Summary: This guide outlines the best way to buy cryptocurrencies like Bitcoin and Ethereum with a BankSA account in Australia. If you want to buy crypto with your BankSA account you will need to use a secure exchange like CoinSpot.
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BankSA does not allow its users to buy or sell cryptocurrencies directly on its platform. It has not acquired the appropriate licensing to operate a cryptocurrency investing feature on its platform. But there are safe, alternative methods to buying crypto with a BankSA account.
To buy cryptocurrencies in Australia you will need to use a regulated and licensed cryptocurrency exchange. On an exchange you can fund an account with the money from BankSA and buy crypto on that platform.
Most major Australian cryptocurrency exchanges accept bank transfer as a form of deposit method, so there is no shortage of available platforms for BankSa clients. However, choosing the right exchange is important and a few things you should compare is fees, security, assets, features and support options.
In Australia, the best cryptocurrency exchange is definitely CoinSpot. CoinSpot offers trading on over 370 cryptocurrencies and staking on over 30. Additionally, it offers the lowest fees, most features, 24/7 live support and the best security out of any Australian-based exchange. It is properly licensed and regulated by ASIC in Australia and is the only exchange to be awarded the ISO27001 Standard Security Certificate.
How to buy Bitcoin & Crypto with BankSA
In this guide, we show Aussies how to buy Bitcoin with BankSA via Osko (Bank Transfer). The entire process including creating an account will take 5 minutes to complete. Follow these 4 easy steps to get started.
Create an account on CoinSpot and select ‘Deposit Funds’.
Click ‘Direct Deposit’ and copy your Unique Direct Deposit Details into your banking app and send over the desired amount.
Go to the ‘Markets’ tab and select ‘BTC/AUD’.
Enter the amount of AUD you want to spend and press ‘Buy BTC’.
How much does it cost to buy crypto with BankSA?
On CoinSpot it will only cost 0.1% of your investment to buy Bitcoin with a BankSA account if you deposit via bank transfer. CoinSpot has two sets of fees when using the platform, the deposit fees and trading fees. Refer to the list below for a breakdown of its fees.
PayID, POLi, Osko - Free & Instant
BPAY - 0.9% & 0 - 2 business days
Cash - 2.5% & Instant
Market Buy - 0.1% of investment
Instant Buy - 1% of investment
It does not cost anything to withdraw funds or to stake cryptocurrencies. These are the only fees that CoinSpot charge.
BankSA (formerly Bank of South Australia) is the leading financial institution in South Australia. It offers a wide range of banking products and services to its customers, including savings accounts, personal loans, and credit cards. BankSA also has a strong focus on community involvement and supports a number of charitable initiatives.
BankSA has a reputation for being a reliable and trustworthy provider of banking services. Customers can be assured of quality service and support when they bank with BankSA. The bank's website is easy to use and provides all the information customers need to manage their accounts effectively. BankSA also has a mobile app which makes it even easier for customers to access their accounts on the go.