How to Buy Crypto with CommBank

Can I Buy Crypto with CommBank?

‍Yes, Commonwealth Bank previously offered digital assets, such as Bitcoin, within its banking services but has since removed this feature. For now, the bank approves fund transfers to Australian cryptocurrency exchanges that comply with the Australian Transaction Reports and Analysis Centre (AUSTRAC) regulations. Customers can deposit Australian dollars to licensed platforms through bank transfers, PayID, and debit or credit cards.

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How to Buy Crypto with Commonwealth Bank

CommBank customers looking to invest in cryptocurrency can use CoinSpot, Australia’s most popular exchange with over 2.5 million users nationwide. The platform offers access to a wide range of cryptocurrencies, featuring more than 450 assets and supports instant AUD deposits through various methods, including bank transfers, PayID, BPAY, and debit cards. 

To begin trading digital assets with your CBA account, follow these steps:

1. Account Setup: Create a CoinSpot account and complete the required verification process.
2. Funding Your Account: Go to the 'Deposit Funds' section in your account dashboard.
3. Selecting Payment Method: Choose 'AUD' and transfer funds from your CommBank account using your preferred method.‍
4. Purchase Asset: Once your deposit is confirmed, navigate to the ‘Buy/Sell’ section to buy the cryptocurrency you desire.

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What are the Fees?

For Australian investors new to cryptocurrency, it's important to understand the fees involved. These costs can include charges for deposits and withdrawals, transaction charges, and the spread (the difference between the buying and selling prices).

CommBank customers using CoinSpot will find it offers a competitive fee structure. PayID deposits are free of charge and are processed instantly, making them the most affordable option. On the other hand, deposits made using a debit or credit card can incur fees up to 2%. Trading fees on CoinSpot are as low as 0.1%, making it an ideal choice for those seeking to minimise costs.

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Is CommBank Crypto-Friendly?

‍Yes, Commonwealth Bank of Australia is considered crypto-friendly and prioritises customer safety in digital asset transactions. CBA allows transfers to regulated exchanges that are registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This approach ensures a secure environment for clients interested in adding cryptocurrencies to their investment portfolios.

CommBank has introduced restrictions to enhance security against fraud associated with cryptocurrency transactions. The bank now limits the transfer amount to accounts or merchants linked with cryptocurrency exchanges to $10,000 per month across all customer accounts. 

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About Commonwealth Bank (CBA)

Commonwealth Bank of Australia (CBA) is Australia’s largest financial institution known for its comprehensive range of banking services. Founded in 1911, it provides various products such as the CommBank Mobile App, NetBank online banking, and CommSec for trading and investment. The bank offers personal and business banking solutions, including home loans, credit cards, and savings accounts, catering to millions of Australians.

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Bottom Line

In conclusion, CommBank provides a secure and convenient way for customers to invest in cryptocurrency through AUSTRAC-registered exchanges. The process is straightforward with multiple funding options like bank transfers, PayID, and debit or credit cards. CoinSpot stands out as a top choice for CommBank users due to its competitive fees and extensive range of over 450 cryptocurrencies.