Exchange Review

How to Buy Crypto with Bank of Melbourne

Summary: In this guide, we outline the most secure and affordable way for Australian investors to buy cryptocurrencies with their Bank of Melbourne account. To purchase cryptocurrencies in Australia you will need to go through a secure cryptocurrency exchange like CoinSpot

By 
Timothy Wilson
 on  
August 13, 2022

Bank of Melbourne is the largest bank in the city of Melbourne and has many customers in other states of Australia. Since the increase in popularity of cryptocurrencies, many Australian investors have begun diversifying their portfolios and getting out of traditional financial products. This guide shows Australians the easiest way to invest in digital assets with a Bank of Melbourne account. 

Bank of Melbourne Home Page

Table of Contents

Can I Buy Cryptocurrencies on the Bank of Melbourne platform?

Unfortunately, most major Australian banks do not allow the buying or selling of cryptocurrencies on their platforms. This is because exchanges and banks follow different regulations and require different licences to operate. The Bank of Melbourne is yet to acquire the appropriate licences to run a cryptocurrency exchange. In saying that, there are safe alternative methods to buying tokens with your Bank of Melbourne account. 

To buy cryptocurrencies in Australia you will need to use a regulated, licensed and secure cryptocurrency exchange like CoinSpot. We recommend using CoinSpot as it is Australia’s largest and safest cryptocurrency investing platform. It services over 2 million investors, which is 10% of the Australian population. Users have access to over 370 tokens on CoinSpot.

How to Buy Crypto & Bitcoin with a Bank of Melbourne account

In this example, we outline the easiest way to buy Bitcoin with a Bank of Melbourne account by depositing funds via Direct Deposit/Osko. You can also deposit funds on CoinSpot via PayID, POLi, BPAY and Cash deposit. Users can also apply this method to buy any cryptocurrency available on CoinSpot. 

  1. Create an account on CoinSpot and complete the verification process
  2. Click ‘Deposit Funds’ under the CoinSpot logo in the top left-hand corner of your screen
Deposit Funds on CoinSpot
  1. Copy your Unique Direct Deposit Details and put them into your Bank of Melbourne app, enter the amount of Australia dollars you want to invest and send it
  2. The funds will arrive instantly, go to the ‘Buy/Sell’ tab
  3. Search for Bitcoin (or any token), enter the amount you want to invest and select ‘Buy’
Buy Bitcoin (BTC) on CoinSpot
Buy Bitcoin (BTC) On CoinSpot with Bank of Melbourne

Buying Bitcoin and Crypto Fees

If you’re buying cryptocurrencies on any exchange you will be subject to pay at least two fees, the deposit and trading fee. On CoinSpot, the fees vary depending on what deposit method and buying method you use. Refer to the data below for a breakdown of CoinSpot’s deposit & trading fees.

Deposit Fees

  • PayID Fee - Free & Instant 
  • Direct Deposit/Osko - Free & Instant
  • POLi Fee - Free & Instant 
  • BPAY Fee - 0.9% and 0 - 2 business days 
  • Cash Deposit - 2.5% and Instant

Trading Fees

  • Instant Buy - 1%
  • Market Buy - 0.1%
CoinSpot Fee Schedule
CoinSpot Fee Schedule

Bank of Melbourne Cryptocurrency Policy

The Bank of Melbourne has not publicly announced its stance on cryptocurrencies. There is nothing stated in its policies that would prohibit its users from investing in digital assets. Furthermore, there have been zero reports of Bank of Melbourne users funds being frozen when transferring to. cryptocurrency exchange like CoinSpot.

CoinSpot is regulated and licensed to operate in Australia. It is licensed by AUSTRAC and has obtained the ISO 27001 standard security certificate.

About Bank of Melbourne

Bank of Melbourne is a bank that operates in the state of Victoria in Australia. It is a subsidiary of the Westpac Banking Corporation. The bank was established in 1838 and provides banking services to individuals and businesses. It has a network of branches and ATMs across the state. The bank offers a range of products and services including savings accounts, personal loans, credit cards, home loans, and business banking.

Visit CoinSpot

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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