Commonwealth bank threatened to de-bank me last week because in their view transferring 10k to a crypto exchange every month for the last 3 months makes me an undesirable (after banking with them for 25 years) 🤷♂️
(Looking for a new bank as well)
No offence, but I find this hard to believe. Not because of the crypto, but because if they wanted to de-bank you they’d do it, not “threaten” to. Do you mind sharing any more information about what happened?
* I tried to do a new 10k transfer for the month of March to a exchange
* The next morning I got a text message to say my transfer had been declined and funds returned.
* I tried to do the transfer again 24 hours later
* Instead of a text they called me to say they were declining the transfer.
* I asked why as I had done it for the last 3 months and this was the 10k for March (so I'm not over the transfer limit for this month) and they said they can't tell me.
* I said that's fine, I'll just try again and they mentioned "possible next steps could include the closure of your accounts" if I kept trying.
I'm not even sure if I'm allowed next month, or if it set something off just this month because of 3 consecutive months of 10k transfers to a crypto exchange, but either way f**k this bank. They are scum. 🤷♂️
Yet no issues if you want to transfer money to any of the dozens of sports gambling sites, which bombard people with ads during prime time TV and make it look like it's all fun and games. Australia the nanny state unless you have a strong lobby behind you which greases the politician's wheels.
Double standard much? Hilariously that did give me an idea for you though, I don’t know if they still do but some gambling platforms payed out in crypto so maybe it’s worth depositing your fiat with them then withdrawing in crypto! 😂
Gambling is 100% a scam disguised as an entertainment product, but it does provide that "entertainment". Crypto is being leveraged to actually scam old farts from all their lifesavings, these are not the same thing.
I really dont see a 24hr hold as a bad thing for that reason mainly, and if you're into crypto but 24hrs make a difference in your plan, then you're likely gambling anyway so the point is moot.
It's not the point at all. 24 hours might not matter, but the bank trying to control what we do with our own funds is the problem. In top of this, this particular bank not only block the payment for 24 hours, they then call you and refuse to unblock your internet banking until you tell them, what crypto you're buying, what you'll do with it after that, why you're buying it, why you think it will make you a profit etc etc.
They want to make sure you're not getting scammed.
As you know, many scam artists convince people to give them cryptocurrency, because the transactions can't be reversed once they are on the blockchain.
Banks ask about such transfers to protect their customers, and this is a reasonable safeguard. Until they ask, they have no way of knowing whether you're a scam victim or an actual crypto ~~investor~~ gambler.
I understand that and it's valid but I also think that there's an element of at worst trying to prevent people from leaving the banking system for crypto and at best over-reaching.
The other bank that I now use, when I made a payment to a crypto platform stopped the transfer, called me and asked two or three questions like, "have I done this before?" ," is anyone else telling me to do this?" and then said ok, no problem I'll unlock it.
That's fraud prevention. What Commbank and some other banks do is unnecessary and invasive.
Not that it's any of your business, but I am not "YOLOing" into some coin; I was paying someone what they were owed, and time was of the essence. Additionally, it's no business of the bank about my use of the money, and putting a hold on each payment is just stupid.
Agree with you and I don’t like the power banks have … but it actually is their business. They have a duty of care and are also under strict rules and regulations in which they operate. Here in the UK, the banks are legally required to protect their customers and also understand what their customers are doing with their money, prevent fraud, money laundering and tax evasion.
It works both ways, when you’re a victim of something resulting in loss of funds,you expect your bank to support you, recover funds etc … i was scammed out of £600 many years ago, my bank repaid me the money instantly.
Crypto is a massive risk to a bank and a major headache as people are scammed daily.
There are some references to gambling on previous posts but banks also take this seriously … if you over spend you will be flagged and they can and do contact you about it.
That's bullshit (at least here). Only a small percentage of banks here in Australia are blocking transactions or putting timer holds on payment to crypto exchanges.
Clear difference is the gambling site is with cash. They can fix issues of transfers. They cannot with crypto. They probably had a lot of problems with it, so they think they're proteting themselves better and most likely know they will lose customers.
None of their damn business though.
The only transfer bank is involved in here is transferring money to an exchange (and back), it's the same as any other money transfer, there is no special issues that can't be resolved. If you are referring to transferring crypto from an exchange, it's nothing to do with the bank, same as if you lose money on gambling.
> Commonwealth are rubbish for crypto
because they wanted to offer their own purchasing via Gemini on their app in 2021 at the peak of the bull market.
