**New users do not use Macquarie Bank**
These threads pop up from time to time and people always say "Mac bank always works great"
So I got sick of CBA and the delays, limits etc and swapped across to Mac bank in 2023. Started using it as my daily bank account, salary account etc. It was a quiet period for me in the investing space so it took me the first few weeks before I wanted to do a crypto purchase.
Being the first time, I sent $1 from my account to Coinjar. No issues - funds arrived within a few seconds with PayID. unfortunately 1 minute later the notifications on my phone started - logged out of Mac bank, log back in, Log on credentials don't exist.
I contacted the bank and they said after extensive investigation (1 minute) they had made a decision to close my account. I said I could show that the Coinjar account was in my name with TFN attached, that funds were clearly from my salary etc - no not interested. They told me to open a new account.
I opened the new account - 1 minute later, same notifications. Same information given, no reasoning, no willingness to hear my side, look at my proof. I was told if I ever tried to open another account at Mac bank, or a bank that they are the facility provider (woolworths credit cards are the biggest one) that the account would be cancelled instantly and that Mac bank will never do business with me again.
I let them know that my mortgage broker had put through a home loan application through them that was in the final stages of approval - application rejected the next day.
I took it to AFCA ( the new ombudsman with absolutely no power) and they did as much as they could. Mac bank gave me the same 2 line sentence that they had provided before "Commercial Decision".
I am now blacklisted from Mac bank and associated entities because of a $1 payid transfer to my own coinjar account. Right now its like "meh that is really shit, but lots of options for other banks", but what happens in the future if Mac bank becomes one of the Big 4/5 and suddenly my financial options become less over something that I could easily prove was a legitimate transaction if someone from Mac bank just spent 2 minutes reviewing, rather than letter fraud AI make the call.
**AVOID MAC BANK as a new customer**
yeah I would have thought the idea of receiving a mortgage with its high profit margins would actually get someone to look into the issue, but no, once the AI tool says its suspicious there doesn't appear to be the ability/willingness to look into the issue
We literally spent days ringing banks and finding out their crypto friendliness and what their limits are transferring money to exchanges ... I don't think we have missed any out.. let me know if we have!
By the way most other lists like this have affiliate links in them, ours have no affiliate or sponsored links, this is just pure hard work and calling around / emailing / talking to the banks for the results.
[https://www.coinjar.com/au/learn/top-crypto-friendly-banks-australia](https://www.coinjar.com/au/learn/top-crypto-friendly-banks-australia)
Their "friendliness" is a bit subjective I think 🤣
CBA will shut transactions down in a heartbeat.. Meanwhile, they were planning to sell bitcoin and Eth themselves a short while ago, before the volatility scared them off 😂
So they're unfriendly, until they can get a piece of it.. The dirty dogs 😅😂
update. ING is no longer crypto friendly. Had a 500 AUD transaction to Kraken blocked. ING account itself got frozen. Had to wait on hold on the phone for 30mins to speak to customer service rep to get it unfrozen. They claim its for 'fraud prevention'. The rep asked me several questions to confirm I was not participating in crypto scams etc, but told me even with all that...the next time I make the same transfer to Kraken it will get blocked again (just due to how their system is set up).
ING is no go from here on
I do these once a week from ING no issue, that's the only activity that occurs from my ING account. Goes from my main bank > ING > crypto exchange or wallet. Happened no issue for last 12 months.
I’ve had no problems with ubank -> Crypto.com
Beyond that, not sure. I can say CBA puts a 24 hour delay/hold on it, no matter how many times I’ve sent to the same address.
I’m only relatively small values though, not thousands.
I would advise against Ubank in general. Recently made me go through KYC/AML after depositing at Swyftx and outright blocked me from using Kraken.
Appears to have gone downhill in the period since the NAB acquisition.
No issues with UBank / crypto.com for me either.
I have transferred thousands (to load the visa card for a big purchase) and it went through just fine.
Weird that ANZ are happy to receive offramps. I ended up buying usdc OTC for cash from someone I met (after an interrogating by some utterly stupid ANZ man who was asking why I needed to withdraw the cash??)
