Can I Buy Bitcoin with Monese Bank?

Yes, Monese Bank customers can buy Bitcoin and other digital assets through UK-based cryptocurrency exchanges. Although the bank does not offer direct trading services, it allows customers to transfer funds to FCA-regulated investment platforms. Clients can deposit GBP using bank transfers, Faster Payments, and credit or debit cards, ensuring a straightforward sign-up process.

How to Buy Crypto with Monese Bank

‍Monese Bank users interested in digital currencies can use eToro, a platform that complies with FCA regulations and offers a straightforward registration process. eToro provides access to over 4,500 assets, including cryptocurrencies, stocks, commodities, and ETFs. It supports various GBP deposit methods, such as bank transfers, Faster Payments, and debit cards.

To start investing in crypto with Monese Bank, follow these steps:

1. Account Setup: Begin by creating an account on eToro. Complete the necessary verification steps to ensure security and compliance.
2. Funding Your Account: Navigate to the 'Deposit' section. Use this interface to fund your account with GBP.
3. Selecting Currency: Choose 'GBP' as your transaction currency and select a payment method that links to your Monese Bank account.‍
4. Crypto Investment: Once your deposit is successful, use the search tool to find and invest in your preferred cryptocurrency.

What are the Fees?

When investing in cryptocurrencies through an exchange, it is essential to consider the various fees involved. These can include charges for depositing funds, executing trades, and withdrawing money. Typically, trading fees on most platforms range from 1% to 2%.

For Monese Bank customers, eToro is a great option. Its trading fees start at a competitive rate of 1%, which is lower than many other platforms like Coinbase, which charges around 2%. Additionally, eToro provides free GBP deposit options through Faster Payments and bank transfers, helping to minimise overall costs.

Is Monese Bank Crypto-Friendly?

Yes, Monese Bank supports cryptocurrency transactions and ensures customer security. The bank allows fund transfers to exchanges regulated by the Financial Conduct Authority (FCA), enabling users to invest in digital assets while adhering to strict regulations.

Monese Bank does not impose specific limits on the amount you can spend on digital currency purchases through debit cards, bank transfers, or Faster Payments. However, it does not permit crypto purchases using credit cards, and transactions made with a Monese credit card may be blocked.

About Monese Bank

Monese Bank is a digital banking service known for its user-friendly mobile app. It offers products like Monese Simple, Monese Classic, and Monese Premium accounts, which include multi-currency accounts, international money transfers, and fee-free foreign currency spending. It caters to expats, freelancers, and travellers, providing flexible financial solutions without the barriers of traditional banking.

Bottom Line 

In conclusion, Monese Bank clients can invest in digital currencies like Bitcoin and Ethereum through FCA-regulated platforms like eToro. Monese allows easy fund transfers through bank transfers, Faster Payments, and debit cards. With competitive fees and extensive asset options, eToro is an excellent choice for Monese users looking to diversify their investments.