Can I Buy Bitcoin with St.George?

Yes, St.George customers can purchase Bitcoin on Australian crypto exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The bank allows transfers to these licensed platforms as long as they comply with St.George’s guidelines. This means users can fund their exchange accounts securely and access a wide range of cryptocurrencies.

How to Buy Crypto with St.George Bank

‍St.George approves bank transfers to regulated exchanges like CoinSpot, which is registered with AUSTRAC. CoinSpot supports more than 500 digital assets for trading and staking. Users can deposit AUD through various payment methods, including bank transfers, PayID, BPAY, PayPal, debit cards, credit cards, and cash via BlueShyft.

To start trading crypto with your St.George account, follow these steps:

1. Open an Account: Sign up for a free CoinSpot account and complete the verification process.
2. Deposit Funds: Navigate to the ‘Deposit Funds’ section within your CoinSpot dashboard.
3. Send Funds: Choose ‘AUD’ and transfer funds from your St.George account using your preferred deposit option.‍
4. Execute Your Trade: Once your funds are available, go to the ‘Buy/Sell’ section to purchase your chosen cryptocurrency.

What are the Fees?

For St.George customers looking to buy cryptocurrency, understanding the cost structure of exchanges is recommended to avoid unexpected fees. This can include fees for depositing and withdrawing funds and trading costs, which are charged when you buy or sell an asset.

On CoinSpot, AUD deposits are free, while instant buy and sell transactions come with a 1% fee. Although market orders only cost a 0.1% fee. In comparison, exchanges like Coinbase can charge transaction fees as high as 2%, making CoinSpot a better option.

St.George Cryptocurrency Policy

St.George allows transfers to crypto exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). There are also no restrictions on the amount users can deposit to licensed platforms, with multiple Reddit sources reporting the ability to deposit six figures into CoinSpot with no restrictions. 

If a transaction attempt is directed toward an unlicensed platform, St.George will automatically block it. These proactive measures address the rising risk of scams in the crypto space. By enabling secure access to approved exchanges, the bank is dedicated to safeguarding its customers.

About St.George Bank

St.George Bank, established in 1937, is one of Australia’s leading financial institutions, known for its personalised banking services and deep community ties. As part of the Westpac Group, St.George serves millions of Australians across the personal, business, and corporate banking sectors.

It offers a comprehensive range of products, such as savings accounts, loans, credit cards, and wealth management solutions. These include the Complete Freedom Account, Vertigo Visa Card, and home loans like the Advantage Package.

Bottom Line

St.George customers can buy cryptocurrencies through reputable AUSTRAC-registered exchanges like CoinSpot, which provides access to over 500 digital assets for trading and staking. CoinSpot allows free AUD deposits through PayID and bank transfers.

Before starting, it’s essential to review the platform’s fee structure to ensure it aligns with your financial goals and trading approach.