Buy Crypto with Bank of Ireland

Summary: Clients of Bank of Ireland can purchase digital currencies via Ireland-regulated exchanges, utilizing their Bank of Ireland cards or the SEPA system. The Central Bank of Ireland ensures transaction safety and customer protection. Although Bank of Ireland isn't directly involved in crypto transactions, investments are secure and law-abiding.

For competitive fees and regulatory adherence, eToro is recommended. It enables immediate Euro deposits from Bank of Ireland for trading over 3,000 assets with industry-leading rates.

Can You Buy Crypto with Bank of Ireland?

Yes, cryptocurrencies can be acquired using a Bank of Ireland account or card. As an investor, your initial move is to register on an Ireland-regulated cryptocurrency exchange that accepts transfers from Bank of Ireland. Since Bank of Ireland doesn't handle crypto transactions directly, choosing a cryptocurrency exchange overseen by the Central Bank of Ireland ensures the safety of your transactions and provides consumer protection.

‍

How to Buy Bitcoin or Crypto with Bank of Ireland

The safest method to purchase Bitcoin and other digital currencies with a Bank of Ireland account involves using a regulated external exchange. This method lets users securely deposit EUR from their BOI account via the Single Euro Payments Area (SEPA) or by using their Bank of Ireland card, among other options. Based on our review, we recommend eToro for its compatibility with Bank of Ireland, rigorous compliance with regulations, and reasonable transaction fees.

Here's a brief step-by-step guide to procuring crypto with a Bank of Ireland account on their platform:

1. Visit eToro to sign up and verify your identity.
2. Select the 'Deposit Funds' button on the bottom left of your screen.
3. Select EUR as your currency and your payment method (e.g. SEPA Transfer) and complete your transfer from Bank of Ireland.
4. Complete the deposit and use the funds credited to your account to invest in crypto.

‍

What are the Fees?

The fees tied to investing in Bitcoin and other digital currencies with your Bank of Ireland account will vary depending on the chosen platform. Generally, the costs investors must contemplate include deposit fees, withdrawal fees, spreads, and trading fees.

For Bank of Ireland account holders, we recommend eToro to keep fees low. It offers free EUR deposits and commission-free trading. The sole cost when purchasing digital currencies on their platform is the spread, which is a reasonable 1%, and more competitive than widely recognized alternatives such as Coinbase, which charges over 2%.

‍

Is Bank of Ireland Crypto-Friendly?

Bank of Ireland enables its customers to invest in cryptocurrencies via third-party exchanges supervised by the Central Bank of Ireland. This allows customers to leverage Ireland-based exchanges adhering to national regulations meant to prevent financial crimes, like money laundering and fraud. By choosing a regulated exchange, Bank of Ireland customers can be confident that their cryptocurrency investments are protected and in compliance with legal requirements.

‍

Bottom Line

In conclusion, buying cryptocurrencies, including Bitcoin, with a Bank of Ireland account is feasible and safe when using a regulated external exchange. We recommend eToro for its compatibility with Bank of Ireland, regulatory compliance, and competitive fees. 

While Bank of Ireland doesn't handle cryptocurrency transactions directly, they allow customers to invest in cryptocurrencies via Ireland-regulated third-party exchanges. This approach ensures transaction safety, consumer protection, and adherence to legal regulations, offering a secure path for those interested in cryptocurrency investment.