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.
A cryptocurrency exchange is an online marketplace where consumers can buy, sell and trade cryptocurrency.
The maximum amount you can pay to a cryptocurrency exchange or account is $10,000 per month across all your Geelong Bank accounts.
When you reach the $10,000 per Member per month limit, further transfers for that month may be rejected.
In recent years, there has been a dramatic increase in the use of cryptocurrency exchanges and accounts to commit fraud and scams. In line with many major banks in Australia, Geelong Bank is introducing new measures as an extra layer of Member protection.
Scams can take many forms. Members may not realise they are transferring money to crypto accounts as they may be portrayed as another type of investment. Alternatively, Members may be aware they are transferring money to a crypto account, but they are tricked into believing it is for a legitimate purpose. Banks without extra protections can be labelled as "crypto friendly", leading to greater risk of Members being targeted by crypto-based scams and fraud.
You can learn more about cryptocurrency fraud and scams at https://moneysmart.gov.au/financialscams/crypto-scams
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