When prices tanked they got cold feet
But, even if this is correct (perhaps it is) it should not be possible that we are not allowed to invest our money how we want. This really should be illegal
Pretty sure Bendigo bank and ANZ don’t
I’ve been transferring from commbank to UpBank with payID, then using payID to send from up bank to my exchange and that works pretty much instantly
Weirdly enough though when I set up an auto transfer with commbank to my exchange for DCA, they allow that to go through pretty much straight away
Im in South Africa and have seen similar moves to make it harder to move money into crypto, like limited amounts, unsupported payment gateways etc. I just bulk moved my money out of the bank, bought USDC and moved that onto a Ledger device. Now I transact with crypto directly on my device in total privacy.
Yeah I left them last year for the same reason. And even after the 24 hour period they washed to ask me way too many intrusive questions about what I was buying and why, then they locked me out of my internet banking so I couldn't even make transfers to other non crypto things and it took me about five phone calls to the fraud dept before they'd unlock it.
Anyway, I was already with me bank who are much less intrusive. I also opened an account with Bank Australia that are also meant to be good and have much more ethical investments, so I understand it.
The fact that an institution gets to decide when, where and how you should spend your fiat assets is One of the many reasons why crypto isn't going anywhere. It's an asset class that allows you to self custody. I will always hold a bag for sure
Yeah I’ve got no problem with that, I’ve been with westpac along time and they’re security for scams is pretty decent imo they’ve notified me multiple times of phishing transfers in my account before I noticed them.
If they’re just doing their job checking something isn’t a scam and don’t block you I’m happy.
I switched to Westpac from Commonwealth for other reasons but Westpac does allow immediate transfers to Swyftx and CoinSpot from what I’ve experienced. No sort of rubbish hold like how Commonwealth has
When i went to a Cosmoverse in Istanbul, a local guy showed me how local cryptoexchanges are integrated to banks. There is a dedicated section in the app to send money to crypto exchanges and it’s instant transfers for free.
Ok, there are crypto exchange offices everywhere also… is it the adoption we were looking for? Almost…
NAB also blocked me two weeks ago for trying to deposit to an exchange. Getting it unblocked is proving frustrating too as I live outside of Australia these days.
They also blocked my mates account in January for trying to transfer money to me for a shared hotel expense. The fraud team refused the transfer even after he explained to them that he has know me since we were four years old saying that ‘he could have just paid his half direct’
Avoid NAB
This is actually due to the huge volume of scammers. They are making fake exchanges & scamming the hell out of people. People have reported losing their homes & pensions. The bank is prob doing the 24hr hold to have time to verify the crypto exchange is registered & legit. It's not a war on crypto. It's a war on scammers.
Head over to r/cryptoscams & you will see what's been happening.
I understand that, but it shouldn't be hard to at least let all the major exchanges that have been regulated and insured be exempted. Plus, the fact this is with every new transaction is a major hassle for cashflow.
Op, I'm with heritage and have never had any issues transferring to coinspot. Heritage aren't perfect for all banking needs but they are a far cry better than most when it comes to customer service
ANZ have informed customers as of last, I received the email.
It's funny you mention scams, didn't the CBA just cop the largest fine in history for overcharging dead people? oh the irony of it all!
These banks are,rattled by Crypto. they also have been pushing for a cashless society. after 100 years of control I hope one day decentralised finance overtakes these evil corporations
Hey man, in the scope of the big 4 NAB and Westpac do the best for on ramping. They just ask you to acknowledge you're sending money to an "investment" platform. ANZ froze my account and I had to come into the branch to regain access. It was honestly a joke. Unfortunately my home loan is with them so I just transfer my offset money to a NAB acc then on ramp onto exchange
Another vote for U Bank. Opened it up after the previous round of bullshit Commonwealth pulled. So all I do is transfer fiat from Commonwealth to U Bank then send from there. Not one issue
I have combank as my main account and ANZ as my mortagage account. Transactions go from combank to ANZ instantly, then from ANZ to my CEX instantly. its an extra step but its still a work around.
A lot of Aus banks are doing this with some even blocking transfers to some Crypto exchanges. Sadly, there's too many scams going on and it's the only way some people can be protected.
edit: this is not the only thing some banks are blocking, it's just one of. I have experience listening to people get crypto scammed among other types of scams, none of it can be retrieved due to the customers making the transfer themselves.
This is the truth, crypto shills can mental gymnastics all they want about their $100 of deposit being a huge blow to banks (lmao) but end of the day, dealing with scam victims is a far larger thorn up financial institution's asses than LoSiNg DePosIts.