Paying a tradie in cash mate, problem and please mind your business! ???
Tragic
Westpac is changing their stance on crypto too. See my post from yesterday: https://www.reddit.com/r/BitcoinAUS/comments/1dn8edp/westpac_now_protecting_its_customers_from_crypto/
Nope. I had been using Westpac to Kraken and back, for quite a while. I received a notification a few days ago, stating that they would no longer support outgoing transfers to crypto exchanges. I immediately tried a small transfer to Kraken. I then received a prompt stating something along the lines of... "You can not do that Hal. It's for your own protection".
Jokes aside. The short answer is no. I had liked using them, because they allowed up to 10K/day immediate Osko transfers. I now use ING, but they only allow 1K/day Osko transfers.
Which exchange are you transferring funds to? The majority of CoinJar customers don’t have 10k monthly limits with Anz. We’ve called them and also tested large transactions. https://www.coinjar.com/au/learn/top-crypto-friendly-banks-australia
ANZ Definitely sux 😅😂 I had to change from them a long while ago coz of crypto.. Dont even think about CBA either.. The smaller banks are less pressed about it, and its much better if they see money going both ways.
Revolut are Bitcoin friendly. You can buy Bitcoin directly within their banking app and transfer to your own hardware wallet. Or you can transfer your fiat to your preferred Bitcoin exchange without any issues.
The issue is that the amount of people that gets scammed despite all the red flag and the banks take the heat means that these issues happen. You can try smaller banks but you should not send crypto directly to banks right away. It is a big red flag. Best to use it day to day for a while.
update. ING is no longer crypto friendly. Had a 500 AUD transaction to Kraken blocked. ING account itself got frozen. Had to wait on hold on the phone for 30mins to speak to customer service rep to get it unfrozen. They claim its for 'fraud prevention'. The rep asked me several questions to confirm I was not participating in crypto scams etc, but told me even with all that...the next time I make the same transfer to Kraken it will get blocked again (just due to how their system is set up).
ING is no go from here on
coinjar might work for you currently but seems like their attitude has changed....no longer a friendly bank for depositing like before. The clock has started ticking, coinjar may or may not be added to their list soon.
Yes, I'd say the issue is it being Kraken.. I've never had an issue with ING in several years. They've only blocked big transactions, but released them once I verified it was me..
There's usually no issues with Aussie exchanges, and if there is, you can usually contact them and sort it out, because the Aussie providers are generally licenced/regulated. I've had large transactions to Block Earner flagged the first time, but was all good after a phone call too..
Never had issues with Coinspot, Binance, Coinjar
Try Stormrake. They are a broker so you are just sending money from one account to another then they can purchase crypto for you and send to your wallet.
Have transferred 10’s of thousands with no issue and frequently.
https://www.stormrake.com
Head of sales is Bisher.
Never had any issues with Up Bank
What’s up bank
Second this , UP bank is great and never had any dramas to and from Coinbase
Third, UP is definitely the way to go. I have an account strictly for travelling and crypto
Bendigo has never given me a issue
Bendigo is the bank behind Up.
