St. George – Best Traditional Bank for Crypto Transfers

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St. George has maintained a relatively open stance towards cryptocurrency transactions, making it one of the most crypto-friendly options among traditional banks. As a subsidiary of Westpac, it operates under the same underlying policies but in practice has been considerably more lenient toward transfers to AUSTRAC-registered exchanges.

Pros

  • No explicit crypto cap on transfers
  • PayID supported for instant deposits
  • Smooth AUSTRAC-registered exchange transfers
  • Six-figure amounts reported without issues

Cons

  • Subsidiary of Westpac (policy risk)
  • First-time transfers may be flagged for review
  • Limits require form increase for large amounts

What Are St. George's Crypto Limits?

St. George doesn't publish explicit crypto-specific limits. General deposit limits apply: accounts created via Internet Banking have a daily limit of $5,000 per payee and a maximum cumulative limit of $25,000 per day, which can be increased to $100,000 through the desktop or mobile app.

Does St. George Support PayID for Crypto?

Yes. St. George supports instant Osko/PayID transfers, making it quick and easy to fund your crypto exchange account. EFT transfers typically take 1-2 business days. First-time transfers may be flagged for review, and suspicious transaction activity may cause delays.

User Experience

Users consistently report few limitations when transferring funds to exchanges like CoinSpot, Swyftx, and Independent Reserve. Some users have mentioned sending six-figure amounts to registered exchanges without any issues — though they sometimes need to complete a form to increase their limits.

Revolut Australia – Best for In-App Crypto Trading

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Revolut is the standout option if you want to buy crypto directly within your banking app. It's the only major banking provider in Australia that offers built-in crypto trading — making it incredibly convenient for casual investors or those wanting quick exposure without signing up for a separate exchange.

Pros

  • 175+ tokens available in-app, buy from $1
  • Recurring purchases for dollar-cost averaging
  • Assets held 1:1 in cold storage
  • Also supports AUD transfers to external exchanges

Cons

  • Custodial — you don't control your private keys
  • Higher fees than dedicated exchanges ($1.99 min)
  • Fair usage limits ($2k-$20k/month by plan)
  • Crypto services not AFSL regulated

What Crypto Can You Buy on Revolut Australia?

Revolut offers 175+ tokens including Bitcoin, Ethereum, Solana, XRP, Dogecoin, and many altcoins. You can buy from as little as $1, set up recurring purchases for dollar-cost averaging, and trade between crypto and fiat currencies within the app.

The crypto services are custodial — meaning Revolut holds your private keys, not you. Your assets are held 1:1 and never lent out, with the majority stored in cold storage. However, Revolut's crypto services are not regulated under their Australian Financial Services Licence.

What Are Revolut's Crypto Fees?

Fees start from 0% for Metal plan customers who meet high trading volume thresholds. Standard customers pay a minimum fee of $1.99 per trade. Fair usage limits apply: $2,000 per month on the Standard plan and $20,000 per month on Premium, with no additional fair usage fees within these limits.

If you're looking to minimise costs, compare Revolut's fees with our guide to the lowest fee crypto exchanges in Australia.

External Transfers

Revolut also allows AUD deposits to external Australian crypto exchanges. Transfers to AUSTRAC-registered platforms generally succeed, though larger or frequent crypto-related payments may be flagged or delayed.

Visit Revolut

Trading and investing involve risk. The value of your investments can go up or down, and you may lose all or part of your capital. These products may not be suitable for all investors. Please ensure you fully understand the risks involved.

Up Bank – Best Neobank for Crypto

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Up Bank, backed by Bendigo Bank, has become a go-to option for younger crypto investors thanks to its mobile-first platform and generally smooth experience with transfers to major exchanges. The app is intuitive, and PayID deposits are typically instant.

Pros

  • Mobile-first platform with intuitive design
  • Instant PayID transfers to exchanges
  • Generally crypto-friendly stance
  • Supports major AUSTRAC-registered exchanges

Cons

  • $10,000 monthly cap on crypto transfers
  • Reports of accounts closed after crypto activity
  • Inconsistent enforcement of policies

What Is Up Bank's Crypto Policy?

Up doesn't have an explicit published crypto policy, but generally supports transfers to AUSTRAC-registered exchanges including bitcoin.com.au and Independent Reserve. The bank is generally considered crypto-friendly, though occasional delays on larger or first-time transfers may occur, particularly for new customers.

What Are Up Bank's Transfer Limits?

Up Bank imposes a $10,000 monthly cap on transfers to crypto exchanges. If you try to send more than that in a single month, your transaction will be blocked. First deposits may be delayed by 1-2 business days. Osko and PayID deposits are typically instant after your first transfer.