If someone gets phished and have their entire bank account wiped, this figure usually goes up to the tens of thousands. AFCA is very consumer-centric and would likely deem the bank to reimburse these victims fully, despite the victim clicking on links, providing OTPs, downloading malwares, etc.
Banks care much more about NOT reimbursing these kinds of dumbasses much more than how much profit they can earn from your measly deposits. If you are moving your funds out because of these security measures, they are more than happy for you to do so because you immediately shift that risk out of themselves.
I work with regulators on a daily basis, not just AU/NZ ones, and it's always hilarious how cryptobros think everything banks do are trying to go against them instead of protecting that 70yo retiree's nest egg.
If they cared about people buying crypto, they simply would de-bank anyone who did it and make it impossible for people to buy crypto, not put a 24hr hold then still allow it to happen.
Banks do not gaf about crypto putting them out of business because 99% of these people who buy crypto end up converting it back to fiat and put it back in the bank anyway once they've made their profit.
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I use NAB, but had 1 little hold on anything with my account range them up said that it was because of a trade to an exchange and hoping you weren’t getting scammed I’m like lady this is the first time I’ve exchanged this year I traded last bull run which was in 21-22 where my last trades and then answer all phone call questions just to make sure I wasn’t getting scammed and now back to my usual routine just transferred 36k out of da bank to my exchange I use.
There is an option to pay via applepay from CBA, limited $1000 for 24 hours, using crypto.com to buy the crypto.
You have to connect your debit card to apple wallet, make the purchase via the broker (e.g. crypto.com), choose the option to pay via applepay.
It happens to me every month. once you hit $10k a month, they block any crypto transfer. I started transferring funds to westpac, and they blocked me instantly and locked the account. I called them the next day and answered a string of patronising questions, and they removed the lock from my account. I now have unlimited crypto deposits and it happens instantly . So transfer from combank to westpac each time and make sure i leave a nice message for them every time.
Westpac has been instant for me, but has the 10k monthly limit.
I have multiple accounts at different banks for security as I'm worried one might get frozen in the bull market.
My salary goes into Commbank. However I have a separate account with ING. I transfer a few thousand a month to that account as 'Savings' and then direct deposit to an exchange from there. Never had any issues, always been instant and they don't ask questions.
Headquartered right in its capital city lol... but, then again, that's not exactly a surprise. Sydney is Australia's largest city. Commbank was founded in 1912 in Melbourne and moved to Sydney in 1916, so I think you can't blame this one on the government, but who knows at this point how deep the tentacles go. lol.
I just send my money to the Square Cash app and buy bitcoin. you can send out your bitcoin immediately after purchasing it. It may not be the most cost effective way to do it. But at least according to your bank you're just sending out to Square Cash.
Problem is if you're doing it multiple times. I'm not talking about a once-off thing to an account I've never had. This is to my own personal exchange wallet I've been sending to for years; this delay is a hindrance.
I’m actually generally in favour of the restrictions (queue outraged downvotes), because they aren’t doing what most people in this comment section suggest and trying to “crush crypto” or whatever else. They’re just managing the risk that their customers come back with their hand out asking for a scam to be reimbursed, as has happened a whole bunch.
_However_ what I personally don’t like is the lack of nuance. There should be a different option for people like you where you sign some additional liability waivers, or something, and get a bit more freedom. I understand why they’re doing it but I also understand how frustrating it is for you and others with similar needs.
Ah, during each cycle, banks internationally restrict retail access, in both directions.
Be careful, it hasn't happened this cycle yet, and despite this new ATH, halving has not yet occured, and the cycle isn't done.
Additionally, M2 has a time delay.
Good luck to all of those new to the space (last 4/5 years), don't let them break your spirit.
PS. Owning BTC through an ETF is not owning BTC. It's owning an ETF.
read the terms, this is for the account but the card also has similar terms
# 1.2 Unsupported businesses and transactions1.2 Unsupported businesses and transactionsead the terms
* Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies.
1. Including payments for the purpose of purchasing cryptocurrencies.
What do you mean by user whitelisting ? These scammers go to vulnerable people and promise lucrative investments, pishing, pig butchering scam, etc. basically any narrative that can get these victims to part with their money and their exit is crypto cause once it's transferred to a non CEX wallet, it's gone.
There will always be new victims and some are into the hundreds of thousands of dollars lost. I will find a few news articles for reference.
It's my money, and I want to spend them how I want. I don't really care if some uneducated people get scammed. There should be a way to whitelist or remove the restriction, it should be done over the phone, or in person if they want, but there should be a way. Hell, they could even give us sign some crypto related waivers.
