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Important changes regarding certain payments to cryptocurrency exchanges

The Commonwealth Bank Group is responding to the increasing amount of funds being lost to cryptocurrency scams.

We will continue to provide further updates of new changes to protect our customers from cryptocurrency scams and fraud.

Last updated: 2 October 2023

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.

Frequently asked questions​

Any payments above the monthly limit of $10,000 may be declined.

For example:

  • If you transfer $10,500 to an account we believe to be associated with a cryptocurrency exchange, this full payment of $10,500 will be declined.
  • If you have already transferred $9,000 in the calendar month to any account or combination of accounts we believe to be associated with cryptocurrency exchanges and you attempt to transfer an additional $1,500 within the same calendar month, this payment of $1,500 will be declined.

For joint accounts and accounts with signatory access, each account holder can make payments up to $10,000 from the same account as long as this is within their own total limit of $10,000 across all of their accounts for the calendar month.

We may limit the amount that you can pay to accounts 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 customers will no longer be able to use their credit cards to buy cryptocurrencies.

We’ll hold certain payments to cryptocurrency exchanges for up to 24 hours, regardless of the amount. You can request the payments to be cancelled during the hold period.

You will see that your payment has been declined and you have the option to speak to Bankwest about it. Your payment will not be approved and we are unable to provide advice on purchasing cryptocurrency.

You may wish to discuss this with your accountant, financial planner or another qualified professional.

We will decline certain payments to cryptocurrency exchanges and will continue to monitor these scam response measures, which are subject to ongoing review.

We’ll continue to closely monitor the dynamically evolving cryptocurrency marketplace, as well as the impacts of our newly introduced cryptocurrency scam response measures, which will be subject to ongoing review.

Yes, withdrawals from cryptocurrency exchanges will not be impacted by this change, but individual cryptocurrency exchanges may impose their own restrictions.

Further information​

We are unable to provide advice on purchasing cryptocurrency. You may wish to discuss this with your accountant, financial planner or another qualified professional.

More information about the Commonwealth Bank Group’s response can be found at www.commbank.com.au.

Commonwealth Bank Group Response