Can I Buy Bitcoin with Bank of America?

Yes, Bank of America customers can purchase Bitcoin through licensed American crypto exchanges. Unfortunately, BofA’s investment branch, Merrill, doesn’t support digital assets, and users must use external platforms registered with the Financial Crimes Enforcement Network (FinCEN). Funding your account with US Dollars is easy through ACH transfers or wire payments.

How to Buy Crypto with Bank of America

‍Bank of America account holders can access crypto markets through regulated exchanges like Kraken, registered as a Money Services Business with FinCEN (MSB Registration No. 31000270997766). It accepts USD deposits through ACH transfers, SWIFT and debit or credit card payments. There are over 290 digital currencies available for trading and staking.

Follow this guide to buy crypto using your Bank of America account:

1. Create an Account: Start by visiting Kraken’s official website and signing up. Complete the Know Your Customer (KYC) verification by providing your ID and email.
2. Deposit Funds: After logging in, go to the 'Funding' section and select your preferred deposit method, such as ACH or wire transfer. Transfer funds from your BofA account to your Kraken account.
3. Select a Cryptocurrency: Once your deposit is processed, browse the platform’s extensive list of supported digital assets and choose the one you’d like to invest in.
4. Make Your Purchase: Enter the amount you wish to buy and review the details to confirm your trade.

What are the Fees?

For Bank of America customers, depositing U.S. dollars to Kraken through ACH transfers or wire transfers incurs no deposit fees, allowing easy access to the platform.

Kraken’s trading fees remain competitive, beginning at 0.16% for spot transactions, with futures trading fees ranging from 0.02% to 0.05%. Similar platforms like Coinbase charge upwards of 2%.

Withdrawal fees vary depending on the cryptocurrency you select. Reviewing the costs for your chosen asset beforehand is recommended to help you avoid any unexpected charges during the transfer process.

Bank of America Cryptocurrency Policy

Bank of America is a progressive banking institution that provides exposure to digital assets through its Spot Bitcoin ETF, which is offered through its investment arm, Merill Lynch. Although the bank doesn’t directly offer crypto services, it permits customers to transact with regulated exchanges. 

It’s essential to remember that BofA only supports transfers to platforms registered as Money Services Businesses (MSB) under the Financial Crimes Enforcement Network (FinCEN). These exchanges must adhere to U.S. regulatory standards to ensure compliant transactions.

About Bank of America (BofA)

Bank of America is a major financial institution headquartered in North Carolina, serving individuals, businesses, and institutional clients worldwide. Founded in 1904, it has grown into one of the largest U.S. financial services providers, offering a broad range of services, including personal and business banking, wealth management and investment services.

With an extensive digital platform, Bank of America supports over 67 million customers, providing innovative tools like Erica, a virtual financial assistant, and Zelle for seamless money transfers.

Bottom Line

Bank of America customers can invest in cryptocurrency by transferring U.S. dollars to regulated exchanges like Kraken, which is registered with FinCEN. It offers competitive trading fees and access to over 290 cryptocurrencies for buying, trading, and staking.

Users can responsibly explore digital assets while ensuring regulatory compliance by following recommended steps and staying informed about fees and BofA’s policies.