Can I Buy Bitcoin with Bendigo Bank?

‍Yes, Bendigo Bank account holders can invest in Bitcoin by using Australian crypto exchanges. The bank permits clients to transfer funds from their bank accounts to platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Users can deposit Australian dollars using widely supported payment options such as PayID and BPAY.

How to Buy Crypto with Bendigo Bank

Bendigo Bank allows clients to transfer money to AUSTRAC-registered exchanges such as CoinSpot, a platform trusted by over 2.5 million users. CoinSpot provides access to more than 500 cryptocurrencies for trading. It supports AUD deposits through multiple methods, including bank transfers, PayID, BPAY, credit cards, debit cards, PayPal, and cash deposits.

Below is a guide for buying crypto using your Bendigo Bank account:

1. Open an Account: Sign up for a free CoinSpot account and complete the verification process to meet regulatory requirements.
2. Deposit Funds: Navigate to the ‘Deposit Funds’ section in your dashboard.
3. Transfer Funds: Select ‘AUD’ as the currency and choose your preferred deposit method. Use your Bendigo Bank account to transfer funds.
4. Place Your Trade: Once your funds are available in your CoinSpot account, access the ‘Buy/Sell’ section to purchase the cryptocurrency of your choice.

What are the Fees?

When Bendigo Bank customers engage with cryptocurrency exchanges, understanding the associated fees is essential to manage costs. These costs typically include deposits, withdrawals, and trading activities. Below is an overview of CoinSpot's fee structure:

• Deposits: CoinSpot offers free AUD deposits via PayID and POLi, while BPAY deposits incur a 0.9% fee, PayPal takes a 0.5% fee, and cash deposits attract a 2.5% fee.
• Withdrawals: Withdrawing AUD from CoinSpot to your Bendigo Bank account is free when using direct transfer, but PayPal withdrawals cost 2%. 
• Trading: CoinSpot charges a 1% fee for instant buy/sell orders. For market orders on the exchange, fees are lower, at 0.1%.

Compared to other platforms, CoinSpot's fee structure is competitive, especially for Australian users. For instance, exchanges like Coinbase may charge over 2% in trading fees alone.

Bendigo Bank Cryptocurrency Policy

Bendigo Bank permits customers to transfer funds to exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). However, to enhance customer protection against fraud and financial crime, the bank has implemented measures to block high-risk crypto transactions. 

These measures target instant payments to certain platforms identified as high-risk, like Bitget, aiming to mitigate the risks associated with investment scams and fraudulent activities.

If a customer attempts to make a payment to a restricted exchange, the transaction may be declined, and an error message will indicate that the payment could not be processed.

About Bendigo Bank

Bendigo Bank, officially Bendigo and Adelaide Bank Limited, is an Australian bank serving over 2.5 million customers. It offers a comprehensive range of banking products, including transaction and savings accounts, home loans, credit cards, and investment services.

It provides personal banking solutions such as the Bendigo EasySaver account, Bendigo Complete Home Loan, and the Bendigo Platinum Rewards Mastercard.

Bottom Line

Bendigo Bank users can access cryptocurrencies by using AUSTRAC-registered exchanges like CoinSpot. This platform allows quick Australian dollar deposits through PayID, BPAY, and bank transfers, making it easy to start trading without unnecessary delays.

Before getting started, reviewing your selected exchange’s fee structure, including any deposit or trading charges, is crucial to ensure it aligns with your investment goals.