Recent Concerns

Up Bank's crypto-friendliness has shown some cracks recently. Trustpilot reviews from late 2024 and 2025 include reports of accounts being closed after small transfers to exchanges, and some users describe inconsistent enforcement of policies.

ING Australia – Best for High-Value Transfers

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ING has historically been regarded as one of Australia's most crypto-friendly banks. The bank even operates a dedicated blockchain research program, suggesting an understanding of the digital asset space that most traditional banks lack.

Pros

  • Dedicated blockchain research program
  • High-value transfers supported ($20k-$40k)
  • No formal crypto-specific caps
  • PayID supported for instant deposits

Cons

  • Blocking some exchanges since April 2024
  • Inconsistent policy enforcement
  • Kraken transfers reportedly blocked

What Are ING's Crypto Transfer Policies?

ING doesn't impose formal crypto-specific caps, but internal thresholds apply. Instant transfers over $1,000 may be delayed to manage risk. Larger or first-time payments may face 1-2 business day holds for verification. Monthly transfer limits of $20,000-$40,000 have been reported, depending on account status.

Does ING Block Crypto Exchanges?

Unfortunately, yes — in some cases. Reddit users have reported denied transactions and account freezes after small transfers to certain platforms, including Kraken. ING doesn't publish a list of approved exchanges, and decisions are often handled case-by-case. If crypto is a regular part of your financial life, consider opening an additional account with a more consistently crypto-friendly bank.

2025 Update

Important update for 2025: From April 2024, ING began blocking transactions to some cryptocurrency exchanges. While transfers to major AUSTRAC-registered platforms like Independent Reserve often still succeed, the bank's crypto policy has become more cautious and occasionally inconsistent.

NAB – Best Big Four Bank for Crypto

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Among the Big Four, NAB is considered the most crypto-tolerant. The bank allows transfers to reputable Australian and international exchanges including CoinJar, CoinSpot, Swyftx, and Coinbase, with daily limits up to $40,000 after initial verification.

Pros

  • $40,000 daily limit — highest of the Big Four
  • Supports major exchanges (CoinJar, CoinSpot, Swyftx, Coinbase)
  • Most crypto-tolerant Big Four bank
  • Receptive to legitimate AUSTRAC-registered platforms

Cons

  • $10,000 monthly crypto-specific cap
  • Initial 72-hour hold on first transfers
  • Blocks unregistered or high-risk platforms

What Are NAB's Daily Crypto Limits?

NAB allows up to $40,000 per day in transfers to approved crypto exchanges — significantly higher than other Big Four banks. However, there's a $10,000 monthly limit on payments specifically identified as crypto-related under their newer policies. Initial transactions will likely trigger the fraud detection team, potentially causing a 72-hour hold.

Which Exchanges Does NAB Support?

NAB explicitly supports CoinJar, CoinSpot, Swyftx, and Coinbase, though this isn't an exhaustive list. The bank blocks transfers to unregistered or high-risk platforms. If you're using a major AUSTRAC-registered exchange, you should have minimal issues after the initial verification process.

Verification Process

NAB does block certain crypto exchanges associated with scam activity, but they're receptive to legitimate, AUSTRAC-registered platforms. A NAB spokesperson confirmed that initial transactions may be flagged for verification, but once cleared, future transactions should proceed smoothly.

Which Banks Should You Avoid for Crypto?

While no Australian bank is perfect for crypto, some create significantly more friction than others. Here's what to expect from the more restrictive options:

Why Is Commonwealth Bank Restrictive?

Commonwealth Bank (CBA) is one of the least crypto-friendly major banks. In June 2023, CBA introduced a hard $10,000 monthly limit on payments to cryptocurrency exchanges across all personal accounts. Any payment above this limit is automatically declined — no exceptions.

Additionally, many outgoing crypto payments are subject to mandatory 24-hour holds as part of CBA's anti-scam protocols. The bank's website explicitly states they "decline and hold certain payments" to crypto exchanges.

On the positive side, incoming withdrawals from crypto exchanges into your CBA account are processed without restriction. But if you're an active crypto investor, the outgoing restrictions make CBA impractical as your primary banking provider.

What Are Westpac's Crypto Limitations?

Westpac has taken a restrictive stance since implementing anti-scam measures in 2023. The bank imposes a $10,000 per calendar month limit on payments to cryptocurrency exchanges, and customers report frequent delays and cancelled transactions.

Westpac also blocks payments to specific exchanges including Binance. Their SaferPay system may require you to answer questions about transactions as low as $5,000-$10,000, and 48-hour account freezes for transfers as small as $2,000 have been reported.

