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.
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.
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.
Yes, credits will continue to be authorised by the Bank onto credit cards.
You can message us in the Bankwest App or online banking, or call us - we're here 24/7.
