Submitted 1 year ago by DolphinLundgrin@aussie.zone to australia@aussie.zone
I was switching to that Up Bank (by Bendigo), but they straight refuse to let me fund my crypto account, so that’s out because I just want basic control of my own money.
I also have a Bank Australia account, but, while they like to pat themselves on the back about sustainability, their service and product is crap, imo.
So what else you got?
ING has always been good for me and I have never had any issues transferring funds to Swyftx or Cryptospend.
Been with ING for almost 20 years. My only issues with them are:
For day-to-day regular transaction account stuff they've been super chill, and their front-line customer service is surprisingly decent.
Gateway Bank lets me run their app on a rooted phone. They care about their customers.
I’ve tried a lot. My two current faves are Macquarie and Up. Just realised I haven’t changed for ages so they must be good.
Many of the Australian banks are starting to clamp down on crypto transactions due to scams and ransomware. Some of them won't allow transfers to "high risk" exchanges, whereas others are stopping them altogether.
https://www.bendigobank.com.au/media-centre/bendigo-bank-blocks-high-risk-crypto-payments-to-protect-customers/
https://www.commbank.com.au/support/security/cryptocurrency-payments.html
https://www.westpac.com.au/about-westpac/media/media-releases/2023/18-May/
https://news.nab.com.au/news/scam-strategy-update/
Yeah, seems like a blanket rule with Up. They said:
“Your account has been reviewed and unfortunately we are unable to allow you to proceed with payments to cryptocurrency exchanges. We apologise for the inconvenience, however the financial safety of our customers and community are our top priority.”
Up initially blocked my payment, but after reaching out to them, I encountered no problems with crypto exchanges. Is it possible that they only restrict new accounts?
It has been about 6 months since I’ve used crypto so it could also be a new rule.
No idea about crypto, but Great Southern Bank is excellent.
I think a lot of the ‘customer owned’ banks are usually good, they can be regional based as well. IE for Newcastle area Greater Bank and Newcastle Permanent Buildng Society both have lots of branches and good customer support for local. I used to like StGeorge until Westpac took them over, went downhill after that
Looking very good actually, thanks!
Cool, never heard of them, will check em out, thanks!
They used to be known as Credit Union Australia.
I rate ME bank, out of the banks my partner and I looked at they offered some of the better interest rates for us and they've been pretty good so far. Downside is there are no branches but AusPost has facilities to allow deposit and withdrawal iirc.
trk@aussie.zone 1 year ago
Sounds like they’re doing you a solid
DolphinLundgrin@aussie.zone 1 year ago
Haha, I hear ya. But also, maybe not letting me use my own money how I want is a good argument for crypto? 🤷♂️ But they’d happily let me gamble my money away on a sportsball, or buy Funko Pops, so who’s to say what should be ‘allowed’.
trk@aussie.zone 1 year ago
Well, you’re not wrong in that regard!
Gotta admit, everytime I see yet another news story about some idiot transferring their life savings to a Nigerian prince I find it very hard to agree that they should be refunded by the bank. Why is it up to the bank to compensate you for being an idiot? Take responsibility for your actions, damn.
Nath@aussie.zone 1 year ago
The difference being people aren’t regularly the victims of jerks getting into their Internet Banking and betting large sums of money on sportsball with their money. But they are victims of jerks transferring thousands into crypto where its out of reach of the classic financial system.
I do agree there should be some sort of opt-in flag that says “yeah bro, this account will transfer money into crypto. Let the transaction through”. But it should be very non-trivial to opt-in, also. Like a branch visit where a human can sound you out to see if you’re being scammed.