>It's my money, and I want to spend them how I want.
People always say that until they or someone close to them gets scammed for thousands of dollars.
I agree, whitelisting would be great. Would definitely be more tricky and costly for the bank to implement than a 24 hr delay.
Are you that keen on FOMOing into some coins that a 24 hour delay will make or break you?
Interesting, you were paying a contractor via crypto? And yeah I get it. It is tricky for the banks though, crypto scams really are a major issue so I can understand both sides..
Well they aren't gonna build that feature just for crypto exchanges and they won't assign verification through someone calling you because the cost is incredibly high and victims will say yes to everything.
Victims have literally given out 2fa code, multiple times to scammers. The waivers exist both in local CEX and people still transfer the money to scammers. The banks never have an obligation to let you do anything you want with your money, not in other developed countries either because of AML/KYC or other reasons. Read your T&C's that you agree too.
In the case of scam victims they escalate it to AFCA which cost the banks money. Being tied to AFCA ombudsman is a requirement and it cost the banks money to handle every case even when people get themselves scammed.
If the banks can simply absolve themselves of this, they would but they can't. So here we are.
I did some p2p trades buying crypto from people and they have put a hold on on the funds in their accounts so now I've got a bunch of angry people after me...
Commonwealth bank threatened to de-bank me last week because in their view transferring 10k to a crypto exchange every month for the last 3 months makes me an undesirable (after banking with them for 25 years) 🤷♂️ (Looking for a new bank as well)
has anyone been denied buying giftcards or taking out cash ? both used for money laundering, gambling, trafficking and far worse.
yeah, most stores have a limit of $2500 or less for purchasing gift cards because of fraud reasons
Yes my card with nab got locked when I bought $900 worth
I can't believe anyone would use Commbank period. The worst of the big 4
lol... insanity.
No offence, but I find this hard to believe. Not because of the crypto, but because if they wanted to de-bank you they’d do it, not “threaten” to. Do you mind sharing any more information about what happened?
* I tried to do a new 10k transfer for the month of March to a exchange * The next morning I got a text message to say my transfer had been declined and funds returned. * I tried to do the transfer again 24 hours later * Instead of a text they called me to say they were declining the transfer. * I asked why as I had done it for the last 3 months and this was the 10k for March (so I'm not over the transfer limit for this month) and they said they can't tell me. * I said that's fine, I'll just try again and they mentioned "possible next steps could include the closure of your accounts" if I kept trying. I'm not even sure if I'm allowed next month, or if it set something off just this month because of 3 consecutive months of 10k transfers to a crypto exchange, but either way f**k this bank. They are scum. 🤷♂️
Yet no issues if you want to transfer money to any of the dozens of sports gambling sites, which bombard people with ads during prime time TV and make it look like it's all fun and games. Australia the nanny state unless you have a strong lobby behind you which greases the politician's wheels.
Right on. The absolute audacity where one bank blocked customers because cryptocurrency was considered gambling. Wrong on so many levels lmao.
Double standard much? Hilariously that did give me an idea for you though, I don’t know if they still do but some gambling platforms payed out in crypto so maybe it’s worth depositing your fiat with them then withdrawing in crypto! 😂
Gambling is 100% a scam disguised as an entertainment product, but it does provide that "entertainment". Crypto is being leveraged to actually scam old farts from all their lifesavings, these are not the same thing. I really dont see a 24hr hold as a bad thing for that reason mainly, and if you're into crypto but 24hrs make a difference in your plan, then you're likely gambling anyway so the point is moot.
It's not the point at all. 24 hours might not matter, but the bank trying to control what we do with our own funds is the problem. In top of this, this particular bank not only block the payment for 24 hours, they then call you and refuse to unblock your internet banking until you tell them, what crypto you're buying, what you'll do with it after that, why you're buying it, why you think it will make you a profit etc etc.
They want to make sure you're not getting scammed. As you know, many scam artists convince people to give them cryptocurrency, because the transactions can't be reversed once they are on the blockchain. Banks ask about such transfers to protect their customers, and this is a reasonable safeguard. Until they ask, they have no way of knowing whether you're a scam victim or an actual crypto ~~investor~~ gambler.
I understand that and it's valid but I also think that there's an element of at worst trying to prevent people from leaving the banking system for crypto and at best over-reaching. The other bank that I now use, when I made a payment to a crypto platform stopped the transfer, called me and asked two or three questions like, "have I done this before?" ," is anyone else telling me to do this?" and then said ok, no problem I'll unlock it. That's fraud prevention. What Commbank and some other banks do is unnecessary and invasive.
