How to Buy Crypto with ANZ Bank

Summary: ANZ is a crypto-friendly bank that has launched its own AUD backed stablecoin (A$DC). Unfortunately, its online services do not include a crypto investment feature, but the bank does facilitate transfers to regulated digital asset exchanges registered with AUSTRAC.

ANZ customers can safely invest in digital assets by using the AUSTRAC-registered exchange, eToro. This platform supports AUD deposits through bank, debit card, and PayID transfers. It provides access to a diverse range of over 4,500 cryptocurrencies, stocks, and ETFs.

Can I Buy Crypto with ANZ Bank?

Yes, ANZ allows its clients to engage in crypto trading by approving transfers to cryptocurrency exchanges in Australia registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The bank provides straightforward funding options for depositing Australian Dollars to regulated platforms, guaranteeing both compliance and asset security.

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How to Buy Crypto with ANZ Bank

ANZ customers wanting to trade cryptocurrency should consider using eToro, a platform compliant with the AUSTRAC’s regulations. eToro facilitates quick AUD transfers from ANZ accounts, accommodating methods like bank transfers, debit card payments, PayID and other e-wallet methods. Once funds have been deposited, users can buy over 4,500 digital currencies, stocks, and ETFs.

Begin trading digital assets with ANZ through eToro by following these steps:

1. Account Setup: Create your eToro account and complete the verification procedures.
2. Funding Your Account: Go to 'Deposit', found in the user interface's lower left section.
3. Selecting Payment Method: Choose 'AUD' as your preferred currency and transfer funds from ANZ Bank.‍
4. Purchase Cryptocurrency: After your deposit, use the search feature to locate and buy your desired asset.

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What are the Fees?

If you’re new to cryptocurrency, understanding the costs involved in the purchasing process is recommended. These fees typically include charges for depositing and withdrawing funds from an exchange, costs per transaction, and the spread, the price differential between purchase and sale quotes.

Our recommended platform, eToro has a competitive fee structure and the convenience of free AUD deposits through methods like PayID. However, there are conversion fees for AUD to USD, as all transactions on the platform are conducted in US Dollars. eToro applies a spread near 1% for cryptocurrency transactions, a rate lower than most platforms, such as CoinSpot, where spreads often exceed 2%. 

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Is ANZ Bank Crypto-Friendly?

Yes, ANZ is considered a crypto-friendly institution and was the first Australian bank to launch its own AUD-backed stablecoin, A$DC. The bank supports customers' interest in digital assets by approving transfers to platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This strategy empowers ANZ clients to venture into digital asset investments within a secure and regulated framework. By following AUSTRAC's stringent guidelines, the bank offers a safe route for investors seeking to diversify their portfolios with cryptocurrencies. It’s important to mention that ANZ does freeze transactions and accounts when sending funds to unregulated exchanges deemed risky.

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Bottom Line

In conclusion, ANZ bridges its clients to the crypto market by facilitating transfers to AUSTRAC-registered exchanges. eToro is the most reliable option with fast AUD deposits and access to a diverse collection of 4,500 assets, including digital currencies, stocks, ETFs and commodities. Its adherence to Australian regulatory standards and quick sign-up process make it an attractive choice for ANZ customers aiming to diversify their investment portfolio.