According to the Reserve Bank of Australia, cash accounted for just 13 of all payments made in 2022, and this number declined sharply to 6% in 2023. The percent of card payments in Australia in 2022 were roughly 90% for Aussies aged 18 – 29 and around 70% for those aged over 65.
Data also shows that 31.6% of Aussies hold or have held cryptocurrencies, and the number is still increasing. Recently, Australia also achieved a milestone, joining the elite club of 1,200+ Bitcoin ATMs alongside major crypto hubs like the USA and Canada.
As more and more people embrace cryptocurrency, the demand for crypto cards Australia is likely to increase. In this article, we will introduce you to the top Australian banks that support crypto activities with details on specific aspects.
ANZ – The Australia and New Zealand Bank
The Australia and New Zealand Bank (ANZ) is a great place for all payments related to cryptocurrencies, including crypto card Australia.
According to an ANZ spokesperson, there are currently no strict limits on the amount of minimum or maximum money you can send to a cryptocurrency exchange. However, if you make a transfer to a crypto exchange for the first time, the transaction could be held for up to 72 hours due to the bank’s fraud detection alert. Once the fraud team verifies your identity and understands your intentions, all of your thereafter transactions are technically streamlined.
Limits on ANZ
Though the ANZ spokesperson emphasised that there are no restrictions on the amount you can transfer to crypto exchanges, there are limits depending on the payment method you choose.
For pay-anyone transfers, the standard daily limit is $25,000. If you use BPay, a single transaction can go up to $50,000 per day. Additionally, internet banking has a daily limit of $75,000, and if you reach this limit of $10,000 within a calendar month, your payments to crypto exchanges will be declined until the next calendar month.
Be aware that you can still withdraw from your exchanges but acknowledge that they may also impose their own restrictions.
One more thing to note is that ANZ blocks payments to Binance and they also restrict access to the DeFi platform SafeHaven.io.
ING Bank Australia
When we researched the market, ING has made no public statements about any particular limits on how much you can transfer from your ING bank account onto cryptocurrency exchanges. This has made ING an attractive choice for those looking for a more accommodating and user-friendly banking experience in the crypto sphere.
We also discover that ING also has a dedicated blockchain program, which aim to transition their banking customers to a distributed economy.
However, as of Sept. 10, 2024, many Aussies have complained about having difficulties or even getting their transactions blocked and their accounts freezed when trying to make transfers onto Kraken and CoinJar.
Limits on ING
There are a few things to note. Firstly, when you deposit more than $1,000, the transaction gets delayed by one business day. The bank also does not support PayID or Osko for amounts over $1,000/day.
NAB – The National Australia Bank
NAB is really strict with certain high-risk international exchanges, and they claim to remain consistent with their stated policies. However, the NAB representative once said in an interview with crypto exchange CoinJar Australia about their receptive policy to legitimate and registered exchanges: “CoinSpot, CoinJar, Swyftx, and Coinbase are all okay. This is not an exhaustive list, however.”
The spokesperson also mentioned the limit of transfer: “$40,000 a day. I will just caveat that initially, you may be flagged for the first couple of transactions. We will have to have that conversation with you just to make sure everything’s okay.”
Still, it’s noteworthy that the Australian government only allows for $10,000 maximum per month.
St George Bank
St.George Bank is another crypto-friendly bank in Australia according to positive reviews from Australian crypto investors. Like ING, St.George appears to have less restrictions in place for preventing payments to crypto exchanges and also support many crypto payment methods, including crypto cards.
In fact, St.George bank has had a strong interest in cryptocurrency since as early December 2022, when they released a Cryptocurrency Special Report (Part 1, Part 2). The report provides in-depth analysis of the nature and economics of cryptocurrencies, covering advanced topics like stablecoins, decentralised finance (DeFi), and central bank digital currencies (CBDCs).
This strong grasp of crypto concepts seems to have influenced their retail banking services, suggesting that the team at St.George has a solid understanding of the cryptocurrency landscape.
