We just spoke with Australian banks and did our transfer tests to check which banks are crypto-friendly. Here is the summary:
ANZ Bank
ANZ has no hard limits on how much you can transfer to exchanges, but they’re a bit cautious with new customers. Heads up, though: they’re not fans of Binance or SafeHaven.io.
ING
ING stands out for not dictating what customers can do with their money, including allowing transfers to crypto exchanges, no matter the amount. Just a heads up: if you’re moving more than $1000, you’re gonna have to wait an extra day. And oh, they’re not into business accounts for crypto trading.
NAB
NAB is on board with the crypto, too. They’re selective about which exchanges they play nice with but have a daily cap of $40k for approved ones. First-time transactions might get a double-take, but it’s smooth sailing after.
On the flip side, not all banks are riding the crypto wave:
Westpac and Commonwealth Bank are throwing some shade on crypto transactions. Westpac’s stance is a bit murky; they say no, but our test transactions go through. Commonwealth Bank, however, has put a tight leash on transfers to crypto exchanges, capping at $10k a month. CBA will also hold your transfer for 24hr regardless of how big or small it is.
Macquarie Bank is pretty much the party pooper, officially saying a big no to any crypto exchange transfers. Yet, we also had no issues with test transactions.
So, what’s the takeaway? The Aussie banking landscape for crypto is a mixed bag. Some are embracing the future, while others are playing it safe. Choose wisely based on your crypto needs.