Cryptocurrency payment changes

Frequently asked questions

In case you want to know more, we’ve compiled a list of frequently asked questions, offering in-depth information on why we’re making these changes and how they may affect you.

What is cryptocurrency?

Cryptocurrency, also known as crypto, is digital money that doesn't require a bank or financial institution to verify transactions and can be used for purchases or as an investment. 

What is a cryptocurrency exchange?

Exchanges are online marketplaces where consumers can buy, sell and trade crypto.

What will happen if I try to make a transaction with one of the blocked cryptocurrency exchanges?

If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, ‘Issuer Declined Transaction’. If attempting to make a digital payment including a funds transfer or PayID transaction to one of these exchanges, your payment will be declined and show as ‘Rejected’ in your payment list in your NAB app or NAB Internet Banking. 

What will happen if I try to make a funds transfer or PayID® transaction to one of the blocked cryptocurrency exchanges?

If you attempt to make a funds transfer or PayID transaction from your NAB transaction account, you will see the payment as rejected in the NAB app or in your NAB Internet Banking.

Do I need to contact NAB if this happens?

No, the payment or transfer has been declined and will not be processed. You don’t need to contact us or take any further steps to prevent the payment from going through. Any reattempts to process the same payment in the same way will continue to be blocked.

Will I still be able to make a payment to one of the blocked cryptocurrency exchanges?

If you still want to make a payment to this cryptocurrency exchange, you’ll need to contact them to see what alternative methods of payment are available.

What do I do if I suspect a payment I have made to a cryptocurrency exchange is fraud or a scam?

If you suspect a payment you’ve made is fraud or a scam, please contact us as soon as possible.

Personal bank customers

Within Australia: 13 22 65

From overseas: +61 3 8641 9083

To get you to the right team faster, please follow these steps:

1. Press ‘2’ on the main menu
2. When prompted, say ‘Fraud’
   

Business bank customers

Within Australia: 13 10 12

From overseas: +61 3 8641 9083

To get you to the right team faster, please follow these steps:

1. Press ‘2’ on the main menu
2. When prompted, say ‘Fraud’

Will NAB be making further changes to payments to cryptocurrency exchanges in the future?

We are doing this to try and keep our customers safe from scams. We’ll continue to monitor fraud and scams in relation to cryptocurrency exchanges, including the impact of the changes made, and may make further changes in the future if required.

We continue to invest in our security capabilities and strengthening our systems to help protect our customers and communities from evolving threats.

Can I still make withdrawals from the cryptocurrency exchange to my NAB account?

Yes, you’ll still be able to make withdrawals from cryptocurrency exchanges if the exchange allows you to do so.

How do I know which cryptocurrency exchanges are blocked?

You’ll know because your card transaction will be declined, and you will be presented with a message which says ‘Issuer Declined Transaction’ If completing a digital payment (funds transfer or PayID transaction), your payment will be declined and show as ‘Rejected’ in your payment list.