Can I Buy Bitcoin with Macquarie Bank?

Macquarie Bank doesn't offer direct crypto trading or custodial services to its customers. However, clients can easily transfer funds from their bank accounts to Australian cryptocurrency exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC).

While Macquarie Bank hasn't established formal partnerships with specific crypto exchanges, customers can securely fund their crypto accounts through standard banking channels, including bank transfers, debit cards, or PayID, to start trading cryptocurrencies.

How to Buy Crypto with Macquarie

Macquarie Bank customers interested in cryptocurrencies can deposit Australian Dollars (AUD) from their bank accounts into trusted digital asset exchanges registered with AUSTRAC.

CoinSpot, an Australian cryptocurrency exchange licensed by AUSTRAC, supports AUD deposits using direct bank transfers, PayID, PayPal, BPAY, debit or credit cards, and cash.

Here's a straightforward guide for Macquarie Bank clients to purchase crypto via CoinSpot:

1. Open Account: Sign up to the CoinSpot platform, register your account, and complete the mandatory Know Your Customer (KYC) verification.
2. Deposit Funds: Go to the deposit section and choose your preferred payment method, such as bank transfer from your Macquarie account.
3. Select a Cryptocurrency: Browse and choose the cryptocurrency you'd like to buy from CoinSpot’s comprehensive list.
4. Finalise Your Purchase: Enter the amount of AUD you want to invest, review the details thoroughly, and complete the purchase to securely acquire your chosen crypto assets.

Macquarie Bank Cryptocurrency Policy

Macquarie is considered a crypto-friendly bank that allows clients to transfer Australian Dollars (AUD) to licensed cryptocurrency exchanges compliant with the Australian Transaction Reports and Analysis Centre (AUSTRAC) regulations.

To protect customers from fraud and financial loss due to rising crypto-related scams, the bank restricts certain payments to exchanges, especially via high-risk BSBs. However, Macquarie customers looking to deposit funds into crypto exchanges can use PayID® as an alternative method, provided the exchange supports it.

At this time, Macquarie Bank is not directly involved in the Reserve Bank of Australia’s (RBA) central bank digital currency (CBDC) pilot initiatives. However, the bank closely monitors regulatory developments concerning digital currencies within Australia and internationally.

Alternative Crypto Exchanges for Macquarie Customers

Macquarie Bank customers looking for trustworthy cryptocurrency exchanges have several reputable AUSTRAC-registered platforms to consider:

• Bybit: Bybit facilitates AUD deposits from Macquarie Bank accounts through PayID, bank transfers, and debit or credit cards. The exchange offers more than 2,000 cryptocurrencies with competitive trading fees starting at 0.1%.
• Kraken: Kraken enables Macquarie users to deposit funds via bank transfers or PayID. Known for its security and transparency, Kraken lists over 450 digital assets, charging fees ranging from 0.16% to 0.26% per trade.
• Swyftx: Swyftx is a local exchange that supports PayID, bank transfers, and debit card deposits. It provides access to over 320 cryptocurrencies with fees of 0.6% per transaction.

Macquarie Bank customers should prioritise exchanges based on ease of AUD deposits, diversity of crypto offerings, fee transparency, and adherence to strong security standards.

About Macquarie Bank

Macquarie Bank, headquartered in Sydney and part of the ASX-listed Macquarie Group, has evolved from its 1969 roots as Hill Samuel Australia into a global financial powerhouse offering services across asset management, investment banking, commodities and markets, and consumer banking. 

Its diversified structure spans retail banking, wealth management, infrastructure finance, and global markets trading, with approximately $940 billion in assets under management and over 20,000 employees across 34 countries.

Final Thoughts

Macquarie Bank account holders have a safe and compliant path into cryptocurrency through AUSTRAC-registered exchanges, utilising PayID and bank transfers, while navigating built-in fraud protections and evolving regulations. 

As a next step, pick a reputable platform, complete KYC, and fund your account using Macquarie’s secure payment options, then proceed with a small test transaction to confirm everything runs smoothly.