HSBC and Nationwide Ramp Up Crypto Limits (2024)

FAQs

What is the HSBC crypto limit? ›

Our limits: Payments – £2,500 for a single transaction and a total of £10,000 in any rolling 30-day period. Debit cards – £2,500 for a single transaction and a total of £10,000 in any rolling 30-day period.

HSBC said it barred customers from making crypto purchases via its credit cards from last month. “This is because of the possible risk to customers,” HSBC said in an emailed statement. Both banks pointed to warnings issued by the Financial Conduct Authority, which has labeled crypto as high risk for several years.

HSBC, a global banking giant, has been cautious but increasingly aware of the developments in the cryptocurrency and blockchain space. They do not directly offer cryptocurrency trading or custodial services to their customers, distinguishing them from some more crypto-friendly banks.

HSBC, one of the prominent British banking giants, has taken a significant step toward fostering broader cryptocurrency acceptance by collaborating with FCF Pay, a blockchain payment system.

The daily withdrawal limit for your HSBC Day To Day account is $2,000 per day combined ATM/EFTPOS withdrawal and $10,000 for Visa daily purchase limit.

Payments to the cryptocurrency firm Binance using your Nationwide cards will be declined. You will not be charged and no money will leave your account. Payments to Binance will remain restricted until further notice as we continue to review and monitor the situation.

Nationwide. A building society, not a bank, Nationwide has a cautious approach towards cryptocurrency transactions. In March 2023 it banned payments from its credit cards and set a £5,000 daily limit on customers using its debit card to buy crypto.

Unfortunately, there can be many reasons why card payments are failing or getting rejected whether by our payment systems or your own bank systems starting from security flags, insufficient funds, bank account spending limits, details mismatch or unusual usage of the card/bank account being used.

Unable to buy crypto or add cash

There are various reasons you might not be able to buy crypto or add cash: Your account may have been temporarily disabled. Buy/sell services may have been disabled. Your account may not be recognized as a trusted payment source.

What is the most crypto-friendly bank in the world? ›

Some of the most crypto-friendly banks worldwide include Revolut, Wirex, and Goldman Sachs. Many of those institutions even allow trading in trusted exchanges like Coinbase and Kraken.

In fact, at the moment, many major US banks, such as Bank of America and Capital One, explicitly ban their clients from using their credit cards, ACH, or wire transfers to purchase cryptocurrencies.

News that Metaco, the Swiss digital assets custody firm acquired by Ripple earlier this year, is working with HSBC, one of the world's largest banks, quickly became a reason to be cheerful for many supporters of the U.S. fintech's ledger protocol, known collectively as the “XRP army.”

However, investing in crypto may affect your mortgage application since it's still considered risky, and mortgage lenders are concerned about anonymity. That's not to say you can't get a mortgage by selling your cryptocurrency holdings and putting down the proceeds as a deposit.

HSBC customers will be able to pay with accepted cryptocurrencies, Shiba Inu (SHIB) and XRP, including other crypto assets such as Bitcoin, Ethereum, Binance Coin, Dogecoin and several others.

What Is the Bitcoin Hard Cap? The Bitcoin hard cap is the maximum number of bitcoin that can ever be created, which is set at 21 million BTC. Bitcoin's supply limit, known as the hard cap, is a key feature of Bitcoin's monetary policy, designed to create scarcity and prevent inflation.

There is no specific limit on how much Bitcoin you can own. You can own as much Bitcoin as you like, as long as you acquire it legally and comply with any applicable laws and regulations in your jurisdiction.

Crypto purchase limits

You can buy as much Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and USD Coin (USDC) as you like. For all other crypto, you can invest a combined total of $30,000 in a 12-month period.

The maximum supply of 21 million bitcoins will be reached around the year 2140, after which no new bitcoins can be mined. The 21 million Bitcoin limit also has important implications for the process of Bitcoin mining.