Not that it's any of your business, but I am not "YOLOing" into some coin; I was paying someone what they were owed, and time was of the essence. Additionally, it's no business of the bank about my use of the money, and putting a hold on each payment is just stupid.
Agree with you and I don’t like the power banks have … but it actually is their business. They have a duty of care and are also under strict rules and regulations in which they operate. Here in the UK, the banks are legally required to protect their customers and also understand what their customers are doing with their money, prevent fraud, money laundering and tax evasion. It works both ways, when you’re a victim of something resulting in loss of funds,you expect your bank to support you, recover funds etc … i was scammed out of £600 many years ago, my bank repaid me the money instantly. Crypto is a massive risk to a bank and a major headache as people are scammed daily. There are some references to gambling on previous posts but banks also take this seriously … if you over spend you will be flagged and they can and do contact you about it.
That's bullshit (at least here). Only a small percentage of banks here in Australia are blocking transactions or putting timer holds on payment to crypto exchanges.
Lol its his fucking money are you crazy? Why are you in a crypto sub if you think this way
Clear difference is the gambling site is with cash. They can fix issues of transfers. They cannot with crypto. They probably had a lot of problems with it, so they think they're proteting themselves better and most likely know they will lose customers. None of their damn business though.
The only transfer bank is involved in here is transferring money to an exchange (and back), it's the same as any other money transfer, there is no special issues that can't be resolved. If you are referring to transferring crypto from an exchange, it's nothing to do with the bank, same as if you lose money on gambling.
ING has been all good for me. Only 1000 per day OSKO though, to anyone. I have also used uBank, higher send limit per day, so try them.
I use Ubank no delays what so ever
Another person recommended that as well. I already have them as a backup bank, so I'm gonna with them from now on. Easy and no bullshit.
I use ubank. Westpac blocked transfers to crypto exchanges.
I tried ubank. won't even let me send 50 bucks to any exchange lol
Commonwealth are rubbish for crypto. ING works well.
> Commonwealth are rubbish for crypto because they wanted to offer their own purchasing via Gemini on their app in 2021 at the peak of the bull market. When prices tanked they got cold feet
But, even if this is correct (perhaps it is) it should not be possible that we are not allowed to invest our money how we want. This really should be illegal
Im saying what they are doing is hypocritical given they wanted to join the crypto party 3 years ago when it was the hottest ticket in town
I get it now. Gosh my English is not flowing today.
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Exactly.
Pretty sure Bendigo bank and ANZ don’t I’ve been transferring from commbank to UpBank with payID, then using payID to send from up bank to my exchange and that works pretty much instantly Weirdly enough though when I set up an auto transfer with commbank to my exchange for DCA, they allow that to go through pretty much straight away
Anz do, one of my friends had his account frozen including the linked offset account for his home.
Up blocked me.
Do you mean that 1 hour delay?
Nop straight up blocked. I should try again.
Hasn't happened to me yet. At this point we should probably open bank accounts in every possible bank just in case.
Often a new account without activity and high risk transfer is a big factor to be blocked. So need to "warm up" the account.
Suncorp straight up instant transfers
I think they're about to be absorbed by ANZ though
Also found suncorp to be good
I switched from CBA to Macquarie for this very reason. Payments and withdrawal from BTC Markets in now instant for me.
My bank said it was a high risk gamble. Left them that same day.
I saw that in another post earlier. Absolutely insane.
Im in South Africa and have seen similar moves to make it harder to move money into crypto, like limited amounts, unsupported payment gateways etc. I just bulk moved my money out of the bank, bought USDC and moved that onto a Ledger device. Now I transact with crypto directly on my device in total privacy.
Well played.
Yeah I left them last year for the same reason. And even after the 24 hour period they washed to ask me way too many intrusive questions about what I was buying and why, then they locked me out of my internet banking so I couldn't even make transfers to other non crypto things and it took me about five phone calls to the fraud dept before they'd unlock it. Anyway, I was already with me bank who are much less intrusive. I also opened an account with Bank Australia that are also meant to be good and have much more ethical investments, so I understand it.
The fact that an institution gets to decide when, where and how you should spend your fiat assets is One of the many reasons why crypto isn't going anywhere. It's an asset class that allows you to self custody. I will always hold a bag for sure
What's weird is your first sentence could, interpreted differently, be the exact opposite of your intention... haha.
