Cryptocurrency scam and fraud measures.

We may decline any payments above the monthly limit of $10,000.

For example:

• if you transfer $10,500 to an account that we believe to be associated with cryptocurrency exchanges, the transaction may be declined
• if you transfer $9,000 this month to an account that we believe to be associated with cryptocurrency exchanges, the system will decline any attempt to transfer an extra $1,500.

For joint accounts and accounts with signatory access, each account holder can make payments up to $10,000 from the same account. This is limited to a total of $10,000 across all their Bankwest accounts for the calendar month.

Bankwest customers will no longer be able to use their Bankwest 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.

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

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.