Confusingly, Westpac's official position doesn't match user experience. A spokesperson told CoinJar they "cannot guarantee if transactions are going to be held or blocked" — making it essentially a roll of the dice.

Has Macquarie Bank Blocked Crypto Transfers?

Yes. As of late 2024, Macquarie Bank began blocking payments to crypto-related BSBs and restricting online payments to new exchange payees. Customers who saved exchange payees prior to this policy change may still be able to transact, but no new payees can be added. Expect a $10,000 monthly limit and potential blocks without clear explanation.

Can You Buy Crypto Directly Through a Bank?

Sort of — but don't expect most banks to make it easy. The only banking provider in Australia offering crypto trading inside the app is Revolut. You can buy, hold, or sell 175+ cryptocurrencies including Bitcoin, Ethereum, and various altcoins right from your mobile banking screen.

While convenient, Revolut's crypto service comes with trade-offs. The spreads and fees are higher than dedicated exchanges. Token selection, while broad, doesn't include every trending altcoin. And crucially, Revolut uses a custodial model — you don't control your private keys. For short-term trades or casual exposure, it works well. For serious investors, you'll eventually want a secure crypto wallet you control.

Commonwealth Bank attempted to launch in-app crypto trading in 2021 through a partnership with Gemini, but ASIC did not approve the product, citing concerns over fees charged to customers. No other major Australian bank currently offers direct crypto trading.

For most users, the practical solution is to use a crypto-friendly bank to fund transfers to a dedicated exchange. Banks like St. George and Up Bank make this process relatively painless for AUSTRAC-registered platforms.

What Does "Crypto-Friendly" Mean for Banks?

A crypto-friendly bank doesn't block or delay transactions to AUSTRAC-registered crypto exchanges, offers transparent policies, and provides modern tools like PayID that make managing your money — including crypto-related activity — as seamless as possible. These banks support hassle-free integration with popular exchanges like Kraken and eToro, so you don't have to contact customer support every time you make a transaction.

Why Are Banks Cautious About Crypto?

It comes down to risk appetite and regulatory pressure. In 2022, Australians lost over $3 billion to scams, with $221 million involving cryptocurrency as a payment method (ACCC Targeting Scams Report). By 2024, crypto-related scam losses dropped to $71.2 million — suggesting the banking restrictions have been effective at reducing fraud, even if they frustrate legitimate users.

Banks are particularly wary of the association between crypto and money laundering, which requires stringent compliance with AUSTRAC's anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. There's also operational concern — traditional banking systems weren't built for high-frequency crypto transactions.

What Is Debanking and How Does It Affect Crypto Users?

Debanking refers to banks closing accounts or refusing services to individuals and organisations flagged as high-risk — including those involved in cryptocurrency. It's become a significant issue, affecting both individual crypto investors and entire exchanges.

OKX Australia CEO Kate Cooper has confirmed that the exchange has seen clients and employees lose access to their bank accounts simply for engaging with the crypto ecosystem. Kraken's Australia general manager Jonathon Miller reports similar experiences.

AUSTRAC released updated guidance in March 2025 stating that banks are not mandated to have a blanket ban on crypto. The Albanese Government has also pledged to work with major banks to address debanking as part of its crypto reform agenda. However, until new legislation is enacted (expected 2026), debanking remains a real risk for crypto-active Australians.

Tip: To protect yourself, use a dedicated bank account for crypto transactions rather than risking your primary banking relationship. Stick to AUSTRAC-registered exchanges and avoid patterns that might trigger fraud alerts.

How Should You Set Up Banking for Crypto?

Getting your banking setup right can save you significant frustration. Here's what works best:

Which Payment Method Is Best for Crypto Deposits?

PayID is the clear winner for crypto investors. It's fast (often instant), free through most banks, and triggers fewer fraud alerts than other methods. PayID uses bank-backed transfers that work on weekends and public holidays, giving you an edge if you're timing market moves.

Standard EFT bank transfers work but typically take 1-2 business days. Debit cards are accepted by some exchanges but may incur higher fees. Credit cards are generally blocked by banks for crypto purchases — and even when they work, you'll pay cash advance rates and fees.

How Can You Avoid Blocked Crypto Transactions?

  • Stick to AUSTRAC-registered exchanges — These are the platforms banks recognise and tolerate. Major options include CoinSpot, Swyftx, Independent Reserve, CoinJar, Kraken, and Coinbase.
  • Keep transfers consistent — Frequent but modest amounts are less likely to raise flags than large, sudden transactions.
  • Break large transfers into smaller chunks — If you need to move $20,000, consider splitting it across multiple transactions over several days.
  • Verify your exchange account fully — Complete all KYC requirements before attempting large transfers.
  • Start with a small test transaction — Before moving large amounts, send $50-$100 to confirm the payment path works.
  • Don't open a new account just for crypto — If you open a bank account and immediately start transferring to exchanges, it will flag as suspicious activity.

