOQ) – Flexible Limits
BOQ’s Money Market Account is a solid choice for crypto investors. It currently imposes no restrictions on transfers to crypto exchanges.
The standard daily limit is $10,000, but this can be temporarily increased to **$100,000** with a quick phone call — ideal for larger trades or portfolio rebalancing.
SMSF users should note that setup may take longer, but once active, the account functions well for crypto-related movements.
4. UBank – Digital-First and Tolerant
Owned by NAB, UBank doesn’t have an official ban on crypto transactions. However, 80–90% of initial transfers may be flagged or blocked automatically.
The fix? Simply call customer service (available 8 AM–8 PM, Mon–Fri). In most cases, they’ll approve the transaction and lift any restrictions.
While weekend transfers may face delays due to limited support hours, UBank remains a viable option for tech-savvy investors.
Banks with Mixed or Changing Policies
ING – From Friendly to Fading Fast
Once considered crypto-friendly, ING has seen growing reports of blocked transfers as of late 2024. Though they previously confirmed no outright bans, users now report rejections when sending funds to multiple exchanges.
Key limitations include:
- No PayID or Osko transfers over $1,000/day
- One-business-day delay on large deposits
- No business accounts — risky for traders using personal accounts commercially
While first-time flags can often be resolved via customer service, ING’s evolving stance makes it less reliable for consistent crypto activity.
Westpac – Official Ban, But Loopholes Exist?
Westpac officially prohibits deposits to all crypto exchanges. Yet real-world tests show small transfers (e.g., $200) often go through unnoticed.
Larger amounts (like $30,000) trigger immediate fraud alerts. Unlike banks that distinguish between local AUSTRAC-registered platforms and risky offshore ones, Westpac applies a blanket ban.
Still, withdrawals into Westpac accounts are unaffected — a small win for those cashing out.
Least Crypto-Friendly Banks
Commonwealth Bank (CBA)
CBA has tightened its grip, limiting individual accounts to $10,000 per month for transfers to crypto exchanges. However, recent user reports suggest a softening: many CoinJar users now experience deposits clearing within two hours.
More notably, business accounts via CommBiz appear exempt from these limits. Verified corporate users report instant transfers up to $150 million daily — highlighting a major disparity between personal and business banking rules.
👉 See how business-tier banking can unlock faster access to digital markets.
Macquarie Bank
Macquarie maintains a strict public policy: no transfers to any crypto exchange allowed. However, existing saved payees (e.g., previously used exchange addresses) may still work.
This creates a strange loophole — if you set up transfers before the policy change, you might still be able to use them. But new transactions are blocked outright.
HSBC
As of July 2024, HSBC declines all payments to cryptocurrency exchanges. The bank cites rising scam risks and irreversible transactions as justification.
There are no known exceptions — making HSBC one of the least flexible options for Australian crypto holders.
AMP Australia & Bankwest
AMP officially no longer supports crypto transactions via debit card or bank transfer. Yet some users report successful transfers — suggesting internal inconsistencies.
Bankwest blocks unrecognized payees but has been bypassed using Apple Pay. Their public messaging remains unclear, creating uncertainty for users.
Special Considerations
Business Bank Accounts: Higher Limits Apply
Across major banks — including CBA, NAB, and ANZ — business accounts enjoy significantly higher thresholds for crypto transfers.
For example:
- NAB Connect allows business transfers with verification calls only above $25K–$50K
- CBA’s CommBiz platform enables near-instant deposits after one-time verification
This tiered approach suggests banks view corporate activity as lower risk — a strategic advantage for professional traders.
SMSFs and Crypto Banking
Self-Managed Super Funds investing in crypto face additional hurdles:
- BOQ has banned SMSF use of its Money Market accounts
- Westpac requires phone approval per transfer
- ANZ offers the SMSF Cash Hub Account, with competitive rates (up to 2.05%) and easy setup
Third-party financial advisors may secure even better rates (up to 4%), though independent research is essential.
👉 Explore how institutional-grade tools can support long-term digital asset strategies.
Frequently Asked Questions
Q: Can I withdraw AUD from a crypto exchange to any Australian bank?
A: Yes — nearly all banks allow withdrawals from exchanges into your AUD account, even if they block incoming deposits.
Q: Why do banks restrict crypto transactions?
A: Primarily due to scam concerns and regulatory uncertainty. Some speculate competition with decentralized finance also plays a role.
Q: Are business accounts more crypto-friendly than personal ones?
A: Yes — major banks apply higher limits and fewer restrictions to verified business accounts.
Q: Does ANZ Plus allow unlimited crypto transfers?
A: No — ANZ Plus caps transfers at $10,000/month unless you disable "Crypto Protect" in the app. Real-world results vary.
Q: Is Wise a good bridge between crypto and banks?
A: Absolutely. Australian users can withdraw AUD from CoinJar (UK-registered) directly to Wise, then transfer to local banks seamlessly.
Q: Are there truly “crypto-friendly” banks in Australia?
A: Not officially — but ANZ, NAB, BOQ, and UBank come closest based on current policies and user experience.
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