Can I Buy Bitcoin with Bank of America?

Bank of America does not provide direct cryptocurrency trading through its Online Banking platform or the Bank of America Mobile Banking app (BofA app). Customers cannot purchase Bitcoin or other digital assets directly from their accounts.

They can, however, transfer U.S. dollars (USD) from Bank of America checking or savings accounts to a regulated cryptocurrency exchange in the United States. Funding options include ACH transfers, wire transfers, and the BofA debit card for faster settlement.

How to Buy Crypto with Bank of America

The best way for Bank of America customers to buy cryptocurrency is by funding an account on a regulated U.S. exchange such as Kraken, which is registered with FinCEN as a Money Services Business (Registration Number 31000270997766).

Kraken accepts deposits from BofA accounts through ACH transfers, FedWire (domestic wire), Bank of America debit cards, and PayPal. The platform offers over 490 cryptocurrencies, advanced trading features, staking services, and operates under U.S. regulatory oversight.

Step-by-step guide to purchasing crypto on Kraken with your Bank of America account:

1. Open a Kraken Account: Visit Kraken’s official website, register, and complete Know Your Customer (KYC) verification.
2. Deposit Funds: From your Kraken dashboard, select “Funding,” choose USD, and transfer money from your Bank of America account using ACH, wire, debit card, or PayPal.
3. Select a Cryptocurrency: Browse Kraken’s markets, including Bitcoin, Ethereum, and hundreds of altcoins.
4. Place Your Trade: Enter the USD amount, confirm the details, and complete the purchase. Funds will appear in your Kraken wallet once processed.

Fees for BofA Customers Buying Digital Assets

Bank of America customers should review deposit, withdrawal, and trading fees before funding a cryptocurrency exchange. Below is Kraken’s current structure for U.S. users:

• Deposits: ACH, FedWire, CBIT, and SWIFT transfers are free. Debit and credit card deposits carry a 3.75% fee.
• Withdrawals: ACH and CBIT are free. FedWire costs $4 to $30 depending on the partner bank (Dart Bank, Etana, or Customers Bank). SWIFT withdrawals range from $13 to $35.
• Trading: Spot maker fees start at 0.25% and fall to 0% with volume, while taker fees range from 0.40% to 0.10%. Futures are priced at 0.02% (maker) and 0.05% (taker).

For Bank of America users, Kraken offers lower costs than Coinbase, where trading fees often exceed 2% and free USD deposits are limited.

Bank of America Cryptocurrency Policy

Bank of America permits customers to transfer U.S. dollars to regulated cryptocurrency exchanges in the United States. Platforms registered with FinCEN, including Kraken and Coinbase, can be funded directly from Bank of America accounts.

Most transfers process smoothly, though some may be delayed if flagged for compliance or fraud review. Bank of America debit cards are accepted on many exchanges, while credit card transactions remain blocked for crypto purchases.

The bank does not provide spot crypto trading through Online Banking or the BofA Mobile app, but investors can access indirect exposure through Merrill Self-Directed Investing. This service supports ETFs such as the iShares Bitcoin Trust (IBIT) and the iShares Ethereum Trust (ETHA).

Best Alternative Exchanges for Bank of America Customers

Bank of America customers seeking alternatives to Kraken can choose from several FinCEN-registered cryptocurrency exchanges in the United States:

• Binance.US: Registered with FinCEN under BAM Trading Services Inc. (NMLS ID #1906829). Accepts USD deposits from Bank of America via ACH, wire transfers, debit, and credit cards. Supports 160+ cryptocurrencies, fees from 0.1% and staking.
• Coinbase: Registered with FinCEN and licensed as a Money Transmitter across multiple states. Accepts USD deposits through ACH, wire transfers, and debit cards. Lists 200+ cryptocurrencies, fees from 1.49%, and provides a self-custody wallet.
• Uphold: FinCEN-regulated and licensed across multiple states. Accepts Bank of America deposits via ACH, cards, Google Pay, and Apple Pay. Supports 250+ coins plus metals and fiat, charges a 1.49% spread, and offers staking up to 15.5% APY.

When choosing an exchange, Bank of America customers should weigh deposit options, trading costs, asset variety, and security.

About Bank of America

Bank of America is one of the largest banks in the USA, serving over 69 million consumer and small business clients. Its core products include Advantage Banking accounts, a range of credit and debit cards, the BofA Mobile Banking app with 57 million verified users, and investment services through Merrill and Merrill Edge. 

Alongside checking, savings, and lending products such as home and auto loans, the bank operates nationwide and maintains offices in more than 35 countries, making it a global leader in retail and commercial financial services.

Final Thoughts

Bank of America customers cannot purchase Bitcoin directly, but they can fund regulated exchanges like Kraken, Coinbase, or Uphold using ACH, wire, or debit transfers. Reviewing fees, asset selection, and security is essential before choosing a platform. 

For indirect exposure, Merrill Self-Directed Investing offers blockchain-focused ETFs. Investors should pick the option that best fits their costs, risk profile, and long-term plan.