Should You Use a Separate Bank for Crypto?

Yes — a dual-banking setup is strongly recommended. Keep one account for everyday banking and a separate account specifically for crypto transactions. This protects your primary banking relationship if something goes wrong.

For your crypto-dedicated account, choose from the crypto-friendly options: St. George, ING, Up Bank, or Revolut. If your crypto bank suddenly tightens restrictions, you're not left scrambling to pay rent or bills.

What Are the Tax Implications of Banking Crypto?

The Australian Tax Office (ATO) treats cryptocurrency as property for tax purposes, not as currency. This means Capital Gains Tax (CGT) applies when you dispose of crypto — including selling, trading one crypto for another, converting to fiat, or using crypto to purchase goods or services.

Key tax rules for crypto investors:

  • CGT discount: If you hold crypto for more than 12 months before disposing, you're eligible for a 50% CGT discount on any gains.
  • Record keeping: You must keep records of all transactions including dates, amounts in AUD, what the transaction was for, and the other party's details.
  • Income treatment: If you're trading as a business or receiving crypto as payment for services, it may be taxed as ordinary income rather than capital gains.

Bank transfers to and from crypto exchanges create a clear paper trail that the ATO can access. Using AUSTRAC-registered exchanges with proper KYC verification helps ensure your transactions are properly documented for tax purposes. Consider using a crypto tax calculator to stay on top of your obligations.

For more detailed guidance on how to buy cryptocurrency in Australia and managing your tax obligations, consult the ATO's cryptocurrency guidance or speak with a qualified tax professional.

What Is the Future of Crypto Banking?

The future looks cautiously optimistic. Australia is advancing a regulatory framework to bring exchanges and custody providers under AFSL licensing and ASIC oversight — essentially imposing "bank-grade standards" on digital asset platforms. The draft bill released in September 2025 is open for consultation, with final legislation expected in 2026.

This matters for banking because licensed operators with stronger governance and custody standards could reduce bank concerns about fraud and compliance risk. If exchanges operate under clearer rules, banks may be more willing to facilitate transfers without the current friction.

Spot Bitcoin ETFs launched in Australia in 2024 (including offerings from VanEck, DigitalX, and Monochrome on ASX and Cboe), providing another path for crypto exposure that sidesteps banking restrictions entirely.

The government's pledge to address debanking as part of its reform agenda is encouraging, though industry leaders remain skeptical until legislation actually passes. As Swyftx CEO Jason Titman put it: "The promise of crypto regulation at some undefined point in the future is not as important as the actual delivery of those rules."

Final Thoughts

St. George remains the top pick for traditional banking with crypto flexibility — no hard monthly caps and generally smooth transfers to AUSTRAC-registered exchanges. Up Bank is excellent for younger, mobile-first investors who don't need to move more than $10,000 per month. Revolut wins if you want the convenience of in-app crypto trading.

Among the Big Four, NAB is the most tolerable option with its $40,000 daily limit, but you'll still face friction. Avoid CBA, Westpac, and Macquarie if crypto is a regular part of your financial life.

Set up a dual-banking system: one account for everyday transactions, one for crypto. If a bank suddenly decides to tighten restrictions, you're not left stuck. And always use PayID with AUSTRAC-registered exchanges for the smoothest experience.

Ready to get started with crypto? Check out our guide to the best crypto exchanges in Australia to find the right platform for your needs, or learn how to buy Bitcoin in Australia step-by-step.

Best for:

  • ✓ St. George — Traditional bank, no explicit crypto caps
  • ✓ Up Bank — Mobile-first users under $10k/month
  • ✓ Revolut — In-app crypto trading convenience
  • ✓ ING — High-value transfers (with occasional inconsistency)
  • ✓ NAB — Best of the Big Four

Avoid for crypto:

  • ✗ CBA — $10k hard cap, 24-hour holds
  • ✗ Westpac — Frequent blocks and delays
  • ✗ Macquarie — Blocking new crypto payees entirely

Works seamlessly with crypto-friendly banks

AUSTRAC registered • PayID supported • No bank friction

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FAQs

References

  1. AUSTRAC. "Digital currencies: Managing risk in a dynamic and innovative sector."
  2. Swyftx. "Australian Crypto Survey 2025."
  3. Australian Taxation Office. "Tax treatment of cryptocurrency."
  4. Revolut Australia. "Cryptocurrency Terms."
  5. CoinJar. "Top Crypto-Friendly Banks Australia."
  6. Independent Reserve. "Crypto-friendly banks Australia 2025."