Sorry for the delayed response and thanks for the question. A lot of the wider bank lock down is mostly FUD but it is true that some Australian exchanges have had to change bank accounts. We maintain accounts with over 6 different entities as a back up but have not had any issue to date.
This is because we are not posing as an exchange receiving hundreds of millions in deposits. It’s the deposits of large amounts from unaccredited investors which banks are concerned about.
TravelbyBit for the most part pay out merchants in AUD so our funds go the opposite direction. And retail transactions are small compared to the money traders deal with. Also we are fully backed and sponsored by the largest Credit Union in Australia, CUA and funded by the Queensland Government as well evidence by the links below:
You are correct in pointing out there will be challenges and powerful vested interest like the banks may be prompted to crack down on the crypto space but this is why its so important to get the community behind projects like ours. Because if we can demonstrate value to the economy by helping small business save on transaction fees, and by bringing new tourist into Australia and by getting the community expressing their vocal support to the policy makers, … we can shape the agenda and we can put social and political pressure back on the banks.
We often forget that we the people have the power. It is the policy makers who should be working to our agenda. Banks may be private business who can choose and deny customers but in Australia they walk on thin ice. There’s nothing we Australians love more than a good bank bashing. If they ever come after us, i’ll be leveraging my media contacts and raising a storm on “how the banks are hindering small business operators who use our system so they can continue to charge high merchant fees”. You can be sure the Australian Competition and Consumer watchdog, ACCC will be on their heels. = )