How to Buy Crypto with Bendigo Bank
The most secure and simple method for Bendigo Bank clients to engage in Bitcoin or other digital asset investment is by establishing an account with a cryptocurrency exchange registered with AUSTRAC. These platforms provide a secure trading environment by accepting AUD transfers from Bendigo Bank accounts and supporting deposits through debit or credit cards.
Here is a concise 4-step guide on using eToro, a platform known for instant deposits from Bendigo Bank and presenting over 3,000 tradeable assets.
- Sign up for a complimentary eToro account and finish the authentication process.
- Tap the 'Deposit Funds' button in the bottom left corner of your screen.
- Select ‘AUD' as your currency, pick a payment method, and transfer funds from your Bendigo Bank account.
- Once your deposit has been received, head to the search bar and buy your desired cryptocurrency.
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Fees to Buy Crypto
When planning to invest in cryptocurrencies through a digital asset exchange based in Australia, be conscious of the related expenses. Typically, charges for fund deposits, trading, and withdrawals are imposed by most platforms. However, eToro provides free deposits from Bendigo Bank customers. The only costs to consider are a 1% transaction fee for each cryptocurrency transaction and a fixed withdrawal fee of $5.
Does Bendigo Bank Allow Crypto Purchases?
Certainly, Bendigo Bank allows its customers to transfer Australian Dollars to accredited digital currency exchanges approved by AUSTRAC. However, it's vital to remember that Bendigo Bank may enforce limitations on transactions associated with platforms such as KuCoin that do not adhere to compliance requirements. Hence, we advise opting for a trading platform under AUSTRAC regulation for seamless and secure transactions.
About Bendigo Bank
Bendigo Bank is an Australian-based financial institution established in 1858. It was founded in Bendigo but has since expanded its presence nationwide, boasting over 500 branches and offices across Australia and a presence in New Zealand and China. It offers various products, including personal and business banking, loans, insurance, and wealth management.
Today, Bendigo Bank is a publicly listed company on the Australian Securities Exchange (ASX: BEN) with a market capitalisation of over $9 billion. The bank is widely recognised as one of Australia's leading community banks and has won numerous awards for its products, services, and commitment to customer service.
Conclusion
To summarise, although Bendigo Bank does not directly offer cryptocurrency-investing services, customers can still access the world of digital assets by using a reliable exchange like eToro. As Australia's most affordable and secure option, eToro allows Bendigo Bank clients to effortlessly trade over 3000 assets with competitively low fees at 1%.