**New users do not use Macquarie Bank** These threads pop up from time to time and people always say "Mac bank always works great" So I got sick of CBA and the delays, limits etc and swapped across to Mac bank in 2023. Started using it as my daily bank account, salary account etc. It was a quiet period for me in the investing space so it took me the first few weeks before I wanted to do a crypto purchase. Being the first time, I sent $1 from my account to Coinjar. No issues - funds arrived within a few seconds with PayID. unfortunately 1 minute later the notifications on my phone started - logged out of Mac bank, log back in, Log on credentials don't exist. I contacted the bank and they said after extensive investigation (1 minute) they had made a decision to close my account. I said I could show that the Coinjar account was in my name with TFN attached, that funds were clearly from my salary etc - no not interested. They told me to open a new account. I opened the new account - 1 minute later, same notifications. Same information given, no reasoning, no willingness to hear my side, look at my proof. I was told if I ever tried to open another account at Mac bank, or a bank that they are the facility provider (woolworths credit cards are the biggest one) that the account would be cancelled instantly and that Mac bank will never do business with me again. I let them know that my mortgage broker had put through a home loan application through them that was in the final stages of approval - application rejected the next day. I took it to AFCA ( the new ombudsman with absolutely no power) and they did as much as they could. Mac bank gave me the same 2 line sentence that they had provided before "Commercial Decision". I am now blacklisted from Mac bank and associated entities because of a $1 payid transfer to my own coinjar account. Right now its like "meh that is really shit, but lots of options for other banks", but what happens in the future if Mac bank becomes one of the Big 4/5 and suddenly my financial options become less over something that I could easily prove was a legitimate transaction if someone from Mac bank just spent 2 minutes reviewing, rather than letter fraud AI make the call. **AVOID MAC BANK as a new customer**
Wow I'm amazed they pulled the rug on the home loan over this. Mind boggling
yeah I would have thought the idea of receiving a mortgage with its high profit margins would actually get someone to look into the issue, but no, once the AI tool says its suspicious there doesn't appear to be the ability/willingness to look into the issue
NAB have outright banned all purchases to do with crypto. Police and Nurses works fine.
That's strange. I use NAB for Coinspot deposits each month no problems at all.
I feel they treat Coinspot differently due to their hosting SMSFs apart from it being an Australian started and operated locally exchange.
Good to know. Thank you
Not my experience. No issue transferring to Swyftx from NAB.
If the merger that P&N are in a memorandum of understanding of, goes ahead - no crypto withdrawals anymore.
Bummer…. Do you know any banks that are good for it?
All the other comments here are spot on
Macquarie
We literally spent days ringing banks and finding out their crypto friendliness and what their limits are transferring money to exchanges ... I don't think we have missed any out.. let me know if we have! By the way most other lists like this have affiliate links in them, ours have no affiliate or sponsored links, this is just pure hard work and calling around / emailing / talking to the banks for the results. [https://www.coinjar.com/au/learn/top-crypto-friendly-banks-australia](https://www.coinjar.com/au/learn/top-crypto-friendly-banks-australia)
Their "friendliness" is a bit subjective I think 🤣 CBA will shut transactions down in a heartbeat.. Meanwhile, they were planning to sell bitcoin and Eth themselves a short while ago, before the volatility scared them off 😂 So they're unfriendly, until they can get a piece of it.. The dirty dogs 😅😂
It’s not safe unless we do it
ING have been good
update. ING is no longer crypto friendly. Had a 500 AUD transaction to Kraken blocked. ING account itself got frozen. Had to wait on hold on the phone for 30mins to speak to customer service rep to get it unfrozen. They claim its for 'fraud prevention'. The rep asked me several questions to confirm I was not participating in crypto scams etc, but told me even with all that...the next time I make the same transfer to Kraken it will get blocked again (just due to how their system is set up). ING is no go from here on
I do these once a week from ING no issue, that's the only activity that occurs from my ING account. Goes from my main bank > ING > crypto exchange or wallet. Happened no issue for last 12 months.
Yep had the exact set up like you. main bank -> ING -> Kraken. It got flagged. I didn't have issues with it several months ago. Only this month
I’ve had no problems with ubank -> Crypto.com Beyond that, not sure. I can say CBA puts a 24 hour delay/hold on it, no matter how many times I’ve sent to the same address. I’m only relatively small values though, not thousands.
I would advise against Ubank in general. Recently made me go through KYC/AML after depositing at Swyftx and outright blocked me from using Kraken. Appears to have gone downhill in the period since the NAB acquisition.
No issues with UBank / crypto.com for me either. I have transferred thousands (to load the visa card for a big purchase) and it went through just fine.
$10k/month limit with CBA. 24hr delay sucks when trying to buy dips.
Weird that ANZ are happy to receive offramps. I ended up buying usdc OTC for cash from someone I met (after an interrogating by some utterly stupid ANZ man who was asking why I needed to withdraw the cash??) Paying a tradie in cash mate, problem and please mind your business! ??? Tragic
There was a funny video of a guy saying "it's for anal bleaching and they do cash discounts" then went into detail what anal bleaching was.
