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Limits on crypto payments

We've set some limits on buying crypto with your card, or by bank transfer using the Faster Payments Service. These will apply where we identify payments to crypto exchanges.

By ‘crypto’ we mean cryptoassets, which include cryptocurrency and digital currencies. Cryptoassets are a type of digital token or ‘thing’ which use a special way of recording data, known as blockchain.

The Financial Conduct Authority has more information about crypto, including the risks in purchasing crypto.

More about crypto (opens in a new window).

Payments from your current account

We've introduced daily limits on payments made from your current account to purchase crypto.

Debit card payments

These limits apply any time you use your debit card to pay for crypto. That includes using a digital wallet, such as Apple Pay or Google Wallet. The limit depends on the type of current account you have.

If you have an adult or student current account, you can spend up to £5,000 a day. These accounts include:

  • FlexStudent
  • FlexGraduate
  • FlexBasic
  • FlexAccount
  • FlexDirect
  • FlexPlus

If you spend more than this amount on crypto purchases in a day, the transaction will be declined.

If you have a joint account, the daily limits apply to each card. And if you have more than one current account, the limit will apply to each account.

Transfers from your current account

This limit applies when you make a transfer from your current account using the Faster Payments Service.

You’ll be able to spend up to £5,000 a day for transfers made to purchase crypto. If you have more than one Nationwide current account, this limit will apply to each of your accounts.

You use the Faster Payments Service when you make a transfer:

FlexOne

You can’t use your FlexOne account to purchase crypto.

This won’t apply to the purchase of in-game tokens or currencies, like Robux, V-Bucks or Minecoins.

Credit card payments

You can't use your credit card to purchase crypto, whether you're the main or additional credit card holder.

Why we have these limits

There are certain risks with purchasing crypto, as highlighted by the Financial Conduct Authority (FCA). We've set up these restrictions to help protect you and to try and keep your money safe.

More about the risks of crypto

Payments to crypto firm Binance

Payments to the crypto 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.

Information:

You can still withdraw any money you already have with Binance into your Nationwide account.

Why we restrict payments to Binance

Our number one priority is, and always will be, keeping you and your money safe.

This is why we have taken the decision to restrict card payments made to the crypto firm Binance. This follows similar action from other providers, media coverage and regulatory uncertainty.

Direct requests for payments

Even with your direct consent in person or by telephone, we can’t remove the restriction and allow you to make a payment to Binance.

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