Can I Buy Bitcoin with NAB?

Yes, NAB clients can purchase Bitcoin by using Australian crypto platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The bank only approves transactions to digital asset exchanges that aren’t on the NAB blocked list. Funding your account is simple and can be done using direct bank transfers, PayID, and cards.

How to Buy Crypto with NAB Bank

National Australia Bank users can invest in crypto through CoinSpot, Australia's most trusted platform. CoinSpot is registered with AUSTRAC, and NAB allows transfers to this exchange. It provides access to more than 500 different cryptocurrencies and accepts AUD deposits through bank transfer, PayID, BPAY, PayPal, debit or credit cards and cash.

Trade digital currencies with NAB by following these steps:

1. Create an Account: Sign up for a CoinSpot account and complete the necessary verification.
2. Deposit Funds: Head to the ‘Deposit Funds’ section within your account dashboard.
3. Choose Payment Method: Select your preferred deposit option and initiate a transfer from your NAB account.
4. Purchase Cryptocurrency: Once your deposit is confirmed, navigate to the ‘Buy/Sell’ section and purchase your desired cryptocurrency.

What are the Fees?

For NAB users new to cryptocurrency, understanding the fees associated with using an exchange is recommended. These often include charges for deposits and withdrawals, trading, and the spread (the difference between buying and selling prices).

For NAB customers, CoinSpot provides low fees with free AUD deposits. Instant buys and sells incur a 1% flat fee, while market buy orders come with a lower 0.1% fee. This makes CoinSpot more affordable than platforms like Coinbase, which charges up to 2% for similar transactions.

NAB Bank Cryptocurrency Policy

NAB now restricts transactions to certain high-risk cryptocurrency exchanges to protect customers from scams, effective July 18, 2023. Customers attempting to make payments to blocked exchanges will see their transactions rejected in the NAB app or internet banking, and no further action will be required. 

However, NAB Bank permits its customers to transfer funds to platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Users can still transfer funds, but the bank has implemented a monthly transaction limit of $10,000 for crypto-related payments.

About National Australia Bank (NAB)

National Australia Bank (NAB), founded in 1982, is one of Australia's leading financial institutions. Serving millions of customers, the bank offers a comprehensive range of services, including personal and business banking, wealth management, and investment solutions. 

These services include personal banking solutions like the NAB Classic Banking account, the NAB Rewards Platinum credit card, and business banking options like the NAB QuickBiz Loan.

Bottom Line

NAB customers can easily buy cryptocurrencies by using approved exchanges such as CoinSpot, which offers access to over 500 different digital assets. CoinSpot is registered with AUSTRAC and offers free AUD deposits through various local payment options.

Reviewing the fee structure of your chosen platform is essential to ensure it fits with your financial objectives and trading plans. Proper planning and understanding fees can help optimise your investment strategy.