How to Buy Crypto with Westpac Bank

For those Westpac customers looking to delve into Bitcoin or other digital currencies, their journey starts with registering on an AUSTRAC-approved crypto exchange located in Australia. These platforms provide facilities for Westpac bank transfers, debit, or credit card deposits, guaranteeing safe and legal transactions. For Australian investors, eToro is an excellent choice to consider.

Here's a simple 4-step guide on how to use eToro, a platform that supports swift AUD deposits from Westpac and provides access to a diverse selection of over 3,000 tradeable assets.

  1. Sign up on eToro at no cost and complete all required verification procedures.
  2. Click on the 'Deposit Funds' button situated at the bottom left of your screen.
  3. Choose 'AUD', select an appropriate payment method, and transfer funds from your Westpac account.
  4. Once the deposit has been successfully made, search for and purchase your preferred cryptocurrency.
How to Buy Crypto with Westpac.

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Fees to Buy Crypto

A majority of Australian crypto exchanges impose deposit fees, but eToro sets itself apart by offering its customers the opportunity to deposit AUD at no cost. The sole charge is a 1% fee for every crypto transaction, be it buying or selling carried out. The only additional cost is when you withdraw funds to Westpac from eToro, which will cost a flat $5 fee.

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Does Westpac Allow Crypto Purchases?

Westpac recently issued a cryptocurrency-related policy, highlighting its progressive stance on digital currencies. Under this regulation, Westpac promises its clients access to buying, trading, or holding cryptocurrencies via exchanges registered with AUSTRAC. This perspective firmly places Westpac as a top-tier institution in Australia that warmly welcomes crypto transactions.

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About Westpac Bank

Westpac Banking Corporation, commonly known as Westpac, is a key player in the financial services industry, serving Australia, New Zealand, and Pacific Island nations. Established in 1817, Westpac is Australia's first bank and one of its largest, with operations spanning retail, business, and institutional banking. It provides a comprehensive array of financial products and services, including savings and checking accounts, home loans, credit cards, insurance, and investment services. 

Westpac's commitment to technological innovation is reflected in its robust digital banking platforms and mobile banking app, allowing customers to easily manage their finances. Westpac aims to establish a reputation as a leading corporate citizen by focusing on sustainability, community investment, and responsible banking. It is part of the "big four" Australian banks, reflecting its significant market presence and influence in the banking sector. 

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Conclusion

To sum up, our expert team compared the best cryptocurrency exchanges in Australia and concluded that eToro is the top pick for Westpac customers. We chose this platform as it is the most secure and affordable option, with free and instant AUD deposits to buy and sell over 3000 assets for low fees in an AUSTRAC-regulated trading environment.