How to buy cryptocurrency with your bank account

Read our step-by-step guide to buying bitcoin and other digital currencies with a bank transfer.

Updated

Fact checked

If you want to buy cryptocurrency with Australian dollars, using a crypto exchange that accepts bank transfers can be one of the cheapest and most convenient solutions. But if you’re new to cryptocurrency, it can be tough knowing where to get started.

Read on for a list of which exchanges accept bank transfers and how you can buy crypto with your bank account.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

CoinSpot Cryptocurrency Exchange

CoinSpot is an Australian-based exchange that allows you to easily buy, sell or trade more than 100 cryptocurrencies.

  • A local exchange headquartered in Australia
  • Allows users to buy directly in AUD
  • Low and no fee deposits and withdrawals
  • User-friendly interface
  • Wide selection of cryptocurrencies
  • Compliant with AML/CTF laws
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Where to buy cryptocurrency with a bank transfer

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY,Cash,POLi,PayID
AUD

169
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 150 cryptos.
Bank transfer,POLi,Osko,PayID
AUD

177
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Bank transfer,BPAY,Cash,Cryptocurrency,PayID
AUD, GBP

9
cryptocurrencies

Get a free Swipe (EFTPOS) Card from CoinJar, valued at $29.
Simply tap on “Card” within the CoinJar app bottom menu to order the free Swipe (EFTPOS) Card. CoinJar offers a simple way to buy, sell, or trade cryptocurrency with AUD. Enjoy free and instant deposits, fees start from 0.1% and withdrawals are free to your bank account.
Interac e-Transfer,Wire transfer,Credit or Debit Card,SEPA,EFT
USD, EUR, CAD, GBP, JPY, AED

24
cryptocurrencies

Canadian-founded Bitcoin and cryptocurrency exchange available in 193 countries.
Bank transfer,POLi
AUD

49
cryptocurrencies

Easy Crypto is a simple way to buy and sell a range of cryptocurrencies, straight to and from your own crypto wallet.
Credit card,Debit card,Neteller,PayPal,Wire transfer,Online banking
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK & 5+ more

16
cryptocurrencies

Disclaimer: Volatile investment product. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Copy the trades of leading cryptocurrency investors on this unique social investment platform.
Bank transfer (ACH),PayPal,Bank transfer (SEPA),SWIFT,Xfers,Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

66
cryptocurrencies

Get credit card crypto purchase fees waived when signing up for Crypto.com. T&Cs apply.
Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Bank transfer,BPAY,POLi,PayID
AUD

2
cryptocurrencies

A digital exchange based in Brisbane where users can pay in AUD to buy their BTC.
Credit card,Cryptocurrency,Debit card,Bank transfer (via third party)
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 23+ more

201
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cash,Cryptocurrency,POLi
AUD

1
cryptocurrency

Buy bitcoin with cash or bank transfer without deposit fees through this Australia-based platform.
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Compare up to 4 providers

Bank account payment methods

There are three ways you can buy crypto with your bank account:

  • Bank transfer. Bank transfers are usually free and offer a simple way to deposit funds – just enter the exchange’s bank account details from your financial institution’s Internet banking portal like you would for any other payment. However, these transfers can take one to two business days to arrive.
  • POLi Payments. POLi is an online payment method supported by several major banks in Australia and New Zealand, including the Big Four. It facilitates a Pay Anyone Internet banking payment from your bank account, and transactions sent this way are usually processed instantly.
  • BPAY. Most Australians will be quite familiar with this online bill payment system, which makes it easy to send payments to registered billers. BPAY transfers can take up to three business days to clear.

Depending on the exchange you choose, the exchange may support one, two or even all three of these payment methods.

Quick guide to buying bitcoin with your bank account

  1. Register for an account with an exchange like CoinSpot.
  2. Click “Deposit AUD” from your account dashboard.
  3. Select POLi as your payment method.
  4. Enter the amount of AUD you wish to deposit and choose the bank account you will be depositing from.
  5. Click “Continue to POLi”.
  6. Enter your Internet banking login details.
  7. Confirm payment.
  8. Click “Buy/Sell” at top of screen.
  9. Search for bitcoin and click on “Buy BTC”.
  10. Enter the amount of BTC you want to buy or the amount of AUD you want to spend.
  11. Review transaction details.
  12. Click “Buy BTC”.
Go to CoinSpot's website

This is our quick guide to just one way to buy with a bank transfer.
Compare some other options in the table below.

