Can I Buy Bitcoin with Suncorp?

Yes, Suncorp clients can buy Bitcoin on Australian cryptocurrency exchanges registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). The bank supports fund transfers to these licensed platforms, provided they meet regulatory standards and aren’t restricted by the bank’s compliance policies. 

How to Buy Crypto with Suncorp

‍Suncorp approves transfers to digital asset exchanges holding an ASFL license like CoinSpot, which is licensed by AUSTRAC. It accepts AUD transfers from Suncorp bank accounts through bank transfer, PayID, BPAY, PayPal, debit and credit cards, and even cash. There are over 500 cryptocurrencies to trade and stake on the platform.

Follow this guide to start trading cryptocurrencies with your Suncorp account:

1. Create an Account: Sign up for a CoinSpot account and complete the identity verification process for secure access.
2. Deposit Funds: Head to the ‘Deposit Funds’ section in your account dashboard.
3. Choose Payment Method: Select a preferred deposit option, then initiate a transfer from your Suncorp account.‍
4. Purchase Cryptocurrency: Once your funds are credited, go to the ‘Buy/Sell’ section, pick the cryptocurrency you want to buy, and proceed with your purchase.

What are the Fees?

For Suncorp clients exploring cryptocurrency, understanding exchange fees is essential. Most platforms charge for deposits, withdrawals, trades, and the spread, which is the gap between buying and selling prices.

On CoinSpot, AUD deposits are free, while instant buy and sell trades are 1%. However, market orders have a lower 0.1% fee. Compared to platforms like Coinbase, where transaction fees can reach up to 2%, CoinSpot offers a more affordable structure for Suncorp users.

Suncorp Cryptocurrency Policy

Suncorp has implemented specific restrictions around cryptocurrency transactions to help protect its customers from potential scams and fraud. Only transactions to digital asset exchanges holding an Australian Financial Services license from the Australian Transaction Reports and Analysis Centre (AUSTRAC) will be approved. 

If a transaction involves an unlicensed platform, it will be automatically declined, with alerts sent through the Suncorp app, email, or SMS. These measures come in response to the rise in sophisticated scams that exploit new technologies. Suncorp remains committed to customer security, ensuring safe access to regulated crypto platforms while working to reduce the risks.

About Suncorp Bank

Suncorp Bank is an Australian financial institution known for its banking, insurance, and wealth management services. Established as part of the broader Suncorp Group, the bank offers a range of products tailored to individuals, small businesses, and commercial clients. 

It offers products like the Everyday Options Account, a flexible transaction account with multiple sub-accounts, Home Loans and the WealthSmart Superannuation.

Bottom Line

Suncorp users can purchase cryptocurrencies through trusted exchanges registered with AUSTRAC, like CoinSpot, which offers over 500 digital assets. CoinSpot accepts AUD deposits with no fees using various local payment methods, including PayID and BPAY.

It’s important to review the fee structure of your chosen platform to ensure it supports your financial objectives and aligns with your trading strategy.