If you've been navigating the wild world of cryptocurrency in Australia, you've probably felt the waves made by the big banks. In this post, I'll address recent changes in the banking world that have affected the domestic crypto industry. I'll also address some frequently asked questions I get here at Bitcoin Babe as a result of this. So grab a cuppa and settle in!
Banks vs. Cryptocurrency: The Ongoing Saga
The tension between banks and the crypto world isn't a new storyline. Banks have been, let's say, "unfriendly" to the crypto industry for a good while now. Early on, they pulled all sorts of tricks—debanking crypto businesses, refusing services, and even seizing (or as some might call it 'stealing') funds. As you might remember, I gave my testimony to this sort of behaviour back in 2021 as part of a senate hearing that covered the cryptocurrency industry. Unfortunately, not much as changed since then.
As the crypto world grew, businesses throughout the industry adapted, relying more on alternative payment methods to sidestep the banks' hurdles. But banks, not wanting to be left out of the action, are now flexing their muscles on their own customers.
Major Aussie banks like Commonwealth Bank, NAB, and Westpac have recently imposed limitations on payments to crypto exchanges. Whether it's monthly caps, payment delays, or outright refusal, the banks' official line is that these changes are for "customer protection." Many of you have expressed concerns about how these changes have inconvenienced your transactions with cryptocurrency exchanges, including Bitcoin Babe.
How Bitcoin Babe is Adapting
You can still purchase Bitcoin, Ethereum and more via bank transfer through the Bitcoin Babe OTC desk and other P2P platforms like LocalCoinSwap. Although PayID is off the table, we offer a range of other options to keep your Bitcoin and Crypto ambitions alive.
Frequently Asked Questions
How long does a bank transfer take?
Bank transfers usually take 1-2 business days to process. And no, there's no way to control the timing—that's all on the banks.
What if my payment is delayed over the weekend?
Bank business days don’t include Saturdays, Sundays, or public holidays. So if you make a payment on Friday night, the bank might not even initiate the transfer until Monday morning. This means your payment may not reflect in my system until possibly as late as Wednesday.
Why isn't my PayID payment instant?
Even if your banking app tells you that your PayID transfer was successful, that doesn’t mean the money has reached me instantly. Banks haven’t yet updated their UI to say, “Hey, we’re deliberately delaying this crypto transaction.” So don’t trust the screen, trust the process (or maybe don't trust the process, but you get what I mean).
Who can I complain to about delays?
If you’re not happy with your bank's services, call them up and file a complaint. Make it clear that it’s not okay to discriminate against cryptocurrency exchanges.
Are there quicker payment options?
What about POLi?
Sadly, POLi shut down its service earlier this year, so that's no longer an option.
The landscape between banks and crypto is ever-changing, but as always, Bitcoin Babe is here to help you navigate it. Stay informed, stay empowered, and don't let the banks bring you down!