Can I Buy Bitcoin with Raiffeisen Bank?

Raiffeisen Bank customers can buy Bitcoin through regulated Austrian digital asset exchanges that adhere to Austria's Financial Market Authority (FMA) regulations. While the bank itself does not currently provide direct crypto trading services, it supports Euro transfers to trusted platforms, allowing customers to fund their accounts with ease.

How to Buy Crypto with Raiffeisen Bank

Raiffeisen bank account holders can access cryptocurrencies through the Vienna-based exchange Bitpanda, which is registered as an Electronic Money Institution (EMI) with the FMA. It supports over 3,000 digital assets, stocks, commodities and ETFs, and supports a variety of deposit methods, including SEPA transfers, debit cards, and credit cards.

Here’s how you can start trading crypto with Raiffeisen Bank and Bitpanda:

1. Create an Account: Visit Bitpanda’s official website and sign up for a new account. Complete the required Know Your Customer (KYC) verification.
2. Deposit Funds: Once your account is verified, head to the “Deposit” section. Select your preferred funding option and transfer funds from your Raiffeisen Bank account.
3. Explore Digital Assets: Browse through the diverse range of cryptocurrencies, including Bitcoin, Ethereum, and Solana.
4. Make Your Purchase: Choose the cryptocurrency you want to buy, enter the amount you wish to invest, and confirm your transaction.

What are the Fees?

If you’re planning to purchase cryptocurrency using your Raiffeisen Bank account through Bitpanda, here’s a detailed overview of the fees you can expect on the platform:

• Deposits: Bitpanda allows SEPA deposits in Euros free of charge. 
• Withdrawals: Cryptocurrency withdrawal fees vary depending on the specific asset and are determined by prevailing blockchain network conditions.
• Trading Fees: Bitpanda charges a transparent 1.49% fee on crypto purchases and sales.

When compared to other platforms like Binance, where deposit fees alone can reach over 5%, Bitpanda provides an affordable alternative.

Raiffeisen Bank Cryptocurrency Policy

Raiffeisen Bank International (RBI) introduced cryptocurrency trading services to its retail customers across the European Union and Eastern Europe in January 2024. 

This initiative, in collaboration with Bitpanda, a platform regulated by Austria's Financial Market Authority (FMA) under registration #551181k, aims to provide a secure avenue for digital asset investments.

This move reflects RBI's commitment to innovation in financial services, aligning with its history of exploring blockchain technology. Notably, RBI has engaged in projects like the development of the RBI Coin, a digital cash solution for interbank and intercompany payments.

About Raiffeisen Bank

Raiffeisen Bank, headquartered in Vienna, Austria, is a leading financial institution with a significant presence across Central and Eastern Europe, serving approximately 14 million customers through over 3,000 branches. 

The bank offers a comprehensive suite of services, including retail and corporate banking, asset management, and investment banking. In 2023, RBI refreshed its brand identity, emphasizing 'ease' in customer interactions and introducing the slogan 'Make it happen' to reflect its commitment to providing simple and excellent services. 

Bottom Line

Raiffeisen Bank clients can invest in cryptocurrencies by using regulated exchanges that adhere to FMA regulations. Bitpanda is suited for Raiffeisen Bank users, offering Euro deposits and supporting a multilingual platform that can be used in German and English.

By facilitating secure transfers to trusted exchanges, Raiffeisen Bank enables its clients to access the cryptocurrency market in a safe manner.