How to buy cryptocurrency with your bank account

Buying crypto with your bank account is actually quite easy. To show you how to do it, let’s look at an example of how to buy bitcoin (BTC) with Australian dollars.

Choosing the right exchange

There are a number of platforms to choose from when purchasing crypto with your bank account, so compare your options to see how each exchange performs across a range of key areas:

  • Bank account payment methods. How can you send AUD to the exchange from your bank account: bank transfer, POLi Payments and/or BPAY transaction?
  • Fees. How much will it cost you to complete your transaction? For example, POLi Payments deposits on CoinSpot don’t attract any fees, but BPAY transfers do. Remember to also consider the trading fees the exchange charges.
  • Transaction limits. Are there any minimum or maximum limits on the amount of crypto you can purchase? When you want to transfer the crypto you purchase away from the exchange, what is the minimum withdrawal limit?
  • Processing times. How long will it take for you to complete your crypto purchase from start to finish? For example, while POLi Payments usually clear instantly, bank transfers can take one to two business days.
  • Supported cryptocurrencies. Which cryptocurrencies can you purchase directly with AUD? Some platforms will only provide access to one or two popular digital currencies while others will offer a much wider range.
  • Ease of use. Does the platform have a simple and intuitive user interface that you can navigate without any problems?
  • Sign up and verification. What information and documentation will you need to provide to register for an account? How long does the verification process take?
  • Security features. What protective measures are in place to ensure the security of your funds? For example, does the platform support 2-factor authentication? Where are your funds stored? Has the exchange ever been hacked?
  • Customer support. How can you contact the customer support team? What contact methods are supported and during what hours is the team available? Is there an online help centre where you can easily find solutions to a range of common problems?
  • Reputation. Check out online forums and reviews to gauge what level of community trust the platform has. Would other users recommend it?

Answering these questions should help you narrow down your choices and find a platform that will work for you.

Compare exchanges now

How to store your crypto

If you want to store your newly acquired crypto coins on the exchange where you bought them, you can. However, this is not recommended for a couple of reasons:
  • You don’t control your private keys, the exchange does
  • Exchanges are frequently targeted by hackers and there have been numerous incidences of security breaches

With this in mind, the safest course of action is to move your digital coins into a secure wallet that allows you to retain control of your private keys. From desktop and mobile wallets to online and hardware wallets, there are plenty of options to choose from. Make sure you do your research before picking one that’s right for you.

Find out more about choosing a cryptocurrency wallet.

Is it safe to buy crypto using a bank account?

Buying crypto with a bank account offers a safe and secure way to exchange AUD for digital currency, but only if you’re certain you’re dealing with a reputable exchange provider. With this in mind, it’s essential that you thoroughly research the credentials of any platform before transferring any funds.

You’ll need to find out the following:

  • Who are the people behind the platform?
  • Where is it based?
  • How is it regulated and is it properly licensed?
  • How long has it been in business?

Of course, if you plan on buying cryptocurrency from someone through a peer-to-peer platform, you’ll need to be certain you’re dealing with a reputable seller before transferring any funds. This is why it’s a good idea to set up the trade through a marketplace that uses some sort of reputation system and has security measures in place to protect against fraud.

From a broader point of view, you should also be fully aware of the risks associated with buying cryptocurrency before you make a purchase. Cryptocurrencies are complicated and volatile assets, so there’s a risk of losing some or all of the money you spend.

Pros and cons

Pros

  • Buy crypto directly with AUD
  • Relatively simple process
  • Cheaper than buying with a credit card
  • Suitable for beginners looking to get their hands on some digital currency

Cons

  • Bank transfers can take several business days to process
  • Only a limited selection of altcoins can be purchased with AUD – many digital currencies can only be exchanged for other cryptocurrencies
  • Fiat-to-crypto trades usually attract higher fees than crypto-to-crypto trades

Next steps

If you want to buy crypto with your bank account, the first thing you need to do is start comparing a range of cryptocurrency exchanges. Compare their features, accepted payment methods, transaction limits, fees and level of community trust to find a platform that’s right for your needs.

Compare exchanges now


FAQs

Is it legal to buy cryptocurrency with my bank account?

Yes, at the time of writing, it’s legal to buy crypto with your bank account in Australia.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Images: Shutterstock

Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.

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