Can I Buy Bitcoin with BoQ?

Yes, BoQ clients can purchase Bitcoin and other digital assets through Australian crypto exchanges. The bank allows users to transfer funds from their accounts to platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Customers can deposit Australian dollars using popular payment methods like PayID and BPAY.

How to Buy Crypto with Bank of Queensland

‍Bank of Queensland enables customers to transfer funds to AUSTRAC-registered exchanges like CoinSpot, a trusted platform used by over 2.5 million Australians. CoinSpot provides access to over 500 digital assets for trading and supports AUD deposits through various methods, including bank transfers, PayID, BPAY, credit and debit cards, PayPal, and cash deposits.

Follow this guide for purchasing crypto using your Bank of Queensland account:

1. Create an Account: Sign up for a free CoinSpot account and complete the identity verification process to comply with Australian regulations.
2. Add Funds: Log in to your account and go to the ‘Deposit Funds’ section.
3. Transfer AUD: Select ‘AUD’ as the deposit currency and choose your preferred deposit method. Use your Bank of Queensland account to transfer funds securely.
4. Buy Token: Once your funds appear in your CoinSpot account, visit the ‘Buy/Sell’ section to purchase Bitcoin or any other cryptocurrency.

What are the Fees?

If you’re new to cryptocurrency trading, understanding the costs of using an exchange is important. These fees typically apply to deposits, withdrawals, and trading. Below is an outline of CoinSpot's fee structure:

• Deposits: CoinSpot offers free AUD deposits through PayID and POLi, while BPAY deposits come with a 0.9% fee. PayPal deposits incur a 0.5% fee, and cash deposits attract a 2.5% fee.
• Withdrawals: Withdrawing AUD to your Bank of Queensland account is free using direct transfers. However, PayPal withdrawals carry a 2% fee.
• Trading: Instant buy/sell orders on CoinSpot are charged a 1% fee, while market orders have a lower fee of 0.1%.

CoinSpot's fees are significantly lower than those of popular platforms like Coinbase, which may charge over 2% in trading fees and 4% in deposit costs.

Bank of Queensland Cryptocurrency Policy

Bank of Queensland permits customers to transfer funds from their accounts to exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). However, BOQ has implemented specific measures to mitigate risks associated with crypto transactions.

The bank prohibits the use of its credit cards for cryptocurrency-related transactions. According to the bank's Credit Card Terms and Conditions, effective 31 October 2024, cardholders must not use their credit cards to invest in shares or other financial products like crypto.

Customers attempting to use BOQ credit cards for crypto purchases may find their transactions declined, accompanied by notifications indicating that such payments are not permitted. There are no limits or restrictions with their debit cards.

About Bank of Queensland (BoQ)

Bank of Queensland (BOQ), established in 1874, is a popular Australian retail bank headquartered in Brisbane. Serving over 1.5 million customers, BOQ offers various financial products, including personal and business banking services, credit cards, and home loans. 

The bank operates through multiple brands, notably BOQ, ME Bank, and Virgin Money Australia. In recent years, BOQ has focused on digital transformation and cost optimisation to enhance operational efficiency and customer experience.

Bottom Line

Bank of Queensland can send funds to AUSTRAC-registered exchanges such as CoinSpot to invest in cryptocurrencies. CoinSpot supports fast Australian dollar deposits through payment options like PayID, BPAY, PayPal and bank transfers.

Understanding the fee structure of your chosen exchange, including deposit, withdrawal, and trading costs, is essential to ensure it aligns with your financial objectives.