How can we help you?

Why has the Bank blocked or limited my Faster Payment or Debit Card transaction to my chosen cryptocurrency exchange?

To keep your money safe from scams, we have decided to block or limit online banking and mobile app Faster Payments we identify as going to cryptocurrency exchanges. From 16th March 2023, we’ll block or limit online banking and mobile app Faster Payments and Debit Card transactions made to these exchanges to £1k a day and £5k in any 30-day period, until further notice. These limits apply separately to each account.

We know that customers investing their money in cryptocurrency has become extremely popular. However, we are also aware of the increasing risk posed by fraudsters exploiting this trend to dupe customers out of millions of pounds per month. As such, we have decided to take proportionate action to keep our customers safe and secure.

I’ve paid money before; why is it blocked/limited now and what should I do about the money I’ve already invested?

We monitor scam and fraud rates 24/7 and if these increase, we block or limit online banking and mobile app Faster Payments and Debit Card transactions to keep you safe. However, there’s no block or limits on payments being made to you.

If you’re worried about money you’ve already paid, you’ll first need to contact the payee directly. If you then think you’ve been scammed, please report a fraud (opens in a new window).

Why has my Credit Card payment for a cryptocurrency purchase been declined?

Since February 2018, to keep you safe and secure and not expose you to more risky debt, we have blocked the use of our Credit and Charge Cards to purchase cryptocurrency.

If I make a lesser payment amount will my payment still be stopped?

If your online banking and mobile app Faster Payment or Debit Card transaction to a cryptocurrency exchange is within our limits of £1k a day or £5k in any 30-day period, your payment will be processed unless its subject to any other additional security checks.

Can I transfer money to another bank and then make the same payment?

Yes, but please don’t try to make this payment; you’re at risk of losing money and other banks may also restrict it.

If you feel pressured to pay, STOP and discuss it with someone you trust.

To protect yourself:

What should I look out for as part of a cryptocurrency scam?

You should be aware that:

  • Scammers can set-up fake cryptocurrency investments to steal people’s money. These investments are often advertised on social media promising a high return and although they look professional, they’re often a scam.
  • Scammers can use your details to set-up a cryptocurrency account in your name but never give you control of the account/wallet.
  • You ensure that only you opened the cryptocurrency account/wallet yourself, no-one else has access to it and that only you can make withdrawals.

To protect yourself:

Is cryptocurrency regulated?

Cryptocurrency isn’t protected by the UK’s Financial Services Compensation Scheme (FSCS) and is not an asset that's regulated by the Financial Conduct Authority (FCA). There are also concerns that it could be used to facilitate financial crime or fraud. The value of these currencies is unpredictable and generally involves taking high risks with your money.

Is it just my personal bank account that is affected?

To continue to keep our customers safe, restrictions have been implemented for Personal, Business and Commercial customers.

Can the Bank provide advice on cryptocurrency?

As cryptocurrencies are unregulated assets, we’re unable to provide customers with advice. If you still wish to purchase cryptocurrency, we suggest that you seek independent financial advice via a trusted and regulated advisor or firm.

I would like to make a complaint

If you are unhappy that your online banking and mobile app Faster Payment or Debit Card transaction to a cryptocurrency exchange has been blocked or limited and wish to make a complaint, details of how to do this are available on our complaints page (opens in a new window).

However, it is important to note that this will not change the outcome of the blocked or limited Faster Payment or Debit Card transaction as this has been done in accordance with bank policy.

What should I do if I think I’ve been scammed?

If you think you have fallen victim to a cryptocurrency scam, you should report this to us immediately by calling the number on the back of your debit or credit card.

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