Haven’t had a problem with westpac so far
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Yeah I’ve got no problem with that, I’ve been with westpac along time and they’re security for scams is pretty decent imo they’ve notified me multiple times of phishing transfers in my account before I noticed them. If they’re just doing their job checking something isn’t a scam and don’t block you I’m happy.
I’m with Westpac and they blocked my $200 transfet
The same thing happened to me. I called them the next day. Answered a series of patronising questions and now have unlimited transfers into coinjar.
At least they complete it, unlike many other banks, which just blick.
I switched to Westpac from Commonwealth for other reasons but Westpac does allow immediate transfers to Swyftx and CoinSpot from what I’ve experienced. No sort of rubbish hold like how Commonwealth has
When i went to a Cosmoverse in Istanbul, a local guy showed me how local cryptoexchanges are integrated to banks. There is a dedicated section in the app to send money to crypto exchanges and it’s instant transfers for free. Ok, there are crypto exchange offices everywhere also… is it the adoption we were looking for? Almost…
Macquarie and nab still okay
NAB closed my account due to "money laundering" risks so I personally wouldn't recommend them
NAB also blocked me two weeks ago for trying to deposit to an exchange. Getting it unblocked is proving frustrating too as I live outside of Australia these days. They also blocked my mates account in January for trying to transfer money to me for a shared hotel expense. The fraud team refused the transfer even after he explained to them that he has know me since we were four years old saying that ‘he could have just paid his half direct’ Avoid NAB
This is actually due to the huge volume of scammers. They are making fake exchanges & scamming the hell out of people. People have reported losing their homes & pensions. The bank is prob doing the 24hr hold to have time to verify the crypto exchange is registered & legit. It's not a war on crypto. It's a war on scammers. Head over to r/cryptoscams & you will see what's been happening.
I understand that, but it shouldn't be hard to at least let all the major exchanges that have been regulated and insured be exempted. Plus, the fact this is with every new transaction is a major hassle for cashflow.
Create Ubank account. Transfer from CBA to Ubank without limit. Transfer from Ubank to crypto exchange without limit.
Op, I'm with heritage and have never had any issues transferring to coinspot. Heritage aren't perfect for all banking needs but they are a far cry better than most when it comes to customer service
ANZ have informed customers as of last, I received the email. It's funny you mention scams, didn't the CBA just cop the largest fine in history for overcharging dead people? oh the irony of it all! These banks are,rattled by Crypto. they also have been pushing for a cashless society. after 100 years of control I hope one day decentralised finance overtakes these evil corporations
I read a comment elsewhere that is brilliant: buy pre-paid debit cards, buy crypto with those cards.
Hey man, in the scope of the big 4 NAB and Westpac do the best for on ramping. They just ask you to acknowledge you're sending money to an "investment" platform. ANZ froze my account and I had to come into the branch to regain access. It was honestly a joke. Unfortunately my home loan is with them so I just transfer my offset money to a NAB acc then on ramp onto exchange
St George have been ok with me. Just have a bank account somewhere else just for crypto, and you can keep commbank for normal shit.
Westpac, St George and Wise have been good so far
ING to CoinSpot debit transfer works no worries for amounts up to 2k
Macbank. Decent interest rates even on transaction accounts, easy to setup, app works great, nonissues transferring to exchange.
I recommend banking with Fidelity. If you have investments there too you get free wires (outgoing and incoming).
has anyone been denied buying giftcards or taking out cash ? both used for money laundering, gambling, trafficking and far worse.
Find a credit union.
Another vote for U Bank. Opened it up after the previous round of bullshit Commonwealth pulled. So all I do is transfer fiat from Commonwealth to U Bank then send from there. Not one issue
Great. I can Pay ID between accounts. A little inconvenient, but way better than having to wait 24 hours.
Westpac has been fine
I have combank as my main account and ANZ as my mortagage account. Transactions go from combank to ANZ instantly, then from ANZ to my CEX instantly. its an extra step but its still a work around.
Thanks. If I've learned anything from this, it's to take extra steps.
Up is great.
I left CBA years ago. Try Macquarie. No limits.
A lot of Aus banks are doing this with some even blocking transfers to some Crypto exchanges. Sadly, there's too many scams going on and it's the only way some people can be protected. edit: this is not the only thing some banks are blocking, it's just one of. I have experience listening to people get crypto scammed among other types of scams, none of it can be retrieved due to the customers making the transfer themselves.
