How to Buy Crypto with Bank Australia
Bank Australia customers interested in diving into the world of Bitcoin and other cryptocurrencies must open an account with an AUSTRAC-registered exchange. These platforms offer a secure trading environment, enabling you to make direct AUD transfers from your Bank Australia account and also accept payments via debit and credit cards.
Here's a step-by-step guide to getting started with eToro, a reputable exchange known for its diverse range of deposit options, including bank transfers, credit/debit cards, POLi, PayPal, Skrill, and Neteller:
- Register for a complimentary eToro account and go through the identity verification process.
- Head over to the 'Deposit Funds' area, typically located at the bottom left corner of the user interface.
- Choose 'AUD' as your preferred currency, select a payment method, and initiate the transfer from your Bank Australia account.
- Once your deposit is confirmed, utilise the search function to find and acquire your chosen cryptocurrency.
Fees to Buy Crypto
On most digital asset exchanges, there are three types of costs: deposit, trading, and withdrawal fees. On eToro, there are no deposit fees to transfer AUD to the platform, and withdrawals are $5 to Bank Australia accounts. As for the trading fee, it is 1% of the total transaction amount. The only additional fee is a conversion fee of AUD to USD, as all trades are made in US dollars on the exchange.
Does Bank Australia Allow Crypto Purchases?
Absolutely, Bank Australia allows its customers to transfer and receive Australian dollars (AUD) through approved cryptocurrency exchanges. It's crucial, however, to note that Bank Australia restricts transactions with unregulated trading platforms. To stay in line with Australian regulations, make sure you're using an exchange registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).
About Bank Australia
Bank Australia is a customer-owned bank that is based in Collingwood, Victoria. The bank was founded in 1957 and has since grown to become one of the largest banks in Australia. Bank Australia is owned by its members and operates for their benefit rather than for profit. It is committed to transparency, and its governance structure includes a board of directors elected by its members.
The bank offers a range of personal and business banking services, including savings accounts, loans, credit cards, insurance, and superannuation (retirement savings). It operates through a network of branches, as well as an online and mobile banking platform for customers to manage their accounts and perform transactions.
The Bottom Line
To conclude, Bank Australia doesn't offer an in-house cryptocurrency investment service, directing its customers to seek AUSTRAC-registered digital asset exchanges for a secure trading experience. Our comprehensive analysis points to eToro as the most suitable platform for Bank Australia customers, given its robust security measures and competitive fee structure.
The platform allows for a variety of deposit methods, including instant and free AUD transfers from Bank Australia accounts via POLi, bank transfer, and credit card. While the bank does permit transactions with approved cryptocurrency exchanges, it's essential to steer clear of unregulated platforms to remain compliant with Australian laws.