Can I Buy Bitcoin with Bank of China?
Only a Hong Kong account can fund crypto purchases among the three markets covered here. The rules differ for a Shanghai debit card, a BOCHK savings account, and a Sydney transaction account. Each Bank of China entity follows local law and its own terms, so customers of other overseas branches, including London or Singapore, should check with their branch.
- Mainland China: The PBoC and seven other agencies prohibit financial institutions from opening accounts, moving funds, or clearing payments for cryptocurrency businesses. Buyers bear any losses on crypto investment contracts that breach public order, as these contracts are void.
- Australia: Under clause 6.1 of Bank of China (Australia)'s conditions of use, effective 15 November 2025, payments to crypto or digital asset exchanges are prohibited. The bank can close accounts used for these payments.
- Hong Kong: Although BOCHK does not sell crypto in its app, SFC-licensed exchanges accept transfers from accounts in the customer's own name.
Opening a Hong Kong account does not change your legal residence or exempt mainland residents from the PBoC notice when buying crypto. Kraken restricts mainland residents, as explained in our Kraken availability guide. Our Hong Kong exchange rankings compare the top platforms.
How to Buy Crypto with Bank of China
To buy on Kraken, start with a USD wire from BOCHK. Bank Frick, Kraken's banking partner in Liechtenstein, receives SWIFT deposits from most banks worldwide in USD, EUR, CHF, GBP, and CAD. BOCHK charges HK$65 per online telegraphic transfer, compared with HK$260 at a branch.
Steps to buy crypto with Bank of China (Hong Kong):
- Open your Kraken account: Register at Kraken. Upload a Hong Kong identity card or passport and a document showing your Hong Kong address. You can fund the account after verification.
- Convert HKD to USD inside BOCHK: First, move the amount into your BOCHK US dollar account. If you wire Hong Kong dollars, Bank Frick converts them at its internal rate, which you cannot see beforehand.
- Copy Kraken's SWIFT instructions: Select Deposit, then USD, then the Bank Frick SWIFT method. Copy the beneficiary name, account number, SWIFT code, and reference. The reference must include your Kraken public account ID, starting with AA.
- Register the payee and send the wire: Register Kraken's account under personal settings in BOCHK Internet Banking. Send a USD telegraphic transfer from a dollar account in your own name, keeping the reference unchanged.
- Buy with a limit order on Kraken Pro: Once the USD balance appears, open BTC/USD and set your price. At the entry tier, an order that rests on the book pays the 0.40% maker rate. An order that fills immediately pays 0.80%.
If several business days pass after BOCHK marks the wire as sent and Kraken has not credited it, send Kraken support BOCHK's SWIFT confirmation (MT103). This lets support match the deposit.
Fees, Tax and Transfer Limits for Bank of China Customers
Most of a BOCHK customer's cost comes from the wire and HKD-to-USD conversion, followed by Kraken's trading fee once the dollars arrive.
BOCHK costs and limits
- Telegraphic transfer: HK$65 online or in the app, compared with HK$260 at a branch.
- Correspondent bank charges: Intermediary banks may deduct fees while the payment is in transit. If you choose to cover these charges, BOCHK collects them in advance and keeps any unused amount.
- Express Transfer (RTGS/CHATS): Free online or HK$180 at a branch. Transfers of HKD, RMB, USD, and EUR to other Hong Kong banks settle the same day, making this useful for large deposits to local licensed platforms.
- FPS: Hong Kong dollars move between local banks in seconds. Check your BOCHK FPS cap before a large deposit, as HashKey notes that limits depend on the sending bank.
- Currency conversion: The difference between BOCHK's board rate and the market rate is a cost, though it never appears as a fee. Converting inside BOCHK before sending the wire lets you see the rate in advance.
- Deposit protection: Hong Kong's scheme covers up to HK$800,000 per depositor per bank. It excludes crypto assets, so crypto held on an exchange has no such cover.
Kraken fees
- USD SWIFT deposit: Kraken's deposit page shows Bank Frick's fee. This is charged in addition to BOCHK's fee and any intermediary deductions.
- Kraken Pro spot trading: Entry-tier rates have been 0.40% for makers and 0.80% for takers since 9 July 2026. Higher 30-day volume or a greater value of assets held on Kraken reduces those rates.
