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Due to the unregulated and risky nature of virtual currencies such as Bitcoin, Bankwest customers will no longer be able to use their credit cards to buy virtual currencies effective 14 February 2018.
Info at your fingertips
Why is Bankwest making this change?
Given the risk associated with the relative immaturity and volatility of these currencies seen in recent months, we will no longer authorise payments on credit cards to protect our customers.
As the virtual currency market develops and becomes better regulated, we may review our position.
Are other Australian Bank’s authorising these payments?
In line with Commonwealth Bank, Bankwest will not authorise payments on credit cards for virtual currency merchants.
Other financial institutions will act according to their risk appetite.
Can I still get credits paid to my credit card?
Yes, credits will continue to be authorised by the Bank onto credit cards.
If you still need help you can speak to someone from the team.