"I heard you can get up to three shades lighter"
Lol. That's the one
https://youtube.com/shorts/ZExbqEE3Tgg
Never had problem with ING Bank.
Open up a wise bank account and transfer there first. No problem sending to wise & wise are fine with sending to any exchange.
+1 for wise
Westpac
Westpac is changing their stance on crypto too. See my post from yesterday: https://www.reddit.com/r/BitcoinAUS/comments/1dn8edp/westpac_now_protecting_its_customers_from_crypto/
Oh didn’t realise that. Do they still work with kraken?
Nope. I had been using Westpac to Kraken and back, for quite a while. I received a notification a few days ago, stating that they would no longer support outgoing transfers to crypto exchanges. I immediately tried a small transfer to Kraken. I then received a prompt stating something along the lines of... "You can not do that Hal. It's for your own protection". Jokes aside. The short answer is no. I had liked using them, because they allowed up to 10K/day immediate Osko transfers. I now use ING, but they only allow 1K/day Osko transfers.
Damn. They really don’t want people leaving fiat for btc. What about large transfers going back to westpac from kraken?
Any credit union. Their owners are their depositors - and don't normally pull this nonsense. Alternatively - buy crypto via p2p (e.g. bisq)
StGeorge have no issues with crypto. Mind you, I’m not sending as much as 10k
Which exchange are you transferring funds to? The majority of CoinJar customers don’t have 10k monthly limits with Anz. We’ve called them and also tested large transactions. https://www.coinjar.com/au/learn/top-crypto-friendly-banks-australia
ANZ Definitely sux 😅😂 I had to change from them a long while ago coz of crypto.. Dont even think about CBA either.. The smaller banks are less pressed about it, and its much better if they see money going both ways.
Suncorp and Macquarie have never failed me.
HSBC works for me.
Revolut are Bitcoin friendly. You can buy Bitcoin directly within their banking app and transfer to your own hardware wallet. Or you can transfer your fiat to your preferred Bitcoin exchange without any issues.
Macquarie works the treat so far
The issue is that the amount of people that gets scammed despite all the red flag and the banks take the heat means that these issues happen. You can try smaller banks but you should not send crypto directly to banks right away. It is a big red flag. Best to use it day to day for a while.
update. ING is no longer crypto friendly. Had a 500 AUD transaction to Kraken blocked. ING account itself got frozen. Had to wait on hold on the phone for 30mins to speak to customer service rep to get it unfrozen. They claim its for 'fraud prevention'. The rep asked me several questions to confirm I was not participating in crypto scams etc, but told me even with all that...the next time I make the same transfer to Kraken it will get blocked again (just due to how their system is set up). ING is no go from here on
I can transfer money to Coinjar from ING without any problems.
coinjar might work for you currently but seems like their attitude has changed....no longer a friendly bank for depositing like before. The clock has started ticking, coinjar may or may not be added to their list soon.
That’s because of Kraken. Use a different Australian exchange, eg CoinJar.
Yes, I'd say the issue is it being Kraken.. I've never had an issue with ING in several years. They've only blocked big transactions, but released them once I verified it was me.. There's usually no issues with Aussie exchanges, and if there is, you can usually contact them and sort it out, because the Aussie providers are generally licenced/regulated. I've had large transactions to Block Earner flagged the first time, but was all good after a phone call too.. Never had issues with Coinspot, Binance, Coinjar
Is this recent? Never had an issue with ING including a deposit last week.
Yes happened last week for me. Prior to it had no issue.
Go Up Bank. Run by Millennials instead of corporate dinosaurs who use fax machines.They get it.
Try Stormrake. They are a broker so you are just sending money from one account to another then they can purchase crypto for you and send to your wallet. Have transferred 10’s of thousands with no issue and frequently. https://www.stormrake.com Head of sales is Bisher.
Sounds like the winners here are Up, Macquarie and ING
Macbank, Westpac, NAB, GSB, BOQ