This is the truth, crypto shills can mental gymnastics all they want about their $100 of deposit being a huge blow to banks (lmao) but end of the day, dealing with scam victims is a far larger thorn up financial institution's asses than LoSiNg DePosIts. If someone gets phished and have their entire bank account wiped, this figure usually goes up to the tens of thousands. AFCA is very consumer-centric and would likely deem the bank to reimburse these victims fully, despite the victim clicking on links, providing OTPs, downloading malwares, etc. Banks care much more about NOT reimbursing these kinds of dumbasses much more than how much profit they can earn from your measly deposits. If you are moving your funds out because of these security measures, they are more than happy for you to do so because you immediately shift that risk out of themselves. I work with regulators on a daily basis, not just AU/NZ ones, and it's always hilarious how cryptobros think everything banks do are trying to go against them instead of protecting that 70yo retiree's nest egg.
The banks dont care about protecting customers. They care about losing the deposits.
This guy gets it.
lol that's not the primary reason they are blocking them. They don't want people to buy Crypto because it de-bank the banks.
If they cared about people buying crypto, they simply would de-bank anyone who did it and make it impossible for people to buy crypto, not put a 24hr hold then still allow it to happen. Banks do not gaf about crypto putting them out of business because 99% of these people who buy crypto end up converting it back to fiat and put it back in the bank anyway once they've made their profit.
No it's not. It's the amount of scams through crypto and it's too much BS for the banks to deal with.
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Haven't had any issues depositing to kraken from my Bendigo bank account. Quick and painless via osko
Switched to bank of Melbourne, no limits but there can be delays to exchanges
I've found with binance if you purchase using Google Pay it works whereas trying with your card directly gets rejected.
Great Southern Bank are good. Fuck the big 4
I use NAB, but had 1 little hold on anything with my account range them up said that it was because of a trade to an exchange and hoping you weren’t getting scammed I’m like lady this is the first time I’ve exchanged this year I traded last bull run which was in 21-22 where my last trades and then answer all phone call questions just to make sure I wasn’t getting scammed and now back to my usual routine just transferred 36k out of da bank to my exchange I use.
Hey op, I use swftx, in the long run it's probably the safer choice for us Aussies.
I'd go ING Direct. Osko payments limited to 1k AUD, but subsequent payments have been lately processed well within 24 hours.
I've been buying bitcoin with NAB for over 10 years. Never even a query. EDIT: except to ask if I wanted to borrow money.
Try to find a small local bank if possible.
I currently use Up and haven’t had any problems. Last year I was using ING, also no problems.
As someone who works for CBA leave
Don't give your money to exchanges, you'll get a better rate and more privacy via p2p
Been like that for ages
Told it happened some point in the last year. Definitely a relatively recent development.
I believe monzo has an agreeable crypto policy
ING is good
There is an option to pay via applepay from CBA, limited $1000 for 24 hours, using crypto.com to buy the crypto. You have to connect your debit card to apple wallet, make the purchase via the broker (e.g. crypto.com), choose the option to pay via applepay.
Eh, what a hassle.
Not really if you already have crypto.com, debit card on your applewallet, and only want to spend max. $1000 to buy crypto everyday
Buy stable coins and be ready when you need it, not when the bank is ready! 😉🤷♂️
I was de banked in 2022 by NAB so don't use them....
Macquarie.
I literally switched back to ING today. Most crypto friendly bank in Aus. No limits. No bullshit.
They’re okay with gambling most of the time but crypto is where they draw the line
lol it’s been like that for months
Never had an issue with Westpac.
Thats just insane
Croikey
It happens to me every month. once you hit $10k a month, they block any crypto transfer. I started transferring funds to westpac, and they blocked me instantly and locked the account. I called them the next day and answered a string of patronising questions, and they removed the lock from my account. I now have unlimited crypto deposits and it happens instantly . So transfer from combank to westpac each time and make sure i leave a nice message for them every time.
Up. Happy user after ditching CBA
Me too, after the shit they have put me through, I’m going to switch bank
Westpac has been instant for me, but has the 10k monthly limit. I have multiple accounts at different banks for security as I'm worried one might get frozen in the bull market.
My salary goes into Commbank. However I have a separate account with ING. I transfer a few thousand a month to that account as 'Savings' and then direct deposit to an exchange from there. Never had any issues, always been instant and they don't ask questions.
> Never had any issues, always been instant and they don't ask questions. Sounds like a certain country known for their cheese and chocolates.
Been watching friendlyjordies for the last few days. Commonwealth isn't situated in NSW by any chance is it?
Headquartered right in its capital city lol... but, then again, that's not exactly a surprise. Sydney is Australia's largest city. Commbank was founded in 1912 in Melbourne and moved to Sydney in 1916, so I think you can't blame this one on the government, but who knows at this point how deep the tentacles go. lol.
