About the changes
We’ve made some changes to payments made to cryptocurrency exchanges to help keep your accounts safe from scams and fraud.
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.
Bankwest will also continue to hold or decline certain payments, including declining phases made using Bankwest Credit Cards at known crypto currency exchanges.
We will not restrict withdrawals from cryptocurrency exchanges to your Bankwest account, but individual cryptocurrency exchanges may impose their own restrictions.
Why are we making these changes?
Interest in cryptocurrencies has been increasing and we’re seeing a growing number of customers losing funds to cryptocurrency scams.
The ACCC Targeting Scams report revealed over $220 million was lost to scammers through cryptocurrency in 2022.
With this figure expected to rise significantly in the year ahead, we’re implementing measures to help reduce the incidence of scams and fraud.