Exchange Review

How to Buy Bitcoin & Crypto with Heritage Bank

Summary: To buy cryptocurrencies in Australia with a Heritage Bank account you will need to use a secure cryptocurrency exchange. This guide outlines how to buy Bitcoin through the CoinSpot platform with low fees and free/instant AUD deposits.

James O'Connell
August 13, 2022

Heritage Bank is one of Australia's leading mutual banks, offering a complete range of personal and business banking products and services. Mutual banks are owned by their customers, not shareholders, so they're able to reinvest profits back into better rates and products, as well as support the local communities in which they operate.

Heritage Bank has been operating since 1875 and today has over 160,000 members. The bank has a strong focus on providing great value products and outstanding customer service. It offers a wide range of personal banking products and services including savings and transaction accounts, term deposits, personal loans, home loans, credit cards, and insurance.

Table of Contents

Where to buy Crypto with Heritage Bank account

Heritage Bank clients can connect their accounts to any cryptocurrency exchange that accepts AUD (fiat) deposits. There are many secure and reliable cryptocurrency exchanges based in Australia to choose from, we suggest using CoinSpot.

CoinSpot is the largest cryptocurrency investing platform in Australia with over 2 million users, equalling to 10% of the population. On CoinSpot you can trade cryptocurrencies, stake crypto, use tokens to buy NFTs like BAYC directly on the platform and invest in Bundles (Crypto ETFs).

To learn more about the fees, security, assets, features and support CoinSpot offers, you can visit our CoinSpot Review.

CoinSpot Bundles.
CoinSpot Bundles.

How to buy Bitcoin with Heritage Bank

Investing in Bitcoin and other cryptocurrencies will only take 5 minutes in total when you use CoinSpot, it offers instant verification and deposits. In this method, we show users how to deposit via Bank Transfer (Osko) but you may also use PayID, POLi & BPAY. Follow the steps to get started.

  1. Sign up to CoinSpot and verify your identity.
  2. Click ‘Deposit Funds’ and select ‘Direct Deposit’
  3. Copy your Unique Direct Deposit Details into your Heritage banking app and send the desired amount of AUD to your CoinSpot account. 
Direct Deposit on CoinSpot
  1. Once your funds have been instantly deposited, go to the ‘Markets’ tab.
  2. Find Bitcoin and press 'View BTC/AUD Market'.
  3. Type in the number of dollars you want to invest and tap ‘Buy BTC’.
How to Buy Bitcoin with Heritage Bank.
How to Buy Bitcoin with Heritage Bank.

Heritage Bank Cryptocurrency Policy

Heritage Bank does not have anything listed in its policies that would prohibit its users from investing in digital assets. Additionally, there have been zero reports of users accounts being frozen when sending funds to a cryptocurrency investing platform. Heritage bank account holders should not be concerned about sending dollars to CoinSpot or any regulated and licensed exchange.

What are the fees when buying Bitcoin?

Before investing in cryptocurrencies it's important to understand the fees that are involved. When you buy crypto on an exchange you will typically need to cover two fees. The deposit fee is for transferring funds to the exchange account and the trading fee is what you pay for the exchange to sell you crypto.

On CoinSpot, they offer free and instant deposits for Heritage Bank members and when buying Bitcoin via the Market Buy feature, the fee is a competitively low and almost non-existent 0.1%. Most exchanges will charge 0.5% - 1% for the deposit fee and the trading fee industry average is 0.7%.

CoinSpot Fees Schedule.
CoinSpot Fees Schedule.
Visit CoinSpot

Author Bio

James O'Connell has been writing about traditional markets for over 5 years. He pivoted to writing about digital assets after learning about lending protocols like AAVE and Compound.

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