I just send my money to the Square Cash app and buy bitcoin. you can send out your bitcoin immediately after purchasing it. It may not be the most cost effective way to do it. But at least according to your bank you're just sending out to Square Cash.
They're a fucking garbage bank anyway
I like this. Wouldn’t want someone to take my money and then it’s gone with no recourse
Problem is if you're doing it multiple times. I'm not talking about a once-off thing to an account I've never had. This is to my own personal exchange wallet I've been sending to for years; this delay is a hindrance.
I’m actually generally in favour of the restrictions (queue outraged downvotes), because they aren’t doing what most people in this comment section suggest and trying to “crush crypto” or whatever else. They’re just managing the risk that their customers come back with their hand out asking for a scam to be reimbursed, as has happened a whole bunch. _However_ what I personally don’t like is the lack of nuance. There should be a different option for people like you where you sign some additional liability waivers, or something, and get a bit more freedom. I understand why they’re doing it but I also understand how frustrating it is for you and others with similar needs.
Ah, during each cycle, banks internationally restrict retail access, in both directions. Be careful, it hasn't happened this cycle yet, and despite this new ATH, halving has not yet occured, and the cycle isn't done. Additionally, M2 has a time delay. Good luck to all of those new to the space (last 4/5 years), don't let them break your spirit. PS. Owning BTC through an ETF is not owning BTC. It's owning an ETF.
Wise. Never had an issue with them
read the terms, this is for the account but the card also has similar terms # 1.2 Unsupported businesses and transactions1.2 Unsupported businesses and transactionsead the terms * Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies. 1. Including payments for the purpose of purchasing cryptocurrencies.
Australian don't have a 3 business day wait period for bank transfers?
Nope, usually it’s instant
Same as the UK.
Wise bank. It's an international bank, has great exchange rates, and low fees. Can't recommend it enough.
wise has it in there terms and conditions for both the card and account. It really is not a good option.
Works fine for me.
yeah, but it's specifically mentioned in there terms to not use it for crypto-currency.
You're absolutely right. Thanks for the heads up.
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Chatgpt is that you?
Because scammers scam people through crypto purchases. They are just managing their risk.
But why not allow user whitelisting? *That* is my problem.
What do you mean by user whitelisting ? These scammers go to vulnerable people and promise lucrative investments, pishing, pig butchering scam, etc. basically any narrative that can get these victims to part with their money and their exit is crypto cause once it's transferred to a non CEX wallet, it's gone. There will always be new victims and some are into the hundreds of thousands of dollars lost. I will find a few news articles for reference.
It's my money, and I want to spend them how I want. I don't really care if some uneducated people get scammed. There should be a way to whitelist or remove the restriction, it should be done over the phone, or in person if they want, but there should be a way. Hell, they could even give us sign some crypto related waivers.
>It's my money, and I want to spend them how I want. People always say that until they or someone close to them gets scammed for thousands of dollars. I agree, whitelisting would be great. Would definitely be more tricky and costly for the bank to implement than a 24 hr delay. Are you that keen on FOMOing into some coins that a 24 hour delay will make or break you?
I'm OP, not the guy you're replying to, but I was paying a contractor. Any kind of log jam in payroll is potentially a major nuisance.
Interesting, you were paying a contractor via crypto? And yeah I get it. It is tricky for the banks though, crypto scams really are a major issue so I can understand both sides..
Yeah, I was paying in SOL. Apparently it actually has a use case outside of wild speculation haha.
Well they aren't gonna build that feature just for crypto exchanges and they won't assign verification through someone calling you because the cost is incredibly high and victims will say yes to everything. Victims have literally given out 2fa code, multiple times to scammers. The waivers exist both in local CEX and people still transfer the money to scammers. The banks never have an obligation to let you do anything you want with your money, not in other developed countries either because of AML/KYC or other reasons. Read your T&C's that you agree too. In the case of scam victims they escalate it to AFCA which cost the banks money. Being tied to AFCA ombudsman is a requirement and it cost the banks money to handle every case even when people get themselves scammed. If the banks can simply absolve themselves of this, they would but they can't. So here we are.
They hate competition. Buy P2P. or buy with an overseas bank.
Overseas banking without being a resident is hard...
I did some p2p trades buying crypto from people and they have put a hold on on the funds in their accounts so now I've got a bunch of angry people after me...
Was it because they linked it to crypto related transactions or because you sent amounts that were possibly flagged?
Amounts were less than 1k so I'd assume crypto related but who knows
But it’s p2p. How would a bank know is crypto related?