- Instant Buy: A 1% fee plus a spread built into the quote.
- Crypto withdrawal: A fixed network fee applies for each coin and chain and appears before confirmation. Moving to a self-custody wallet removes exchange exposure.
- USD withdrawal to BOCHK: Bank Frick returns the money by SWIFT to an account in your name. The fee appears when you withdraw.
Tax for Hong Kong and Australian customers
- Hong Kong: Individuals pay no tax on capital gains. DIPN 39 generally treats crypto held as a long-term investment as capital, though frequent, organized trading can be taxed as business profit.
- Australia: Crypto is a CGT asset. For gains accruing from 1 July 2027, cost-base indexation and a 30% minimum tax replace the 50% discount for individuals. Value your holdings on that date.
- Mainland China: Crypto investment contracts that breach public order are void under the 2026 notice. Buyers have no legal remedy.
On a US$8,000 Bitcoin purchase, the online BOCHK wire costs HK$65 before intermediary deductions. A market order for the full amount on Kraken Pro costs US$64 at the entry taker rate. A limit order that rests on the book costs US$32, making the order type more significant than the bank fee.
Best Exchanges for Bank of China Customers
Only BOCHK customers can fund these platforms from a Bank of China account. Kraken is the list's only offshore venue. The other three hold SFC licenses and accept Hong Kong dollars from same-name local accounts.
Bank of China Cryptocurrency Policy
Bank of China offers no retail crypto trading, custody or wallet in the three markets we reviewed. The group's digital asset work covers state digital currency and tokenized securities, as well as Hong Kong's stablecoin regime.
Mainland China
The 2026 notice repealed the 2021 ban and expanded its scope, keeping crypto exchange, trading, and token issuance illegal. Offshore yuan stablecoins require approval, while real-world asset tokenization falls under state control. Foreign firms cannot serve mainland users, and provinces must continue shutting down crypto mining. Bank of China, as a state-owned lender, is bound by the notice's payment ban.
Australia
Bank of China (Australia) Limited's written 15 November 2025 conditions prohibit payments to crypto and digital asset exchanges, alongside substantial gambling. The bank can cancel access or close linked accounts.
Australian buyers need another bank to fund an exchange registered with AUSTRAC, the financial crime regulator. Our CommBank and NAB guides cover two large alternatives, with platforms listed in our Australian exchange rankings. The same Bank of China (Australia) conditions cap Internet Banking transfers at AUD 10,000 a day per card.
Hong Kong and group digital assets
BOCHK is one of Hong Kong's three note-issuing banks and was reported among the applicants for a stablecoin license. The regime has been live since August 2025. On 10 April 2026, the HKMA granted its first licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered.
Overseas subsidiaries and branches of mainland financial institutions also fall within the PBoC notice. Those offering tokenization abroad must apply strict customer checks and include that business in group compliance. Investment bank BOCI has already issued CNH 200 million of tokenized structured notes on Ethereum with UBS. The June 2023 issuance was a first for a Chinese financial institution in Hong Kong.
About Bank of China
Bank of China, one of China's large state-owned commercial banks, traces its history to 1912. Total assets exceeded RMB 38 trillion at the end of 2025, according to its 2025 results. Operating revenue was RMB 659.9 billion and profit reached RMB 257.9 billion, with a non-performing loan ratio of 1.23%.
The group operates in 64 countries and regions outside the mainland and is a renminbi clearing bank in 16 of them. It issues banknotes through BOCHK and its Macau Branch and has been designated a global systemically important bank for 15 consecutive years.
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Bottom Line
Bank of China does not offer direct crypto purchases. In two of the three markets covered here, it also won't send payments to an exchange. The PBoC's 2026 notice applies to mainland accounts, while Bank of China (Australia)'s terms prohibit payments to exchanges. Australian customers therefore need a second bank to buy crypto.
For BOCHK customers, Kraken remains our choice for coin selection. Convert to USD inside BOCHK, then wire it online for HK$65. On Kraken Pro, place limit orders that rest on the order book to pay the maker rate. Customers who want SFC oversight can fund HashKey Exchange by FPS. Keep every remittance record and trade statement in case a bank or tax authority asks about the source of funds.
