Can I Buy Bitcoin with CommBank?

Yes, CBA customers can buy Bitcoin through Australian crypto exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The bank permits transfers to exchanges, provided they aren’t flagged on CBA’s restricted list. Funding your crypto account is straightforward and can be done using direct bank transfers, PayID, or credit and debit cards.

How to Buy Crypto with Commonwealth Bank

‍Commonwealth Bank customers can invest in cryptocurrency through CoinSpot, Australia's most reliable platform. CoinSpot is registered with AUSTRAC, and CBA supports transfers to this exchange. It provides access to over 500 cryptocurrencies and accepts AUD deposits through bank transfer, PayID, BPAY, PayPal, debit or credit cards, and cash.

To trade digital currencies with CBA, follow these steps:

1. Create an Account: Sign up for a CoinSpot account and complete the identity verification process.
2. Deposit Funds: Go to the ‘Deposit Funds’ section on your account dashboard.
3. Choose Payment Method: Select your preferred deposit option and transfer funds from your CommBank account.
4. Purchase Cryptocurrency: After your deposit is confirmed, head to the ‘Buy/Sell’ section and select the cryptocurrency you wish to purchase.

What are the Fees?

For CommBank customers new to cryptocurrency, it's important to understand the fees that come with using an exchange. These fees typically include costs for deposits, withdrawals, trades, and the spread (the difference between buy and sell prices).

Depositing AUD on CoinSpot is free, and instant buys and sells are subject to a flat 1% fee. Although market buy orders come with a much lower 0.1% fee. This fee structure makes it more affordable compared to platforms like Coinbase, which may charge up to 2% for similar transactions.

CBA Cryptocurrency Policy

CBA has implemented several changes regarding crypto transactions, which include limiting the total payments made to cryptocurrency exchanges, to $10,000 per calendar month. If a payment to a flagged exchange exceeds the monthly limit or is considered high-risk, it will be automatically declined, and you’ll receive a notification via the CommBank app, email, or SMS.

The bank’s decision to impose these limits comes as a response to the increasing number of scams involving cryptocurrency. With scams on the rise, these measures are designed to reduce the risk to customers while still maintaining access to legitimate cryptocurrency platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

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.

Bottom Line

Commonwealth Bank account holders can buy cryptocurrencies through approved exchanges like CoinSpot, which supports over 500 digital assets. It is registered with AUSTRAC and provides free AUD deposits through several local payment methods like PayID.

Carefully reviewing the fee structure of your chosen platform is recommended to ensure it aligns with your financial goals and trading strategy.