How to Buy Crypto with Bendigo Bank

Summary: Bendigo Bank does not provide direct cryptocurrency investing options through its banking platforms. However, it supports its account holders in accessing the crypto market by enabling the transfer of AUD to AUSTRAC-regulated exchanges.

For those with Bendigo Bank accounts seeking to invest in digital assets, eToro emerges as a fitting choice, adhering to AUSTRAC's guidelines. eToro supports convenient AUD deposits via bank and debit card transfers. With its broad selection of over 4,500 assets, encompassing cryptocurrencies, stocks, and ETFs, eToro offers a robust platform for diversifying investment portfolios.

Can I Buy Crypto with Bendigo Bank?

Indeed, Bendigo Bank empowers its clients to delve into the world of cryptocurrency, covering notable digital currencies such as Bitcoin, Ethereum, and Solana. Bendigo Bank ensures smooth facilitation of fund transfers to regulated crypto trading platforms in Australia, adhering strictly to the guidelines set by the Australian Transaction Reports and Analysis Centre (AUSTRAC). For those keen on investing in cryptocurrencies, Bendigo Bank offers user-friendly deposit options in Australian Dollars, including bank transfers, POLi, PayID, and debit cards.

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How to Buy Crypto with Bendigo Bank

For Bendigo Bank customers eyeing cryptocurrency investments, eToro emerges as a reliable and diverse platform, upholding AUSTRAC's stringent regulatory framework. The platform streamlines the process of transferring Australian Dollars from Bendigo Bank accounts, accommodating methods like bank transfers, and both debit and credit cards. With eToro's expansive array of over 4,500 assets, including cryptocurrencies, stocks, and ETFs, it caters to various investment strategies.

Here’s your guide to getting started with eToro:

1. Account Creation: Initiate your journey by setting up an eToro account and completing the necessary verification procedures.
2. Funding Your Account: Proceed to eToro's 'Deposit' area, typically found in the bottom left corner of the interface, to add funds.
3. Selecting Currency and Payment Method: Choose 'AUD' as your preferred currency and pick a transfer method linked to your Bendigo Bank account.
4. Investing in Cryptocurrency: After processing your deposit, use eToro’s intuitive search function to locate and invest in your desired cryptocurrency.

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What are the Fees?

Engaging in Bitcoin and other cryptocurrency transactions via Bendigo Bank necessitates an awareness of the fees charged by external platforms. Common fees include deposits and withdrawals, transactional expenses, and the spread — the difference between the buying and selling prices of the digital assets.

For its competitive fee structure and acceptance of AUD deposits, eToro is a preferred choice among investors. On cryptocurrency trades, eToro generally applies a spread close to 1%, which is more favourable than platforms like CoinSpot, where spreads often exceed 2%. This makes eToro an appealing and cost-effective option for crypto trading, providing a transparent and efficient investment experience.

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Is Bendigo Bank Crypto-Friendly?

Bendigo Bank adopts a balanced approach towards cryptocurrency, facilitating customer engagements in the crypto market. The bank offers multiple avenues for customers to allocate funds, such as debit cards and bank transfers, to interact with cryptocurrency trading platforms. This is particularly true for platforms operating under the stringent regulations of Australian financial laws, including the Australian Transaction Reports and Analysis Centre (AUSTRAC).

Bendigo Bank's strategy provides its clients the opportunity to explore digital asset investments within a framework that is both secure and regulated. Complying with AUSTRAC's strict guidelines, Bendigo Bank ensures a trustworthy path for individuals looking to diversify their investment portfolios with cryptocurrencies, aligning with vital financial regulatory norms.

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Bottom Line

In summary, Bendigo Bank facilitates a secure and straightforward path for those delving into cryptocurrencies. It ensures smooth fund transfers to AUSTRAC-regulated crypto platforms and offers diverse deposit methods. This approach, coupled with the availability of platforms like eToro offering a wide range of assets and competitive fees, aligns with the interests of investors exploring digital currencies. Bendigo Bank's adherence to regulatory standards and emphasis on customer ease makes it a commendable choice for diversifying into digital asset investments.