If you’re trying to fund an SMSF or trust account on bitcoin.com.au and your bank transfer hasn’t gone through, it may not be anything you’ve done. Some Australian banks may apply additional restrictions on bank transfers to cryptocurrency exchanges, which may affect SMSF and trust account holders in particular.
We’re currently seeing this from Macquarie Bank. If you bank with Macquarie Bank, your transfer to bitcoin.com.au may be held up or declined. This can happen whether you’re a new customer or you’ve banked with them before. This is a restriction Macquarie Bank applies on their side, not an issue with your account or with bitcoin.com.au. Other Australian cryptocurrency exchanges are experiencing the same thing.
We’re aware of the issue and want our SMSF and trust account holders to know what’s going on before it holds up a transfer.
Key takeaways
- Macquarie Bank is currently blocking bank transfers to bitcoin.com.au from SMSF and trust accounts.
- This is a restriction on Macquarie Bank’s side, not an issue with your account or with bitcoin.com.au.
- Other Australian cryptocurrency exchanges are affected by this as well.
- You have options: try a different deposit method, use a secondary account, consider different banks or talk to our team before you transfer funds.
Why banks can block bank transfers to cryptocurrency exchanges
Banks manage their own risk settings, and these differ from bank to bank and shift over time. Some banks may apply extra scrutiny to bank transfers heading to cryptocurrency exchanges. This can be part of broader fraud and scam prevention efforts, since cryptocurrency exchanges are a common destination for investment scams targeting everyday Australians. Others adjust their settings in response to regulatory guidance or their own risk appetite, sometimes without much notice to customers.
None of this reflects on the exchange receiving the transfer.
What this means if you hold an SMSF or trust account
SMSF and trust deposits are often larger and less flexible to redirect than a personal account, so a blocked transfer can be more disruptive. If your fund only operates through a Macquarie Bank account, you may need to look at your alternative options before you’re ready to invest, rather than finding out when you try to transfer funds.
Your options if your bank blocks a bank transfer
- Check with your bank first. Ask Macquarie Bank directly why the bank transfer was blocked and whether they can process it.
- Try an alternative transfer method. Depending on your account, PayID, EFT bank transfer, PayPal, and credit or debit card may behave differently, since restrictions can be set at the bank or BSB level rather than at the payment type level.
- Consider a secondary account. Some SMSF and trust account holders keep a second bank account for exactly this reason. We can’t recommend a specific bank, but our guide to crypto-friendly banks in Australia is a good place to start your own research.
- Consider a different bank entirely. If Macquarie Bank’s restriction becomes an ongoing blocker, some SMSF and trust account holders choose to move their banking elsewhere rather than work around it. It’s a bigger step for a trust or SMSF, so weigh it up against simply using a secondary account for transfers to bitcoin.com.au.
- Talk to our team before you transfer funds. If you’re setting up a new SMSF or trust account, get in touch with us first so we can flag any known issues with your bank before you’re mid-transfer.
Get help with your SMSF or trust bank transfer
Contact our Support team for help with your SMSF or trust bank transfer. Our local team can talk you through your options and help you plan around your bank’s restrictions before they become a problem.
FAQs
Does this only affect Macquarie Bank customers?
Macquarie Bank is the bank we’re seeing this from most for SMSF and trust account bank transfers right now, but restrictions could apply to other banks.
Is bitcoin.com.au the only exchange affected?
No. This restriction applies at the bank level, so it affects bank transfers to other cryptocurrency exchanges as well, not just bitcoin.com.au.
Are my funds or my account at risk?
No. This is a bank transfer restriction applied by your bank, not a security or account issue. Your existing holdings and account are unaffected.
Will this be resolved?
That depends on Macquarie Bank’s own policy decisions, which are outside our control.
Which banks work well with cryptocurrency exchanges?
We can’t recommend a specific bank. Our crypto-friendly banks guide is a good place to start if you’re weighing up your options.
