How to Buy Crypto with BankSA

Based on our thorough research of top platforms in Australia, we suggest BankSA customers use the eToro exchange for buying cryptocurrencies like Bitcoin. BankSA customers can easily invest in various cryptocurrencies by depositing AUD into their eToro account through accepted payment options, including POLi, Bank Transfer, Credit/Debit Card, or PayPal.

Start trading Crypto with this straightforward guide:

  1. Sign up on eToro for free and go through the verification process.
  2. Press the 'Deposit Funds' button located at the bottom left of your screen.
  3. Choose 'AUD', pick a payment method, and transfer funds from your BankSA account.
  4. Finalize your deposit and purchase your chosen crypto using the search bar.
Buy Crypto BankSA

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Cryptocurrency Transaction Fees

Unlike some platforms that impose deposit fees, eToro offers fee-free deposit options to its users. The only costs associated with this platform are for the trading of cryptocurrencies and for AUD withdrawals to your bank account. Each crypto trade attracts a 1% fee, and there's a set $5 charge for every withdrawal.

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Does BankSA permit Crypto Purchases?

In the 2017 crypto boom, BankSA was infamous for suspending customer accounts that transferred funds to crypto exchanges. However, their stance has significantly shifted since then, and they now allow customers to deposit AUD into reputable, ASIC-regulated exchanges in Australia.

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What is BankSA?

BankSA is a financial institution based in South Australia and is a division of Westpac, which is one of the largest banks in Australia. It was established in 1848 as the Savings Bank of South Australia and is now considered the largest financial institution in South Australia.

BankSA provides a wide range of financial services, including personal banking (such as savings and transaction accounts, credit cards, personal loans, and home loans), insurance, private banking, business banking, and wealth management services. It operates through a network of branches, ATMs, and internet and telephone banking facilities. As of my knowledge cutoff in September 2021, BankSA continues to serve its customers across South Australia and the Northern Territory.

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Bottom Line

In conclusion, buying crypto with BankSA has become straightforward, thanks to platforms like eToro. Users can easily deposit AUD, trade cryptocurrencies, and withdraw funds with minimal fees. Despite initial resistance during the 2017 crypto surge, BankSA now supports customers' desires to invest in the crypto market by allowing transfers to ASIC-regulated exchanges. Always remember to invest wisely and use trusted platforms like eToro for your crypto transactions.